The Assignable Real Estate Contract is a specialized legal instrument used in Philippine property transactions where the initial buyer may want to transfer their rights and obligations to another party before the completion of the purchase. This type of contract is particularly valuable in the Philippine real estate market where property flipping, wholesale real estate, and assignment of purchase rights are common practices. It must comply with Philippine property laws, including the Civil Code, Property Registration Decree, and various local government regulations. The document includes comprehensive details about the property, parties involved, purchase price, payment terms, conditions for assignment, and closing requirements. It's especially useful for real estate investors, developers, and property wholesalers who may need flexibility in transferring their purchase rights to other buyers.
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1. Parties: Identification of all parties involved in the contract, including complete legal names, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief description of the property and parties' intentions
3. Definitions: Definitions of key terms used throughout the contract
4. Property Details: Comprehensive description of the real estate property, including lot number, location, boundaries, and title details
5. Purchase Price: Agreed purchase price and payment terms, including deposit arrangements and payment schedule
6. Assignment Rights: Terms and conditions governing the assignability of the contract, including any restrictions or requirements for assignment
7. Representations and Warranties: Declarations by both parties regarding their capacity to enter into the contract and statements about the property's condition
8. Conditions Precedent: Conditions that must be fulfilled before the contract becomes effective
9. Closing Requirements: Documentation and actions required to complete the transaction
10. Transfer of Title: Process and requirements for transferring property ownership
11. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction costs
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional matters
14. Execution: Signature blocks and notarization requirements
1. Foreign Ownership Compliance: Required when one party is a foreign national or entity, detailing compliance with Philippine foreign ownership restrictions
2. Broker Provisions: Include when real estate brokers are involved in the transaction
3. Mortgage Contingency: Include when the purchase is contingent on buyer obtaining financing
4. Environmental Matters: Required for properties with potential environmental concerns or compliance requirements
5. Tenant Rights: Include when the property is currently leased or occupied
6. Development Restrictions: Include for properties subject to zoning or development restrictions
7. Condominium Provisions: Required for condominium properties, including association rules and requirements
8. Force Majeure: Optional clause for circumstances beyond parties' control, particularly relevant in areas prone to natural disasters
1. Schedule A - Property Description: Detailed technical description of the property, including boundaries, measurements, and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Title Documents: List of all relevant title documents and certificates
4. Schedule D - Permitted Encumbrances: List of allowed liens, encumbrances, or restrictions on the property
5. Schedule E - Due Diligence Documents: List of required property documentation and certificates
6. Appendix 1 - Property Plans: Official property plans, surveys, and drawings
7. Appendix 2 - Photos and Condition Report: Current photographs and detailed condition assessment of the property
8. Appendix 3 - Tax Certificates: Current real property tax certificates and clearances
9. Appendix 4 - Required Government Permits: Copies of all relevant government permits and certificates
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Insurance
Investment Management
Hospitality
Retail
Industrial and Manufacturing
Agriculture (for agricultural land)
Commercial Property Management
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Investment
Operations
Contract Administration
Risk Management
Business Development
Finance
Due Diligence
Relevant Roles
Real Estate Agent
Property Developer
Real Estate Attorney
Property Manager
Investment Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Real Estate Investment Analyst
Property Acquisition Manager
Contract Administrator
Real Estate Portfolio Manager
Title Officer
Real Estate Investment Director
Property Assessor
Real Estate Consultant
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