The Offer To Purchase And Contract is a fundamental document in Philippine real estate transactions, used when a prospective buyer wishes to formalize their intention to purchase a property and establish the terms of the sale. This document is particularly important in the Philippine context as it must comply with specific requirements under the Civil Code of the Philippines, property registration laws, and local regulations. It serves multiple purposes: it confirms the buyer's serious intent, locks in the purchase price and terms, sets conditions for the sale, and transforms into a binding contract upon the seller's acceptance. The document typically includes detailed property descriptions, payment terms, conditions precedent, warranties, and closing requirements, making it essential for both residential and commercial property transactions in the Philippines.
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1. Parties: Identification and details of the seller and prospective buyer, including complete names, addresses, and tax identification numbers
2. Background: Context of the transaction and brief description of the property being offered for purchase
3. Definitions: Key terms used throughout the document defined for clarity and legal certainty
4. Property Description: Detailed description of the property including location, boundaries, area, and title details
5. Purchase Price: The total purchase price and detailed payment terms including method and schedule of payments
6. Payment Terms: Specific provisions regarding installments, down payment, and balance payment schedule
7. Conditions of Sale: Essential conditions that must be met for the sale to proceed
8. Representations and Warranties: Statements of fact and guarantees by both parties regarding the property and their capacity to enter into the contract
9. Closing Requirements: Documents 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, fees, and other transaction costs
12. Default and Remedies: Consequences of breach and available remedies to either party
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
14. Execution: Signature blocks and notarial requirements
1. Due Diligence Period: Optional clause allowing buyer to conduct property investigation, typically included for commercial properties or high-value transactions
2. Financing Contingency: Included when purchase is contingent on buyer obtaining financing
3. Property Inspection: Detailed terms for property inspection rights, typically included for existing structures
4. Tenant Rights: Include if the property is currently leased or occupied
5. Homeowners Association: Include if property is part of a subdivision or condominium complex
6. Construction Specifications: Include for pre-selling or properties under construction
7. Environmental Compliance: Include for industrial or commercial properties
8. Broker Provisions: Include if real estate brokers are involved in the transaction
1. Schedule A - Property Details: Detailed technical description of the property, including lot plans and technical specifications
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Title Documents: List of relevant property titles and certified true copies
4. Schedule D - Property Inspection Report: Results of property inspection if conducted
5. Schedule E - Permits and Certificates: Copies of relevant permits, certificates, and clearances
6. Schedule F - Property Photos: Recent photographs of the property
7. Appendix 1 - Required Documents Checklist: List of documents required from both parties to complete the transaction
8. Appendix 2 - Transfer Costs Breakdown: Detailed listing of all fees, taxes, and charges related to the property transfer
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Commercial Property
Residential Property
Industrial Property
Agricultural Property
Property Investment
Relevant Teams
Legal
Real Estate
Property Management
Acquisitions
Compliance
Finance
Business Development
Investment
Operations
Risk Management
Contract Administration
Relevant Roles
Real Estate Agent
Property Manager
Legal Counsel
Corporate Lawyer
Property Developer
Real Estate Broker
Investment Manager
Property Acquisitions Manager
Real Estate Investment Officer
Compliance Officer
Contract Administrator
Business Development Manager
Real Estate Portfolio Manager
Asset Manager
Property Valuation Specialist
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