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The Buy Sell Contract (Real Estate) is a crucial legal document used in Philippine real estate transactions to formalize the transfer of property ownership. This document is essential for both residential and commercial property transactions in the Philippines, requiring careful attention to local legal requirements including those set forth in the Civil Code, Property Registration Decree, and relevant tax regulations. The contract serves as the primary instrument documenting the terms and conditions of the sale, including property details, price, payment terms, and warranties. It must be properly executed and notarized to be legally enforceable, and should address specific Philippine requirements such as restrictions on foreign ownership, local tax obligations, and registration procedures. This document type is particularly important given the strict formalities required in Philippine real estate transactions and the need to ensure proper documentation for subsequent registration with the Registry of Deeds.

1. Parties: Identification of the Seller and Buyer with complete details including names, civil status, addresses, and tax identification numbers

2. Background: Context of the transaction and brief description of the property being sold

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the real property including lot number, location, boundaries, and title details

5. Purchase Price: Statement of the total purchase price and terms of payment

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default

7. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and other material facts

8. Conditions Precedent: Conditions that must be satisfied before the sale can be completed

9. Closing and Transfer of Title: Process and requirements for closing the sale and transferring property ownership

10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

11. Risk and Insurance: Transfer of risk and insurance requirements during the transaction period

12. Default and Remedies: Consequences of default by either party and available remedies

13. Governing Law: Specification of Philippine law as governing law and jurisdiction

14. Notices: Process for sending formal notices between parties

15. Entire Agreement: Statement that the contract represents the complete agreement between parties