The Personal Property Addendum To Real Estate Contract is a crucial document used in Philippine real estate transactions where significant personal property items are included in the sale of real estate. This document becomes necessary when items such as furniture, appliances, equipment, or other movable property are to be transferred along with the real estate. It supplements the main real estate contract by providing specific details about these items, their conditions, and transfer terms. Operating under Philippine jurisdiction, particularly the Civil Code and Property Registration Decree, this addendum helps prevent future disputes by clearly documenting what personal property is included, its condition, and its agreed value. It's particularly important in commercial property sales, furnished residential properties, and agricultural land transfers where equipment is included.
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1. Parties: Identification of the parties to the agreement, including the seller and buyer from the main real estate contract
2. Background: Reference to the main real estate contract and purpose of this addendum
3. Definitions: Key terms used in the addendum, including specific references to 'Personal Property' and 'Real Estate Contract'
4. Personal Property Description: Detailed itemization and description of all personal property included in the transfer
5. Consideration: Specification of the value assigned to the personal property and payment terms, if separate from the real estate price
6. Condition of Personal Property: Current condition of items and any known defects or issues
7. Transfer of Ownership: Terms and timing of the transfer of personal property ownership
8. Warranties: Seller's warranties regarding ownership, condition, and right to transfer the personal property
9. Risk and Insurance: Allocation of risk and responsibility for insurance until closing
10. Integration with Main Contract: How this addendum integrates with and modifies the main real estate contract
11. Governing Law: Confirmation of Philippine law governance and jurisdiction
12. Execution: Signature blocks and execution requirements
1. Maintenance Period: Used when the seller must maintain the personal property for a period before transfer
2. Third-Party Rights: Include when there are existing leases, liens, or other third-party interests in the personal property
3. Tax Provisions: Detailed tax arrangements when the personal property value is significant enough to warrant separate tax treatment
4. Installation/Removal: Include when personal property requires professional installation or removal
5. Intellectual Property: Used when personal property includes items with associated intellectual property rights
6. Inspection Rights: Include when buyer requires specific inspection rights before closing
1. Schedule A - Inventory List: Detailed inventory of all personal property items with descriptions and conditions
2. Schedule B - Valuation: Individual valuations of personal property items if required for tax or insurance purposes
3. Schedule C - Photographs: Photographic evidence of included personal property items and their condition
4. Schedule D - Maintenance Records: Historical maintenance records for significant items of personal property
5. Schedule E - Warranties and Manuals: List of transferable warranties and operating manuals included with the personal property
6. Appendix 1 - Compliance Certificates: Any required certificates or permits related to the personal property
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