Residential Resale Contract

Residential Resale Contract Template for Philippines

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Key Requirements PROMPT example:

"I need a Residential Resale Contract for a property in Metro Manila, Philippines, with a scheduled closing date of March 15, 2025, including specific provisions for an existing tenant who will remain in the property for 6 months after the sale."

Document background

The Residential Resale Contract is a crucial legal instrument used in the Philippine real estate market for transferring ownership of previously owned residential properties. This document is essential when conducting secondary market real estate transactions and must comply with various Philippine laws including the Civil Code, Presidential Decree No. 957, and the Maceda Law. The contract typically includes detailed property descriptions, price and payment terms, warranties, and specific provisions required by Philippine real estate regulations. It's designed to protect both buyers and sellers while ensuring smooth property transfer processes and compliance with local tax and registration requirements. The document becomes particularly important in urban areas with active real estate markets such as Metro Manila, Cebu, and other major Philippine cities.

Suggested Sections

1. Parties: Identification and details of the seller and buyer, including complete names, civil status, addresses, and tax identification numbers

2. Background: Brief history of the property ownership and context of the sale

3. Definitions: Key terms used throughout the contract defined for clarity and legal certainty

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

5. Purchase Price: Agreed purchase price and payment terms including deposit and balance payment schedule

6. Mode of Payment: Specific details on how payments will be made and accepted

7. Transfer of Title: Process and timeline for transferring property title to the buyer

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

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

10. Possession: Terms and timing for transferring physical possession of the property

11. Default and Remedies: Consequences and remedies for breach of contract terms

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

13. Notices: How formal communications between parties should be made and delivered

14. Execution: Signature blocks and notarization requirements

Optional Sections

1. Broker Involvement: Details of real estate broker involvement and commission arrangements, included when a licensed broker is part of the transaction

2. Existing Tenancies: Information about current tenants and lease agreements, included when the property is sold with existing tenants

3. Mortgage Details: Terms related to existing mortgages or new financing arrangements, included when the property has an existing mortgage or buyer requires financing

4. Property Inspection: Specific terms about property inspection rights and results, included when buyer requires inspection period

5. Fixtures and Fittings: Detailed list of items included/excluded in the sale, included when there are specific items to be included or excluded

6. Renovation Requirements: Specific terms about required repairs or renovations before closing, included when property requires work before transfer

7. Zoning Compliance: Statements regarding zoning and land use compliance, included when there are specific zoning considerations

8. Environmental Matters: Environmental compliance and issues, included when environmental concerns exist

Suggested Schedules

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

2. Schedule B - Title Documents: List of all title documents and certified true copies of relevant certificates

3. Schedule C - Payment Schedule: Detailed breakdown of payment terms including amounts and due dates

4. Schedule D - Property Inspection Report: Results of property inspection and list of any identified issues

5. Schedule E - Inventory of Fixtures: Detailed inventory of fixtures and fittings included in the sale

6. Schedule F - Tax Certificates: Current real property tax certificates and tax clearances

7. Appendix 1 - Property Photos: Recent photographs of the property's interior and exterior

8. Appendix 2 - Required Permits: Copies of relevant permits and certificates of compliance

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

Legal Services

Financial Services

Insurance

Property Development

Construction

Banking

Property Management

Professional Services

Relevant Teams

Legal

Real Estate

Property Management

Sales

Contracts Administration

Documentation

Compliance

Risk Management

Property Services

Transaction Processing

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Officer

Real Estate Broker

Property Manager

Legal Counsel

Title Officer

Real Estate Paralegal

Property Assessor

Mortgage Officer

Real Estate Transaction Coordinator

Contract Administrator

Legal Document Specialist

Property Sales Manager

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A preliminary contract under Philippine law establishing terms and conditions for a future real estate sale, binding both seller and buyer to specific obligations.

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Let's create your Residential Resale Contract

Authors

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