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Standard Real Estate Purchase Contract
"I need a Standard Real Estate Purchase Contract for buying a residential property in Manila, Philippines, with a structured payment plan including 20% down payment and the balance to be paid in quarterly installments throughout 2025."
1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the transaction and brief property overview
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the real estate property, including lot number, cadastral lot, title number and boundaries
5. Purchase Price: Total purchase price 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 arrangements
7. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts about the property
8. Conditions Precedent: Requirements that must be met before closing, including title clearance and documentation
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 and available remedies in case either party fails to fulfill obligations
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and notarization requirements
1. Broker Involvement: Details of real estate broker involvement and commission arrangements, used when brokers are part of the transaction
2. Mortgage Contingency: Conditions related to buyer's obtaining financing, used when purchase depends on mortgage approval
3. Property Inspection: Terms for property inspection and consequences of findings, used when buyer requires inspection period
4. Tenant Rights: Provisions regarding existing tenants and leases, used when property is currently leased
5. Homeowners Association: Details about HOA membership and fees, used for properties within managed communities
6. Construction Completion: Terms for completion of ongoing construction, used for pre-selling or incomplete properties
7. Foreign Ownership Compliance: Special provisions ensuring compliance with foreign ownership restrictions, used when buyer is non-Filipino
1. Schedule A - Property Details: Comprehensive property description including lot plan, technical description, and boundaries
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 and requirements needed for closing
5. Appendix 1 - Property Title: Copy of the current property title or TCT
6. Appendix 2 - Tax Declarations: Copies of current real property tax declarations
7. Appendix 3 - Property Photos: Recent photographs of the property and its major features
8. Appendix 4 - Special Power of Attorney: If applicable, authorization documents for representatives
Authors
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Insurance
Property Management
Urban Planning
Architecture
Investment and Asset Management
Legal
Real Estate
Sales
Business Development
Compliance
Property Management
Asset Management
Investment
Operations
Documentation
Risk Management
Contract Administration
Real Estate Attorney
Property Lawyer
Real Estate Broker
Real Estate Agent
Property Developer
Real Estate Manager
Legal Counsel
Compliance Officer
Property Manager
Sales Director
Business Development Manager
Investment Manager
Asset Manager
Title Officer
Contract Administrator
Real Estate Paralegal
Property Acquisition Manager
Real Estate Consultant
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