The Real Estate Contract Agreement serves as the primary legal instrument for property transactions in the Philippines, essential for both residential and commercial property transfers. This document is required whenever real estate ownership changes hands, whether through outright purchase or installment arrangements. It must comply with multiple Philippine laws including the Civil Code, Property Registration Decree (PD 1529), and the Real Estate Service Act (RESA). The agreement typically includes comprehensive details about the property, payment terms, warranties, and closing conditions, while addressing specific requirements of Philippine property law such as proper notarization and registration procedures. It's particularly important in protecting both buyers' and sellers' interests while ensuring the transaction meets all local legal requirements for property transfer.
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1. Parties: Identifies and provides complete details of the seller and buyer, including their legal capacity to enter into the contract as per Philippine law
2. Background: Establishes the context of the transaction and confirms the seller's ownership and authority to sell the property
3. Definitions: Defines key terms used throughout the agreement, including Philippine-specific legal and real estate terminology
4. Property Description: Detailed description of the real estate property, including lot number, location, boundaries, and TCT/CCT number as registered with the Registry of Deeds
5. Purchase Price: States the agreed purchase price, payment terms, and schedule of payments in accordance with Philippine monetary regulations
6. Payment Terms: Details the method and schedule of payment, including any installment arrangements subject to Maceda Law
7. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and compliance with Philippine property laws
8. Conditions Precedent: Prerequisites for closing the transaction, including required government clearances and tax certificates
9. Closing and Transfer of Title: Process and requirements for transferring property ownership under Philippine property registration laws
10. Taxes and Expenses: Allocation of tax obligations (capital gains, documentary stamp, transfer tax) and other transaction costs
11. Default and Remedies: Consequences of breach and available legal remedies under Philippine contract law
12. Governing Law: Confirms Philippine law as governing law and specifies jurisdiction for disputes
13. Execution: Formal signing requirements including notarization as per Philippine regulations
1. Due Diligence Period: Used when buyer requires time to investigate property details, typically in commercial transactions
2. Broker Provisions: Required when real estate brokers are involved, must comply with RESA law requirements
3. Mortgage Provisions: Included when the purchase involves bank financing or existing mortgages
4. Construction Provisions: Required for pre-selling arrangements or properties under construction
5. Homeowners Association: Included for properties within subdivisions or condominiums with association requirements
6. Force Majeure: Detailed provisions for natural disasters and other unforeseeable events, particularly relevant in the Philippine context
7. Environmental Compliance: Required for properties subject to environmental regulations or in protected areas
8. Tenant Rights: Included when the property is sold with existing tenants
9. Foreign Ownership Provisions: Required when buyer is foreign, addressing restrictions under Philippine law
1. Property Documents: Copies of title, tax declarations, and technical description from the Registry of Deeds
2. Payment Schedule: Detailed breakdown of payment terms, especially for installment purchases
3. Property Plans: Official lot plan, technical description, and building plans if applicable
4. Tax Certificates: Current real property tax clearances and tax declarations
5. Property Photographs: Recent photographs documenting the current state of the property
6. Due Diligence Reports: Technical, legal, and environmental assessment reports if applicable
7. Permits and Licenses: Relevant government permits, certificates, and licenses
8. Power of Attorney: If any party is acting through an attorney-in-fact
9. Broker Certification: RESA-required documentation if brokers are involved
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Housing & Urban Development
Commercial Property
Residential Property
Industrial Property
Hospitality
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Corporate Affairs
Acquisitions
Risk Management
Finance
Operations
Business Development
Relevant Roles
Real Estate Attorney
Property Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Real Estate Developer
Contract Administrator
Property Acquisitions Manager
Real Estate Investment Manager
Title Officer
Corporate Lawyer
Real Estate Paralegal
Property Valuation Specialist
Real Estate Transaction Coordinator
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