The Forward Purchase Agreement (Real Estate) is a crucial document in Philippine real estate transactions, particularly in pre-selling arrangements and development projects. It establishes legally binding commitments between parties for the future transfer of real property, typically used when the property is yet to be completed or when the transfer is contingent on specific future conditions. This agreement type must comply with Philippine real estate laws, including the Civil Code, Property Registration Decree, and the Maceda Law for installment sales. The document comprehensively covers payment structures, development milestones, completion requirements, and transfer procedures, while incorporating necessary consumer protections and regulatory compliance measures. It's particularly relevant in the growing Philippine property market where pre-selling of properties and development projects are common practice.
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1. Parties: Identification of the Seller and Buyer, including complete legal names, addresses, and tax identification numbers as required under Philippine law
2. Background: Context of the transaction, including brief description of the property and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement, including specific Philippine legal and regulatory terms
4. Sale and Purchase: Core agreement to sell and purchase the property, including description of the property and completion date
5. Purchase Price: Detailed breakdown of the purchase price, payment schedule, and payment methods
6. Deposits: Terms regarding initial and subsequent deposits, including escrow arrangements and release conditions
7. Conditions Precedent: Conditions that must be satisfied before completion, including legal and regulatory requirements
8. Pre-completion Obligations: Obligations of both parties before completion, including property maintenance and insurance
9. Completion: Detailed completion process, including documentation requirements and registration procedures
10. Title and Registration: Provisions regarding transfer of title and registration requirements under Philippine law
11. Representations and Warranties: Standard and property-specific representations and warranties from both parties
12. Default and Termination: Consequences of default and termination rights, including Maceda Law provisions
13. Taxes and Expenses: Allocation of tax liabilities and transaction expenses
14. Notices: Communication procedures and contact details
15. General Provisions: Standard boilerplate provisions including governing law, jurisdiction, and entire agreement
1. Foreign Ownership Compliance: Required when buyer is a foreign entity, addressing compliance with Philippine foreign ownership restrictions
2. Development Obligations: Required when the property is under construction or requires development, including completion guarantees
3. Condominium Provisions: Required for condominium units, addressing compliance with the Condominium Act
4. Environmental Compliance: Required when property has specific environmental considerations or requirements
5. Financing Provisions: Required when purchase is subject to mortgage or other financing arrangements
6. Property Management: Required when agreement includes interim management arrangements
7. Anti-Money Laundering Compliance: Required for high-value transactions subject to AMLA reporting requirements
8. Force Majeure: Optional but recommended given Philippines' exposure to natural disasters
1. Property Description: Detailed technical description of the property, including boundaries and technical specifications
2. Title Documents: List of title documents and certified true copies
3. Payment Schedule: Detailed breakdown of payment installments and due dates
4. Completion Requirements: Checklist of documents and requirements for completion
5. Form of Transfer Documents: Templates of deed of absolute sale and other transfer documents
6. Due Diligence Results: Summary of technical, legal, and financial due diligence findings
7. Property Plans: Architectural plans, site development plans, and relevant permits
8. Warranties: Detailed warranties relating to the property and development
9. Tax Certificates: Current tax declarations and certificates of no outstanding taxes
10. Required Permits: List and copies of required governmental permits and licenses
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Banking & Finance
Investment Management
Property Management
Legal Services
Urban Development
Hospitality
Commercial Property
Residential Property
Industrial Property
Relevant Teams
Legal
Real Estate
Compliance
Finance
Investment
Operations
Sales
Property Management
Development
Risk Management
Corporate Affairs
Project Management
Business Development
Relevant Roles
Real Estate Developer
Property Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Investment Manager
Real Estate Investment Director
Development Project Manager
Real Estate Agent
Contract Manager
Chief Financial Officer
Real Estate Portfolio Manager
Asset Manager
Acquisition Manager
Real Estate Investment Analyst
Corporate Lawyer
Property Development Director
Sales Director
Real Estate Operations Manager
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