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Contract For Houses And Residential Land Template for Philippines

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Key Requirements PROMPT example:

Contract For Houses And Residential Land

"I need a Contract For Houses And Residential Land for the purchase of a fully-built 250-square-meter house and lot in Makati City, Philippines, with a bank financing arrangement and scheduled completion by March 2025."

Document background
The Contract For Houses And Residential Land is a fundamental legal instrument in Philippine real estate transactions, designed to facilitate the transfer of residential property ownership while ensuring compliance with local laws and regulations. This document is essential when conducting any residential property sale that includes both a house structure and the land it stands on. It incorporates provisions from key Philippine legislation including the Civil Code, Maceda Law, and Presidential Decree No. 957, addressing crucial aspects such as property description, payment terms, warranties, and transfer procedures. The contract serves as a comprehensive record of the transaction terms while providing legal protection for both buyers and sellers, and is particularly important given the strict property registration requirements in the Philippines. It must be notarized to be enforceable and requires specific formatting and content to comply with local government and Registry of Deeds requirements.
Suggested Sections

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 parties' intention to enter into a sale/purchase agreement

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

4. Property Description: Detailed description of the property including lot number, block number, street address, technical description, and boundaries as per title

5. Purchase Price: Total consideration and detailed payment terms including method and schedule of payments

6. Terms of Payment: Specific conditions regarding payment structure, installments if any, and consequences of default

7. Warranties and Representations: Seller's warranties regarding ownership, absence of liens/encumbrances, and property condition

8. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction-related expenses

9. Possession and Transfer of Title: Timeline and conditions for transfer of possession and title to the buyer

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

11. Governing Law: Specification that Philippine law governs the agreement

12. Dispute Resolution: Process for resolving disputes, including jurisdiction and venue

13. Notices: Method and addresses for serving notices between parties

14. Execution: Signature blocks and notarization requirements

Optional Sections

1. Financing Provisions: Include when buyer is obtaining bank financing or third-party loans

2. Construction Specifications: Include for properties under construction or requiring specific modifications

3. Homeowners Association: Include when property is part of a subdivision or governed by an association

4. Tenant Provisions: Include when property is currently leased to tenants

5. Insurance Requirements: Include when specific insurance coverage is required prior to completion

6. Environmental Provisions: Include when property requires environmental clearances or has specific environmental concerns

7. Broker Provisions: Include when real estate brokers are involved in the transaction

Suggested Schedules

1. Schedule A - Property Documents: List of all title documents, tax declarations, and property surveys

2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including dates and amounts

3. Schedule C - Property Specifications: Detailed technical specifications of the house including floor plans and finishes

4. Schedule D - Permits and Certificates: Copies of building permits, occupancy permits, and other regulatory approvals

5. Schedule E - Existing Encumbrances: List of any existing liens, encumbrances, or restrictions on the property

6. Schedule F - Photographs: Current photographs of the property and its key features

7. Appendix 1 - Form of Deed of Absolute Sale: Template of the deed to be executed upon full payment

8. Appendix 2 - Property Handover Checklist: Detailed list of items to be checked during property turnover

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions









































Clauses



































Relevant Industries

Real Estate

Residential Property

Construction

Legal Services

Banking and Finance

Insurance

Property Development

Urban Planning

Housing

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Documentation

Risk Management

Corporate Services

Operations

Business Development

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Real Estate Developer

Property Administrator

Conveyancing Lawyer

Title Officer

Real Estate Broker

Contract Manager

Property Consultant

Legal Document Specialist

Real Estate Transaction Coordinator

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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