The As Is Real Estate Contract Form is a specialized legal document used in the Philippines when selling property without standard warranties or representations regarding its condition. This type of contract is particularly useful for properties that may have known issues, foreclosure sales, or situations where the seller wants to limit their post-sale liability. The document complies with Philippine real estate laws and regulations, including the Civil Code of the Philippines and the Property Registration Decree. It contains essential provisions for property transfer, explicit acknowledgments of the property's condition, and clear statements about the limited nature of warranties provided. This contract type is commonly used in distressed property sales, quick sales, or when transparency about property conditions is paramount.
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1. Parties: Identifies and provides complete details of the seller and buyer, including their legal capacity to enter into the contract
2. Background: Establishes the context of the transaction and the seller's ownership of the property
3. Definitions: Defines key terms used throughout the contract
4. Property Description: Detailed description of the real estate property including lot number, location, boundaries, and certificate of title details
5. Purchase Price: States the agreed purchase price and payment terms
6. 'As Is' Condition: Explicitly states that the property is being sold in its current condition and that the buyer accepts all existing defects
7. Buyer's Acknowledgment: Confirms buyer's inspection of the property and acceptance of its current condition
8. Title and Ownership: Details regarding the transfer of title and ownership
9. Closing and Settlement: Specifies the closing date and settlement procedures
10. Taxes and Fees: Allocation of responsibility for transfer taxes, registration fees, and other costs
11. Representations and Warranties: Limited warranties due to 'as is' nature, but including seller's authority to sell
12. Default and Remedies: Consequences of default by either party and available remedies
13. Governing Law: Confirms Philippine law governs the agreement
14. Entire Agreement: States that the document represents the complete agreement between parties
1. Financing Contingency: Include when buyer's purchase is contingent on obtaining financing
2. Tenant Rights: Include if the property is currently leased or occupied by tenants
3. Environmental Disclosure: Include if there are known environmental issues affecting the property
4. Homeowners Association: Include if property is subject to HOA rules and fees
5. Broker Representation: Include if real estate brokers are involved in the transaction
6. Personal Property Inclusion/Exclusion: Include if specific fixtures or personal property are included/excluded from sale
7. Special Permits: Include if property requires special permits or zoning considerations
8. Foreign Ownership Compliance: Include if buyer is a foreign national, addressing ownership restrictions
1. Property Documents: Copy of title, tax declarations, and technical description of the property
2. Property Inspection Report: Detailed report of property condition and known defects
3. Property Photos: Current photographs documenting property condition
4. Payment Schedule: If payment is in installments, detailed payment timeline
5. Tax Certificates: Current real property tax certificates and clearances
6. Permits and Certificates: Copies of relevant permits, certificates, and compliance documents
7. Property Plans: Floor plans, lot plans, and other relevant technical drawings
8. Deed of Absolute Sale: Draft of the deed to be executed upon full payment
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Banking and Finance
Property Development
Construction
Insurance
Property Management
Investment and Asset Management
Urban Planning
Local Government
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Property Management
Asset Management
Investment
Operations
Documentation
Due Diligence
Relevant Roles
Real Estate Attorney
Property Manager
Real Estate Broker
Real Estate Agent
Legal Counsel
Compliance Officer
Property Developer
Asset Manager
Investment Manager
Title Officer
Real Estate Paralegal
Property Assessor
Risk Manager
Contract Administrator
Real Estate Portfolio Manager
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