The Residential Contract of Sale is a fundamental legal document used in Philippine real estate transactions for the purchase and sale of residential properties. This contract type is essential for documenting the transfer of residential property ownership and must comply with various Philippine laws, including the Civil Code, the Maceda Law, and relevant real estate regulations. It is typically used when individuals or entities are buying or selling houses, apartments, condominiums, or other residential properties in the Philippines. The document includes crucial information such as property details, purchase price, payment terms, warranties, and specific provisions required under Philippine law. It serves as the primary evidence of the transaction and is required for property registration, tax purposes, and securing financing from banks or lending institutions.
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Key Requirements PROMPT example:
Residential Contract Of Sale
"I need a Residential Contract of Sale for a newly constructed condominium unit in Manila, with a total purchase price of 5 million pesos to be paid in installments over 24 months, with the final payment and closing date set for March 15, 2025."
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the sale and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, street address, boundaries, and title details
5. Purchase Price: Total purchase price and detailed breakdown of all costs
6. Payment Terms: Schedule of payments, including down payment and subsequent installments
7. Delivery of Possession: Timeline and conditions for transferring physical possession of the property
8. Title Transfer: Process and timeline for transferring legal title to the buyer
9. Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition
10. Rights and Obligations: Specific responsibilities of both parties during the sale process
11. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
12. Default and Remedies: Consequences of breach and available remedies for both parties
13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional details
14. Notices: Process for formal communications between parties
15. Execution: Signature blocks and notarization requirements
1. Mortgage Financing: Terms related to buyer's mortgage financing, used when purchase involves bank financing
2. Construction Completion: For properties under construction, specifics about completion timeline and standards
3. Homeowners Association: Terms related to membership in homeowners association, used for properties in planned communities
4. Tenant Rights: If property is currently leased, provisions regarding existing tenants
5. Property Inspection: Terms for pre-closing inspection rights and procedures
6. Force Majeure: Provisions for unforeseen circumstances affecting completion of the sale
7. Broker Provisions: Terms related to real estate broker involvement, if applicable
8. Environmental Compliance: For properties requiring environmental clearances or with environmental concerns
1. Property Documents: Copy of title, tax declarations, and property plans
2. Payment Schedule: Detailed breakdown of payment terms and due dates
3. Property Inventory: List of fixtures and fittings included in the sale
4. Due Diligence Results: Summary of property inspection findings and title search results
5. Tax Certificates: Current real property tax certificates and clearances
6. Permits and Licenses: Copies of relevant permits and certificates related to the property
7. Property Photos: Recent photographs documenting the current condition of the property
8. Power of Attorney: If applicable, documentation authorizing representatives to act for either party
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Legal Services
Financial Services
Construction
Property Development
Banking
Property Management
Housing Development
Relevant Teams
Legal
Real Estate
Sales
Property Management
Compliance
Documentation
Contract Administration
Title and Registration
Property Development
Customer Relations
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Officer
Real Estate Broker
Property Developer
Real Estate Manager
Legal Counsel
Property Sales Executive
Contract Administrator
Title Officer
Mortgage Officer
Real Estate Documentation Specialist
Property Assessor
Compliance Officer
Real Estate Transaction Coordinator
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