The Home Buy Sell Agreement is a fundamental legal document used in Philippine real estate transactions to formalize the sale and purchase of residential property. This agreement is essential for both private and commercial property transactions, ensuring compliance with Philippine property laws, including the Civil Code, Property Registration Decree, and Maceda Law. It serves as the primary document establishing the rights and obligations of both buyer and seller, incorporating mandatory provisions for property transfer in the Philippines such as detailed property description, price and payment terms, tax responsibilities, and closing requirements. The document must be notarized and include specific elements required by Philippine law to be legally enforceable. It's commonly used in both direct seller-to-buyer transactions and those involving real estate professionals or developers.
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1. Parties: Identifies and provides complete details of the seller and buyer, including their legal names, civil status, addresses, and tax identification numbers
2. Background: Establishes the context of the sale, confirming the seller's ownership and authority to sell the property
3. Definitions: Defines key terms used throughout the agreement to ensure clear interpretation
4. Property Description: Detailed description of the property including lot number, street address, boundaries, and technical description as per title
5. Purchase Price: States the total purchase price and currency
6. Payment Terms: Details the payment structure, including earnest money, down payment, and balance payment schedule
7. Terms of Sale: Core agreement terms including the transfer of title, possession, and any conditions precedent
8. Representations and Warranties: Seller's warranties 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. Closing Requirements: Documents and actions required from each party to complete the sale
11. Default and Remedies: Consequences and available remedies in case of default by either party
12. Notices: How and where official communications between parties should be sent
13. Governing Law: Confirms Philippine law governs the agreement and specifies jurisdiction
14. Execution: Signature blocks and notarization requirements
1. Mortgage Contingency: Required when buyer's purchase is contingent on obtaining mortgage financing
2. Property Inspection: Detailed terms regarding property inspection rights and procedures when specifically negotiated
3. Existing Tenancies: Required when the property has current tenants and handling of lease agreements
4. Homeowners Association: Required when property is part of a subdivision or condominium with association requirements
5. Construction Completion: Required for properties under construction or requiring specific improvements before closing
6. Broker Provisions: Required when real estate brokers are involved in the transaction
7. Foreign Ownership Compliance: Required when buyer is a foreign national, addressing ownership restrictions
8. Environmental Matters: Required when property has known environmental issues or requires environmental clearance
1. Schedule A - Property Details: Technical description of the property, including lot plan, boundaries, and title details
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Included Items: List of fixtures, furnishings, or other items included in the sale
4. Schedule D - Excluded Items: List of items specifically excluded from the sale
5. Schedule E - Outstanding Requirements: List of permits, clearances, or documents needed for closing
6. Appendix 1 - Property Title: Copy of the current property title
7. Appendix 2 - Tax Declarations: Copies of current real property tax declarations
8. Appendix 3 - Property Photos: Recent photographs of the property and its major features
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