The Agreement For Purchase And Sale Of Real Property is a crucial legal instrument in Philippine real estate transactions, used whenever real property ownership is transferred between parties. This document is essential for compliance with Philippine property laws, including the Civil Code, Property Registration Decree, and relevant tax regulations. It serves as the primary contract documenting the terms of sale, property details, payment arrangements, and obligations of both parties. The agreement must address specific Philippine legal requirements such as citizenship declarations, tax implications, and proper notarization. It's particularly important as it forms the basis for the eventual transfer of title and serves as evidence of the transaction for various governmental and administrative purposes. The document must be carefully drafted to ensure enforceability and protect both parties' interests while complying with local property laws and regulations.
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1. Parties: Identification of the Seller and Buyer, including complete names, addresses, civil status, and citizenship (required under Philippine law)
2. Background: Context of the transaction, including brief property description and parties' intention to enter into the sale
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the real property, including lot number, survey details, title number, and boundaries
5. Purchase Price: Statement of the total purchase price and terms of payment
6. Payment Terms: Schedule of payments, including earnest money, down payment, and balance payment arrangements
7. Conditions Precedent: Conditions that must be met before the sale becomes final, including title verification and documentation requirements
8. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and authority to sell; Buyer's warranties regarding financial capacity
9. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
10. Delivery of Possession: Terms and timing for transferring physical possession of the property
11. Title Transfer: Process and requirements for transferring legal title
12. Default and Remedies: Consequences of breach by either party and available remedies
13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional provisions
14. Execution: Formal signing section with notarial requirements under Philippine law
1. Broker Provisions: Include when real estate brokers are involved in the transaction, detailing commission arrangements
2. Mortgage Contingency: Include when the purchase is contingent on buyer obtaining mortgage financing
3. Property Management During Transition: Include when there's a significant gap between signing and completion, or when the property is tenanted
4. Foreign Ownership Compliance: Include when either party is a foreign national, addressing ownership restrictions under Philippine law
5. Condominium Association Provisions: Include when the property is a condominium unit, addressing association rules and fees
6. Agricultural Land Reform Provisions: Include when the property is agricultural land subject to land reform laws
7. Existing Tenancy Provisions: Include when the property is subject to existing lease agreements
8. Development Restrictions: Include when the property is subject to zoning or development restrictions
1. Property Details Schedule: Comprehensive technical description of the property, including lot plans and technical descriptions
2. Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Title Documents: List of all title documents and certified true copies of the same
4. Tax Certificates: Current real property tax certificates and tax clearances
5. Property Inspection Report: Detailed report on the physical condition of the property
6. Permits and Certificates: Copies of relevant permits, certificates, and governmental approvals
7. Existing Contracts: Copies of relevant existing contracts affecting the property (if any)
8. Photos and Plans: Recent photographs of the property and architectural/structural plans if available
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Banking and Finance
Legal Services
Agriculture (for agricultural land)
Hospitality
Retail
Industrial
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Compliance
Finance
Business Development
Property Management
Documentation
Risk Management
Corporate Affairs
Acquisitions
Relevant Roles
Real Estate Manager
Property Development Director
Legal Counsel
Corporate Lawyer
Real Estate Broker
Property Manager
Acquisitions Manager
Real Estate Investment Manager
Compliance Officer
Chief Legal Officer
Business Development Manager
Finance Director
Real Estate Analyst
Land Registration Officer
Property Valuation Specialist
Real Estate Documentation Specialist
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