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Assignment Of Residential Purchase Contract for Philippines

Assignment Of Residential Purchase Contract Template for Philippines

This document facilitates the legal transfer of rights and obligations under an existing residential property purchase contract in the Philippines from the original buyer (Assignor) to a new buyer (Assignee). It complies with Philippine civil law requirements and includes necessary provisions for the proper assignment of property purchase rights, ensuring all parties' interests are protected. The document addresses payment terms, representations and warranties, and includes mechanisms for obtaining the original seller's consent where required. It incorporates relevant provisions from the Civil Code of the Philippines and the Maceda Law to ensure enforceability and protect all parties' rights in the transaction.

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What is a Assignment Of Residential Purchase Contract?

The Assignment Of Residential Purchase Contract is a crucial legal instrument used in Philippine real estate transactions when an original buyer wishes to transfer their rights and obligations under a property purchase agreement to a new buyer. This document is particularly relevant in situations where the original buyer cannot or chooses not to proceed with the purchase but has already secured favorable terms or made partial payments. It must comply with the Civil Code of the Philippines, the Maceda Law, and other relevant real estate regulations. The document typically includes detailed information about the property, the original purchase agreement, payment arrangements, and necessary consents. It's essential for protecting all parties' interests and ensuring a smooth transition of purchase rights while maintaining legal compliance with Philippine property laws and local regulations.

What sections should be included in a Assignment Of Residential Purchase Contract?

1. Parties: Identifies and provides full details of the Assignor (original buyer), Assignee (new buyer), and acknowledgment of the original Seller

2. Background: Describes the original purchase contract, the property involved, and the intent to assign the contract

3. Definitions: Defines key terms used throughout the agreement including 'Original Purchase Contract', 'Property', 'Assignment Date', and 'Assignment Price'

4. Assignment and Consideration: Details the assignment of rights and obligations, and specifies the assignment price and payment terms

5. Assignor's Representations and Warranties: Assignor's confirmations regarding their right to assign, status of the original contract, and absence of defaults

6. Assignee's Covenants: Assignee's agreements to assume all obligations under the original purchase contract and comply with its terms

7. Seller's Consent: Documentation of the original seller's consent to the assignment (if required)

8. Closing and Payment Terms: Details of how and when the assignment will be completed and paid for

9. Governing Law and Jurisdiction: Specifies Philippine law as governing law and defines jurisdiction for disputes

What sections are optional to include in a Assignment Of Residential Purchase Contract?

1. Broker Provisions: Include when real estate brokers are involved in the assignment transaction, detailing their roles and commissions

2. Conditions Precedent: Include when there are specific conditions that must be met before the assignment becomes effective

3. Tax Provisions: Include detailed tax arrangements when there are specific agreements about who will bear various transaction taxes

4. Due Diligence Period: Include when the assignee requires time to conduct property investigations before finalizing the assignment

5. Financing Contingency: Include when the assignment is contingent on the assignee obtaining financing

6. Default and Remedies: Include detailed provisions for defaults when additional specificity beyond standard legal remedies is needed

7. Survival Clause: Include when certain representations and warranties need to survive the closing

What schedules should be included in a Assignment Of Residential Purchase Contract?

1. Schedule A - Property Details: Detailed description of the property including lot number, technical description, and boundaries

2. Schedule B - Original Purchase Contract: Copy of the complete original purchase contract being assigned

3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and schedule for the assignment

4. Schedule D - Outstanding Obligations: List of any remaining payments or obligations under the original purchase contract

5. Schedule E - Seller's Consent Document: Written consent from the original seller to the assignment (if obtained as a separate document)

6. Appendix 1 - Required Governmental Approvals: List of required permits, clearances, or governmental approvals for the assignment

7. Appendix 2 - Tax Certificates: Relevant tax clearances and certificates required for the transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions



























Clauses




























Relevant Industries

Real Estate

Residential Property

Legal Services

Property Development

Construction

Banking and Finance

Insurance

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Document Processing

Risk Management

Customer Relations

Contract Administration

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Broker

Legal Counsel

Conveyancing Officer

Real Estate Agent

Property Developer

Contract Administrator

Legal Assistant

Compliance Officer

Title Officer

Real Estate Paralegal

Transaction Coordinator

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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