The Buy Sell Agreement (Real Estate) is a crucial legal instrument used in Philippine property transactions to formalize the transfer of real estate ownership. This document is essential when any party, whether individual or corporate, wishes to purchase or sell real property in the Philippines. It must comply with various Philippine laws, including the Civil Code, Property Registration Decree, and local government regulations. The agreement typically includes comprehensive details about the property, payment terms, conditions precedent, warranties, and specific provisions required by Philippine law. It serves to protect both parties' interests while ensuring the transaction meets all legal requirements for property transfer in the Philippine jurisdiction. The document is particularly important as it forms the basis for the eventual transfer of title and serves as evidence of the parties' rights and obligations throughout the transaction process.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, addresses, and tax identification numbers
2. Background: Contextual information about the transaction, including brief property description and parties' intention to enter into the agreement
3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent ambiguity
4. Property Description: Detailed description of the real estate property including lot number, location, boundaries, and title details
5. Purchase Price: States the agreed purchase price and payment terms, including deposit requirements and payment schedule
6. Mode of Payment: Specifies the accepted methods of payment and banking details where applicable
7. Conditions Precedent: Lists conditions that must be satisfied before the sale becomes binding
8. Representations and Warranties: Statements of fact by both parties regarding their capacity to enter into the agreement and the property's condition
9. Rights and Obligations: Details the specific rights and obligations of both parties before, during, and after the sale
10. Closing and Transfer of Title: Procedures and requirements for completing the sale and transferring property ownership
11. Taxes and Expenses: Allocation of responsibility for various taxes and transaction costs
12. Default and Remedies: Consequences of breach and available remedies for both parties
13. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction
14. Execution: Formal closing section with signature blocks and notarization requirements
1. Broker Involvement: Include when a real estate broker is involved in the transaction, detailing broker's role and commission
2. Mortgage Provisions: Include when the purchase is subject to mortgage financing, detailing lending conditions
3. Foreign Ownership Compliance: Include when either party is a foreign national, addressing ownership restrictions under Philippine law
4. Property Management During Transition: Include when there's a significant gap between contract signing and completion
5. Tenant Rights: Include when the property is currently leased to tenants
6. Environmental Compliance: Include when property requires environmental clearances or has environmental issues
7. Development Obligations: Include when property is undeveloped or requires specific development commitments
8. Force Majeure: Include when parties want specific provisions for unforeseen circumstances
9. Arbitration: Include when parties prefer alternative dispute resolution mechanisms
1. Schedule A - Property Details: Detailed technical description of the property, including lot plans and technical specifications
2. Schedule B - Title Documents: List of all title documents and certified true copies of property ownership documents
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms, installments, and due dates
4. Schedule D - Permits and Licenses: Copies of relevant permits, licenses, and certificates affecting the property
5. Schedule E - Property Inspection Report: Detailed report on the current condition of the property
6. Schedule F - Outstanding Obligations: List of any existing liens, encumbrances, or obligations affecting the property
7. Schedule G - Tax Certificates: Current tax declarations and tax clearances
8. Appendix 1 - Required Documents Checklist: Checklist of all documents required for closing
9. Appendix 2 - Closing Procedures: Step-by-step guide for closing process and document requirements
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Construction
Property Development
Legal Services
Insurance
Hospitality
Retail
Manufacturing
Healthcare
Education
Agriculture
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Compliance
Finance
Risk Management
Operations
Business Development
Investment
Asset Management
Property Management
Corporate Affairs
Acquisitions
Due Diligence
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Legal Counsel
Corporate Lawyer
Compliance Officer
Real Estate Developer
Investment Manager
Property Consultant
Business Development Manager
Chief Legal Officer
Chief Financial Officer
Real Estate Investment Analyst
Asset Manager
Transaction Manager
Risk Manager
Title Officer
Real Estate Operations Manager
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