The Agreement Of Purchase And Sale (Real Estate) is a crucial legal document used in Philippine real estate transactions to formalize property transfers between parties. This agreement is essential whenever real property is being sold in the Philippines, whether it's residential, commercial, industrial, or agricultural land. The document must comply with the Civil Code of the Philippines, Property Registration Decree, and various local regulations governing real estate transactions. It typically includes comprehensive details about the property, parties involved, purchase price, payment terms, conditions precedent, warranties, and closing requirements. Special considerations must be incorporated for foreign buyers due to Philippine foreign ownership restrictions, and additional provisions may be needed for properties under development or those subject to specific local regulations. The agreement must be notarized and registered with appropriate government agencies to ensure enforceability and proper transfer of title.
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1. Parties: Identification of the Seller and Buyer with complete details including names, addresses, tax identification numbers, and civil status as required under Philippine law
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the real property including lot number, location, boundaries, and title details as registered with the Registry of Deeds
5. Purchase Price: Statement of the total purchase price and payment terms
6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default
7. Conditions Precedent: Conditions that must be satisfied before the sale becomes binding
8. Seller's Representations and Warranties: Warranties regarding ownership, absence of liens, authority to sell, and property condition
9. Buyer's Representations and Warranties: Warranties regarding financial capacity and authority to purchase
10. Closing Requirements: Documents and actions required from both parties to complete the transaction
11. Transfer of Title: Process and timeline for transferring property title to the buyer
12. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
13. Default and Remedies: Consequences of breach and available remedies for either party
14. Governing Law: Specification of Philippine law as governing law and choice of venue for disputes
15. Notices: Method and addresses for formal communications between parties
16. Execution: Signature blocks with appropriate notarial requirements under Philippine law
1. Broker Provisions: Include when real estate brokers are involved in the transaction, specifying commissions and responsibilities
2. Mortgage Contingency: Include when the purchase is contingent on buyer obtaining mortgage financing
3. Property Management During Transition: Include when there's a significant gap between signing and closing, or when the property is leased
4. Construction Completion: Include for properties under construction or requiring specific improvements before closing
5. Condominium Provisions: Include when the property is a condominium unit, addressing association rules and common areas
6. Foreign Ownership Provisions: Include when buyer is foreign, addressing restrictions under Philippine law
7. Environmental Provisions: Include when property has known environmental issues or requires environmental clearances
8. Agricultural Land Provisions: Include when property is agricultural land, addressing CARL requirements
1. Schedule A - Property Details: Technical description of the property, including certified true copy of the title and tax declaration
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule C - Permitted Encumbrances: List of accepted liens, easements, or encumbrances on the property
4. Schedule D - Closing Documents: List of required documents for closing
5. Schedule E - Property Inventory: Inventory of fixtures and chattels included in the sale
6. Appendix 1 - Property Photos: Recent photographs of the property
7. Appendix 2 - Property Plans: Architectural plans, surveys, or property maps
8. Appendix 3 - Due Diligence Reports: Technical, legal, or environmental reports on the property
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