The Agreement Of Property Sale is a crucial legal document used in the Philippines for facilitating real estate transactions. It is essential for any transfer of real property ownership, whether residential, commercial, or industrial. This agreement must comply with the Civil Code of the Philippines, the Property Registration Decree, and various tax regulations. It is commonly used when parties have agreed on the basic terms of a property sale and need to formalize the arrangement in a legally binding document. The agreement typically includes comprehensive details about the property, parties involved, payment terms, warranties, and specific requirements for property transfer under Philippine law. It serves as the foundation for the subsequent registration and transfer of title, making it a critical document in the property acquisition process.
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1. Parties: Identification and details of the Seller and Buyer, including complete names, addresses, and tax identification numbers
2. Background: Context of the sale, brief description of the property, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, location, boundaries, and title details
5. Purchase Price: Agreed purchase price and payment terms including method and schedule of payments
6. Terms of Payment: Detailed payment schedule, installment terms if applicable, and consequences of default
7. Representations and Warranties: Seller's warranties regarding property ownership, absence of liens, and other material facts
8. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
9. Closing and Transfer of Title: Requirements and procedures for closing the sale and transferring property title
10. Risk and Insurance: Transfer of risk and responsibility for insurance during the transfer period
11. Default and Remedies: Consequences of default by either party and available remedies
12. Governing Law: Specification of Philippine law as governing law and jurisdiction details
13. Execution: Signature blocks and notarization requirements
1. Financing Conditions: Include when buyer requires bank financing or other external funding sources
2. Property Inspection: Include when there's a need for pre-closing inspection or when property is sold 'as is'
3. Tenant Rights: Include when property is currently leased or occupied by tenants
4. Construction Warranties: Include for newly constructed properties or recent renovations
5. Homeowners Association: Include when property is part of a subdivision or condominium complex
6. Environmental Compliance: Include for industrial properties or properties with potential environmental issues
7. Broker Provisions: Include when real estate brokers are involved in the transaction
1. Schedule A - Property Details: Technical description of the property, including lot plan, boundaries, and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Property Documents: List of all property-related documents including title, tax declarations, and permits
4. Schedule D - Existing Encumbrances: List of any existing liens, encumbrances, or restrictions on the property
5. Schedule E - Closing Requirements: Checklist of documents and requirements needed for closing
6. Appendix 1 - Property Photos: Recent photographs of the property and its major features
7. Appendix 2 - Transfer Forms: Required government forms for property transfer and tax purposes
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Commercial Property
Residential Property
Industrial Property
Agriculture (for agricultural land)
Retail
Hospitality
Relevant Teams
Legal
Real Estate
Compliance
Finance
Tax
Property Management
Business Development
Investment
Risk Management
Corporate Affairs
Relevant Roles
Real Estate Agent
Property Developer
Legal Counsel
Corporate Lawyer
Property Manager
Real Estate Broker
Compliance Officer
Tax Consultant
Real Estate Director
Business Development Manager
Investment Manager
Property Acquisition Specialist
Real Estate Transaction Manager
Chief Legal Officer
Real Estate Portfolio Manager
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