��������Ƶ

The House Purchase Contract is a vital legal document used in Philippine real estate transactions for the sale and purchase of residential properties. It serves as the primary agreement between the seller and buyer, incorporating all essential elements required under Philippine law, including the Civil Code, Property Registration Decree, and local government regulations. This contract is necessary whenever a residential property transaction occurs in the Philippines, whether between private individuals, corporate entities, or a combination thereof. The document typically includes comprehensive details about the property, purchase price, payment terms, conditions precedent, warranties, and closing requirements. It must comply with specific Philippine legal requirements regarding property transfers, including proper notarization and registration procedures. The contract also addresses tax obligations, transfer costs, and other regulatory requirements specific to Philippine real estate transactions.

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 sale, brief description of the property, and intention of the parties to enter into the transaction

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

4. Property Description: Detailed description of the property including lot number, street address, boundaries, and certificate of title details

5. Purchase Price: Total purchase price, payment terms, method of payment, and schedule of payments

6. Terms of Payment: Detailed breakdown of payment structure, including earnest money, down payment, and balance payment arrangements

7. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and buyer's warranties regarding financial capacity

8. Conditions Precedent: Conditions that must be met before the sale becomes final, including title verification and property inspection

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

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

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

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

13. Miscellaneous Provisions: Standard provisions including entire agreement, amendments, and severability