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Residential Sales Agreement Template for Philippines

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Key Requirements PROMPT example:

Residential Sales Agreement

"I need a Residential Sales Agreement for selling my condominium unit in Makati City, Philippines, with a closing date of March 15, 2025, including provisions for installment payments over 24 months and specific clauses about parking space allocation."

Document background
The Residential Sales Agreement is a crucial legal instrument used in Philippine real estate transactions for the transfer of residential property ownership. This document is essential when any individual or entity wishes to sell or purchase residential property in the Philippines, whether it's a house, condominium unit, or other residential real estate. The agreement must comply with various Philippine laws, including the Civil Code, Maceda Law, and local real estate regulations. It typically includes comprehensive details about the property, payment terms, warranties, and obligations of both parties. The document serves as the primary record of the transaction terms and provides legal protection for both buyer and seller, incorporating mandatory provisions required by Philippine law while allowing for customization based on specific transaction requirements.
Suggested Sections

1. Parties: Identification and details of the Seller and Buyer, including complete legal 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 agreement

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

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

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

6. Mode of Payment: Specified payment methods, installment terms if applicable, and payment procedures

7. Warranties and Representations: Seller's warranties regarding property ownership, absence of liens, and other guarantees

8. Rights and Obligations: Specific rights and obligations of both parties during the sale process

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

10. Transfer of Title: Process and timing of property title transfer

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

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

13. Execution: Signature blocks and notarization requirements

Optional Sections

1. Financing Provisions: Required when purchase involves bank financing or third-party lenders

2. Property Inspection: Detailed when specific inspection requirements or findings need to be documented

3. Homeowners Association: Included when property is part of a subdivision or condominium with association requirements

4. Construction Completion: Needed for pre-selling arrangements or properties under construction

5. Broker Provisions: Required when real estate brokers are involved in the transaction

6. Force Majeure: Optional clause for addressing unforeseen circumstances affecting the transaction

7. Environmental Compliance: Required when property has specific environmental considerations or requirements

Suggested Schedules

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

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

3. Schedule C - Property Inventory: List of fixtures, fittings, and other items included in the sale

4. Schedule D - Outstanding Requirements: List of documents or requirements needed for title transfer

5. Appendix 1 - Property Photos: Recent photographs of the property and its major features

6. Appendix 2 - Tax Declarations: Copies of current tax declarations and receipts

7. Appendix 3 - Title Documents: Copy of title and other relevant property documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ 抖阴短视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions









































Clauses






























Relevant Industries

Real Estate

Residential Property

Banking and Finance

Legal Services

Property Development

Construction

Insurance

Property Management

Public Sector

Relevant Teams

Legal

Real Estate

Sales

Compliance

Property Management

Documentation

Finance

Risk Management

Customer Relations

Operations

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Manager

Real Estate Broker

Mortgage Officer

Property Developer

Sales Manager

Compliance Officer

Title Officer

Property Appraiser

Real Estate Consultant

Contract Administrator

Legal Assistant

Property Documentation Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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