The Offer to Purchase Contract is a crucial document in Philippine real estate transactions, serving as the initial formal step in property acquisition. This document is used when a potential buyer wishes to formally express their intent to purchase a property and outline the terms under which they are willing to proceed with the transaction. It must comply with Philippine property laws, including the Civil Code of the Philippines, the Maceda Law, and relevant real estate regulations. The document typically includes essential elements such as property details, purchase price, payment terms, due diligence provisions, and conditions precedent. It serves as the foundation for the subsequent Deed of Sale if the offer is accepted by the seller.
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1. Parties: Identification and details of the potential buyer (offeror) and seller (offeree), including complete legal names, addresses, and contact information
2. Background: Brief context of the transaction and purpose of the offer to purchase
3. Definitions: Key terms used throughout the document defined for clarity and legal certainty
4. Property Description: Detailed description of the property including address, boundaries, lot number, title details, and improvements
5. Purchase Price: The offered amount, currency, and payment terms including any earnest money deposit
6. Payment Terms: Structure of payments, including deposits, down payments, and balance payment schedule
7. Due Diligence Period: Timeframe and conditions for buyer's investigation of the property
8. Conditions Precedent: Requirements that must be met before the sale can proceed
9. Representations and Warranties: Statements of fact by both parties regarding their capacity to enter into the agreement and the property's condition
10. Closing Requirements: Documents and actions required to complete the transaction
11. Expiration of Offer: Period for which the offer remains valid
12. Execution: Signature blocks and formal closing of the document
1. Financing Contingency: Include when buyer's offer is contingent on obtaining financing
2. Property Inspection Contingency: Include when offer is subject to satisfactory property inspection results
3. Title Insurance: Include when buyer requires title insurance as part of the transaction
4. Existing Tenancies: Include when the property has current tenants and their rights need to be addressed
5. Foreign Ownership Compliance: Include when the buyer is a foreign national or entity
6. Broker Representation: Include when real estate brokers are involved in the transaction
7. Property Management During Due Diligence: Include when specific arrangements are needed for property access and management during the due diligence period
8. Tax Provisions: Include when special tax considerations or allocations need to be addressed
1. Schedule A - Property Details: Detailed technical description of the property, including lot plan, technical description, and certificates of title
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Due Diligence Requirements: List of documents and information to be provided during due diligence
4. Schedule D - Required Closing Documents: Complete list of documents required from both parties for closing
5. Appendix 1 - Property Photos: Current photographs of the property and improvements
6. Appendix 2 - Property Certificates: Copies of relevant certificates, permits, and licenses
7. Appendix 3 - Tax Certificates: Current tax declarations and tax clearances
8. Appendix 4 - Power of Attorney: If applicable, power of attorney documents for either party
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Industrial Property
Retail
Agriculture
Hospitality
Manufacturing
Banking and Finance
Construction and Development
Legal Services
Relevant Teams
Legal
Real Estate
Compliance
Corporate Affairs
Business Development
Property Management
Acquisitions
Investment
Risk Management
Documentation
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Corporate Lawyer
Legal Counsel
Business Development Manager
Property Developer
Investment Manager
Compliance Officer
Real Estate Agent
Acquisition Manager
Chief Legal Officer
Real Estate Investment Officer
Corporate Secretary
Due Diligence Officer
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