Realty Purchase Agreement

Realty Purchase Agreement Template for Philippines

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Key Requirements PROMPT example:

"I need a Realty Purchase Agreement for a residential property in Manila, Philippines, with a completion date of March 15, 2025, that includes mortgage financing conditions and allows for a 90-day due diligence period."

Document background

The Realty Purchase Agreement is a crucial legal instrument used in Philippine real estate transactions to document and formalize the sale of real property. This document is essential when any real estate property is being transferred from one party to another in the Philippines, whether it's residential, commercial, or industrial property. It must comply with the Civil Code of the Philippines, the Property Registration Decree, and other relevant real estate laws. The agreement includes detailed information about the property, parties involved, purchase price, payment terms, warranties, and conditions for closing. It serves as the primary document for recording the transaction with the Register of Deeds and forms the basis for the transfer of title. The document must be notarized and witnessed according to Philippine legal requirements to be valid and enforceable.

Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, citizenship, and addresses as required by Philippine law

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

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

4. Property Description: Detailed legal description of the property including lot number, block number, certificate of title number, and technical description as registered

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

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

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

8. Conditions Precedent: Requirements that must be met before closing, including title clearance and document preparation

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

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

11. Default and Remedies: Consequences of breach and available remedies for either party

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

13. Execution: Signature blocks with requirements for witnesses and notarization as per Philippine law

Optional Sections

1. Broker Involvement: Details of real estate broker involvement and commissions, required if a licensed broker is involved

2. Mortgage Contingency: Conditions related to buyer's financing, included if purchase depends on mortgage approval

3. Property Inspection: Terms for property inspection and resulting adjustments, included for properties requiring detailed inspection

4. Tenant Rights: Provisions regarding existing tenants, required if property is currently leased

5. Homeowners Association: Terms related to HOA membership and fees, included for properties within associations

6. Construction Completion: Terms for completion of ongoing construction, needed for properties under development

7. Environmental Compliance: Special provisions for properties requiring environmental clearances or assessments

8. Foreign Ownership Compliance: Special provisions required when buyer is a foreign national, addressing ownership restrictions

Suggested Schedules

1. Property Documents: Copy of title, tax declarations, and technical description of the property

2. Payment Schedule: Detailed schedule of payment installments and due dates

3. Property Inventory: List of fixtures and fittings included in the sale

4. Due Diligence Results: Results of title search, tax clearances, and other due diligence findings

5. Property Plans: Architectural plans, surveys, and property boundaries

6. Permits and Certificates: Copies of relevant permits, certificates, and clearances

7. Tax Certificates: Current real property tax certificates and clearances

8. Photos and Condition Report: Documentation of property condition at time of agreement

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

Banking and Finance

Legal Services

Property Development

Property Management

Urban Planning

Architecture

Investment

Insurance

Hospitality

Retail

Commercial Development

Residential Development

Relevant Teams

Legal

Real Estate

Compliance

Finance

Property Management

Sales

Business Development

Risk Management

Corporate Services

Operations

Documentation

Investment

Due Diligence

Asset Management

Relevant Roles

Real Estate Agent

Property Manager

Real Estate Attorney

Corporate Lawyer

Legal Counsel

Property Developer

Real Estate Broker

Title Officer

Compliance Officer

Real Estate Appraiser

Financial Controller

Investment Manager

Acquisition Manager

Real Estate Analyst

Due Diligence Specialist

Contract Administrator

Property Sales Executive

Real Estate Investment Director

Corporate Real Estate Manager

Legal Document Specialist

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A standardized contract for real estate sales in the Philippines, ensuring compliance with local property laws while facilitating proper transfer of ownership.

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Let's create your Realty Purchase Agreement

Authors

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