��������Ƶ

The Simple Purchase Agreement For House is a fundamental legal document used in Philippine real estate transactions when transferring ownership of residential property from a seller to a buyer. This document is typically used as the initial binding agreement before the final Deed of Absolute Sale is executed. It is essential when parties have agreed on the basic terms of a house sale but need to formalize the agreement in compliance with Philippine property laws. The document includes crucial details such as property description, purchase price, payment terms, conditions precedent to closing, and the parties' respective rights and obligations. It serves as a protective measure for both parties by clearly documenting their understanding and commitments while ensuring compliance with relevant Philippine legislation, including the Civil Code, Maceda Law, and local property regulations.

1. Parties: Identifies and provides complete details of the Seller and Buyer, including their full legal names, civil status, addresses, and tax identification numbers

2. Background: Establishes that the Seller owns the property and wishes to sell it to the Buyer, who agrees to purchase under the terms set forth

3. Definitions: Defines key terms used throughout the agreement including 'Property', 'Purchase Price', 'Closing Date', and other relevant terms

4. Property Description: Detailed description of the property including lot area, floor area, boundaries, title details, and complete address

5. Purchase Price: States the total purchase price and currency

6. Payment Terms: Specifies how and when payments will be made, including earnest money, down payment, and balance payment schedule

7. Conditions of Sale: Lists the conditions that must be met before the sale can proceed, including title clearance and property inspection

8. Representations and Warranties: Seller's warranties about property ownership, absence of liens, and other material facts about the property

9. Closing Requirements: Lists documents to be delivered and actions to be taken by each party at closing

10. Transfer of Title: Specifies when and how legal ownership will transfer to the Buyer

11. Taxes and Expenses: Allocates responsibility for transfer taxes, registration fees, and other transaction costs

12. Default and Remedies: Describes what constitutes default by either party and the available remedies

13. Governing Law: Specifies that Philippine law governs the agreement

14. Execution: Signature blocks for parties and witnesses