The Letter of Agreement to Sell Property is a crucial document in Philippine real estate transactions, commonly used as a preliminary step in property sales. This document type is particularly relevant when parties need to formalize their intent to enter into a property sale transaction before proceeding with the more detailed Deed of Absolute Sale. It must comply with the Civil Code of the Philippines and related property laws, requiring proper notarization and witnessing. The document typically includes essential details such as property description, price, payment terms, and conditions of sale, while also incorporating specific requirements of local government units. This type of agreement is widely used in both residential and commercial property transactions, providing a clear framework for the intended property transfer while allowing flexibility for due diligence and financing arrangements.
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1. Parties: Full legal names and addresses of both the seller and buyer
2. Date: The effective date of the letter of agreement
3. Property Description: Detailed description of the property including exact location, boundaries, and title details
4. Purchase Price: The agreed-upon price and payment terms, including any deposit requirements
5. Payment Terms: Detailed breakdown of payment schedule and method of payment
6. Timeline: Expected dates for key milestones including deposit, full payment, and property handover
7. Property Condition: Current condition of the property and any included fixtures or fittings
8. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts
9. Closing Requirements: List of documents and actions required to complete the sale
10. Signatures: Space for both parties to sign and date the agreement
1. Broker Details: Information about any real estate brokers involved in the transaction, used when the sale is facilitated through a licensed broker
2. Contingencies: Specific conditions that must be met before the sale proceeds, such as buyer obtaining financing or property passing inspection
3. Due Diligence Period: Timeframe and terms for the buyer to conduct property investigations, included when buyer requires inspection period
4. Existing Tenants: Details about current occupants and lease agreements, included when property is currently tenanted
5. Property Tax Provisions: Specific arrangements regarding payment of property taxes, included when tax obligations need clarification
6. Utilities and Maintenance: Responsibilities for utilities and maintenance during the transition period, included for occupied properties
1. Property Title: Copy of the current property title or title information
2. Property Tax Clearance: Recent tax clearance certificate showing no outstanding property taxes
3. Property Survey: Recent survey plan or technical description of the property
4. Payment Schedule: Detailed breakdown of payment terms if involving installments
5. Property Photos: Recent photographs documenting the current condition of the property
6. List of Fixtures and Fittings: Inventory of items included in the sale
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Legal Services
Construction
Property Development
Agriculture (for agricultural land)
Retail (for commercial properties)
Hospitality
Industrial
Residential Property
Relevant Teams
Legal
Real Estate
Compliance
Finance
Business Development
Asset Management
Property Management
Investment
Risk Management
Operations
Relevant Roles
Real Estate Agent
Property Manager
Legal Counsel
Corporate Lawyer
Property Developer
Asset Manager
Real Estate Broker
Compliance Officer
Real Estate Consultant
Business Development Manager
Property Assessor
Finance Manager
Investment Analyst
Real Estate Paralegal
Transaction Coordinator
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