Residential Real Estate Contract

Residential Real Estate Contract Template for Philippines

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Key Requirements PROMPT example:

"I need a Residential Real Estate Contract for the purchase of a condominium unit in Manila, Philippines, with a scheduled closing date of March 15, 2025, including provisions for installment payments over 5 years and specific clauses about building amenities access."

Document background

The Residential Real Estate Contract is a vital legal instrument used in the Philippines for documenting the sale and purchase of residential properties. This document is essential when transferring ownership of houses, condominiums, or other residential properties, ensuring compliance with Philippine property laws including the Civil Code, Maceda Law, and Real Estate Service Act. It protects both buyers' and sellers' interests by clearly defining the property details, purchase price, payment terms, warranties, and obligations. The contract must be properly executed and notarized according to Philippine legal requirements, making it admissible in court and registered with appropriate government agencies. This document type is particularly important given the Philippine real estate market's strict regulatory environment and the need for clear documentation in property transactions.

Suggested Sections

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

2. Background: Context of the transaction and brief description of the parties' intention to enter into a real estate transaction

3. Definitions: Key terms used throughout the agreement, including property-specific terminology and legal concepts

4. Property Description: Detailed legal description of the property, including lot number, block number, certificate of title number, and exact location

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

6. Terms of Payment: Detailed payment structure, including down payment, installment terms if applicable, and compliance with Maceda Law requirements

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

8. Rights and Obligations: Specific responsibilities of both parties before, during, and after the sale

9. Transfer of Title: Process and conditions for transferring property ownership, including documentation requirements

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

11. Default and Remedies: Consequences of breach and available legal remedies for both parties

12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional provisions

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

Optional Sections

1. Broker Involvement: Details of real estate broker's role and commission structure, required when a licensed broker is involved in the transaction

2. Mortgage Provisions: Terms related to mortgage financing, needed when buyer is obtaining bank financing

3. Construction Specifications: Details of any pending construction or improvements, required for pre-selling arrangements or properties under construction

4. Homeowners Association: Terms related to membership in homeowners association and compliance with its rules, needed for properties in planned communities

5. Tenant Provisions: Terms regarding existing tenants and lease agreements, required when property is currently leased

6. Force Majeure: Provisions for natural disasters and other unforeseeable events, particularly relevant in areas prone to natural calamities

Suggested Schedules

1. Schedule A - Property Details: Comprehensive technical description of the property, including lot plan, boundaries, and technical specifications

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

3. Schedule C - Property Documents: List of all property-related documents including tax declarations, certificates, and permits

4. Schedule D - Fixtures and Fittings: Inventory of items included in the sale

5. Schedule E - Outstanding Requirements: List of pending documents or requirements to be completed by either party

6. Appendix 1 - Property Photos: Recent photographs of the property and its significant features

7. Appendix 2 - Required Governmental Certificates: Copies of necessary government certifications and clearances

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

Property Development

Construction

Legal Services

Financial Services

Insurance

Property Management

Banking

Mortgage Lending

Professional Services

Relevant Teams

Legal

Real Estate

Property Management

Sales

Compliance

Documentation

Business Development

Contract Administration

Risk Management

Property Development

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Real Estate Broker

Property Developer

Mortgage Officer

Title Officer

Property Manager

Compliance Officer

Real Estate Consultant

Contract Administrator

Legal Document Specialist

Property Appraiser

Real Estate Transaction Coordinator

Sales Director

Business Development Manager

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