The Offer To Purchase Real Estate Form Private Sale is a crucial document in Philippine real estate transactions between private parties. It is typically used when a potential buyer has identified a property of interest and wishes to formalize their intention to purchase through a written offer. This document, governed by Philippine civil and property laws, particularly the Civil Code of the Philippines and the Property Registration Decree, serves as the foundation for the eventual sale transaction. It includes essential elements such as property description, purchase price, payment terms, contingencies, and conditions for closing. The form is designed to protect both parties' interests while ensuring compliance with local real estate regulations and tax requirements. It is commonly used in both residential and commercial property transactions and can be customized to accommodate specific terms and conditions agreed upon by the parties.
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1. Parties: Identification of the potential buyer (offeror) and seller (offeree), including their complete legal names, civil status, addresses, and contact information
2. Background: Brief context of the offer, including the seller's ownership of the property and buyer's intention to purchase
3. Definitions: Key terms used throughout the document, including 'Property', 'Purchase Price', 'Closing Date', etc.
4. Property Description: Detailed description of the real estate property, including exact location, boundaries, lot area, improvements, and title details
5. Purchase Price: The total amount offered for the property, currency, and payment terms
6. Earnest Money: Amount of earnest money deposit, when it will be paid, and terms for its handling
7. Payment Terms: Structure of payments, including initial deposit, balance payment schedule, and method of payment
8. Due Diligence Period: Timeline and terms for the buyer's investigation of the property
9. Closing and Transfer: Expected closing date, conditions for closing, and process for transfer of title
10. Representations and Warranties: Basic warranties from both parties regarding their capacity to enter into the transaction and property condition
11. Costs and Taxes: Allocation of transaction costs, transfer taxes, and other fees between parties
12. Offer Expiration: Period for which the offer remains valid and process for acceptance
13. Governing Law: Specification that Philippine law governs the agreement
14. Acceptance: Space for seller's acceptance and formal execution of the document
1. Financing Contingency: To be included when the buyer's offer is contingent on obtaining financing, specifying terms and conditions
2. Property Inspection Contingency: Detailed terms for property inspection rights and process for addressing findings
3. Title Insurance: Requirements for title insurance if desired by the buyer
4. Existing Tenancies: To be included if the property has current tenants, addressing their rights and transition
5. Furniture and Fixtures: List of movable items included or excluded from the sale
6. Broker Representation: To be included if real estate brokers are involved in the transaction
7. Seller Financing: Terms and conditions if the seller is providing financing for the purchase
8. Construction Completion: For properties under construction, including completion requirements and warranties
1. Schedule A - Property Details: Comprehensive technical description of the property, including lot plans, technical description from title, and tax declaration details
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 the due diligence period
4. Schedule D - Included Items: Detailed inventory of furniture, fixtures, or other items included in the sale
5. Appendix 1 - Property Photos: Recent photographs of the property and its major features
6. Appendix 2 - Property Documents: Copies of title, tax declarations, and other relevant property documents
7. Appendix 3 - Form of Deed of Absolute Sale: Draft of the final deed of sale to be executed upon acceptance and completion
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Insurance
Property Management
Urban Development
Residential Development
Commercial Real Estate
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Investment
Business Development
Risk Management
Operations
Acquisitions
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Real Estate Agent
Legal Counsel
Property Developer
Investment Manager
Real Estate Analyst
Compliance Officer
Title Officer
Contract Administrator
Real Estate Finance Manager
Property Acquisition Manager
Real Estate Transaction Coordinator
Due Diligence Specialist
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