New Home Purchase Agreement

New Home Purchase Agreement Template for Philippines

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Key Requirements PROMPT example:

"I need a New Home Purchase Agreement for a three-bedroom condominium unit in Manila's Makati district, with a completion date of March 2025, including provisions for installment payments over 5 years and specific clauses about parking space allocation."

Document background

The New Home Purchase Agreement serves as the primary legal instrument for acquiring newly constructed residential property in the Philippines. This document is essential when purchasing property directly from developers or builders, whether for individual homes or units in larger developments. It must comply with various Philippine regulations, including the Civil Code, Maceda Law, and relevant real estate statutes. The agreement typically includes detailed property specifications, payment terms, completion schedules, warranties, and transfer procedures. It's designed to protect both buyer and seller interests while ensuring transparency in the transaction and compliance with local property laws, building codes, and zoning regulations. This document is particularly important given the unique requirements of Philippine real estate law and the need for clear documentation of property transfers.

Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete legal names and addresses

2. Background: Context of the sale, including brief property description and intention of parties

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

4. Property Details: Comprehensive description of the property including lot area, floor area, and boundaries as per technical description

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

6. Payment Terms: Detailed payment structure, including down payment and installment terms if applicable

7. Completion and Handover: Timeline and conditions for property completion and turnover to buyer

8. Seller's Warranties: Warranties regarding property title, construction quality, and compliance with laws

9. Buyer's Covenants: Buyer's obligations including payment commitments and property use restrictions

10. Title Transfer: Process and requirements for transferring property title to the buyer

11. Taxes and Fees: Allocation of transfer taxes, registration fees, and other related expenses

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

13. Termination: Grounds and procedure for contract termination

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

15. Notices: Process for sending formal notices between parties

16. Execution: Signature blocks and execution requirements

Optional Sections

1. Development Rules: Include when property is part of a larger development, covering homeowners association rules and restrictions

2. Mortgage Provisions: Include when buyer is obtaining bank financing, detailing mortgage requirements and conditions

3. Construction Warranties: Include for newly constructed homes, specifying construction warranties and defect liability period

4. Utilities and Connections: Include when specific arrangements for utility connections need to be detailed

5. Property Management: Include for properties in managed communities or condominiums

6. Furniture and Fixtures: Include when sale includes specific furniture or fixtures

7. Environmental Compliance: Include when property requires specific environmental certifications or compliance

8. Special Conditions: Include for any unique circumstances or requirements specific to the property

Suggested Schedules

1. Property Technical Description: Detailed technical description of the property including lot plans and boundaries

2. Payment Schedule: Detailed breakdown of payment terms and due dates

3. Property Specifications: Detailed specifications of construction materials and finishes

4. Permits and Certificates: Copies of building permits, occupancy permits, and other required certificates

5. Property Photos: Current photographs of the property and its facilities

6. Deed of Restrictions: Copy of subdivision or development restrictions

7. Site Development Plan: Plans showing property location within development if applicable

8. List of Deliverables: Inventory of items included in the sale

9. Form of Notice of Turnover: Template for formal turnover documentation

10. Warranty Certificates: Copies of applicable warranties for construction and fixtures

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Construction

Property Development

Banking and Finance

Legal Services

Insurance

Property Management

Urban Planning

Environmental Compliance

Relevant Teams

Legal

Real Estate Development

Sales

Compliance

Property Management

Construction

Finance

Customer Service

Documentation

Project Management

Relevant Roles

Real Estate Developer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Construction Manager

Sales Director

Contract Administrator

Property Lawyer

Financial Advisor

Mortgage Specialist

Urban Planning Officer

Development Director

Project Manager

Sales Manager

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