When buying or selling a property in the Philippines, it`s important to have a purchase agreement in place. This legally binding document outlines the terms and conditions of the sale, ensuring that both parties are protected throughout the transaction.

To give you an idea of what a purchase agreement in the Philippines should look like, we`ve put together a sample agreement below:

PURCHASE AGREEMENT

THIS AGREEMENT made and entered into this __ day of ________, 20__ by and between:

[SELLER`S NAME], residing at [SELLER`S ADDRESS],

AND

[BUYER`S NAME], residing at [BUYER`S ADDRESS].

WHEREAS, the Seller agrees to sell and the Buyer agrees to purchase the property described as follows:

– [PROPERTY DESCRIPTION]

The parties agree to the following terms and conditions:

1. Purchase Price: The purchase price of the property shall be _____________ pesos (PHP_______).

2. Payment Terms: The Buyer shall pay ___________ pesos (PHP_______) as down payment upon signing of this agreement. The remaining balance shall be paid in full upon turnover of the property to the Buyer.

3. Transfer of Ownership: The property shall be transferred to the Buyer upon full payment of the purchase price and all other fees, taxes, and charges related to the sale.

4. Conditions of the Property: The property is sold on an “as is” basis and the Seller makes no warranties or representations as to its condition, fitness for use, or suitability for any particular purpose.

5. Obligations of the Parties: The Seller shall deliver the property to the Buyer in the same condition as at the time of signing of this agreement. The Buyer shall assume all obligations, liabilities, and responsibilities related to the property upon transfer of ownership.

6. Governing Law: This agreement shall be governed by and construed in accordance with the laws of the Philippines.

7. Dispute Resolution: Any dispute arising out of or in connection with this agreement shall be resolved through arbitration in accordance with the rules of the Philippine Dispute Resolution Center, Inc.

IN WITNESS WHEREOF, the parties have executed this agreement on the day and year first above written.

[SIGNATURE OF SELLER] [SIGNATURE OF BUYER]

[SELLER`S NAME] [BUYER`S NAME]

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