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Assignment Of Real Estate Contract And Sale Agreement

Assignment Of Real Estate Contract And Sale Agreement Template for Philippines

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Key Requirements PROMPT example:

Assignment Of Real Estate Contract And Sale Agreement

"I need an Assignment of Real Estate Contract and Sale Agreement for a PHP 25M commercial property in Makati City, where I'm assigning my rights to a corporate buyer, with closing scheduled for March 2025, and the original seller's bank needs to approve the assignment."

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Document background
The Assignment Of Real Estate Contract And Sale Agreement is a crucial document used in Philippine real estate transactions when the original buyer of a property wishes to transfer their rights and obligations under the original sale contract to a new buyer. This type of assignment is common in pre-selling arrangements, investment transactions, or when the original buyer cannot proceed with the purchase. The document must comply with Philippine property laws, including the Civil Code, Property Registration Decree, and relevant tax regulations. It typically includes detailed information about the original sale contract, property description, payment terms, and remaining obligations. The agreement requires proper notarization and registration with the Land Registration Authority to be legally effective.
Suggested Sections

1. Parties: Identifies and provides full details of the Assignor (original buyer), Assignee (new buyer), and Original Seller

2. Background: Describes the original Contract of Sale, its key terms, and the intention to assign the contract

3. Definitions: Defines key terms used throughout the agreement including Property, Original Contract, Assignment Date, etc.

4. Assignment and Acceptance: Core section detailing the assignment of rights and obligations from Assignor to Assignee

5. Consideration: Details the payment terms and consideration for the assignment

6. Assignor's Representations and Warranties: Warranties regarding ownership, authority to assign, and status of the Original Contract

7. Assignee's Representations and Warranties: Warranties regarding capacity to perform obligations and compliance with laws

8. Original Seller's Consent: Documentation of the Original Seller's approval of the assignment

9. Compliance Requirements: Details requirements for registration, tax payments, and other regulatory compliance

10. Effective Date and Closing: Specifies when the assignment takes effect and closing requirements

11. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction

12. Execution: Signature blocks and notarial requirements

Optional Sections

1. Due Diligence Results: Include when there has been significant property due diligence that needs to be acknowledged

2. Broker Provisions: Include when real estate brokers are involved in the transaction

3. Existing Encumbrances: Include when there are existing mortgages or liens that need to be addressed

4. Property Management Transition: Include when the property is currently under management

5. Environmental Conditions: Include when there are environmental concerns or certifications

6. Third Party Consents: Include when additional third party approvals are required beyond the Original Seller

7. Installment Payment Arrangements: Include when the assignment involves ongoing installment payments

Suggested Schedules

1. Schedule A - Property Description: Detailed technical description of the property including boundaries and title details

2. Schedule B - Original Contract: Copy of the original Contract of Sale being assigned

3. Schedule C - Payment History: Record of payments made under the Original Contract

4. Schedule D - Outstanding Obligations: List of remaining payments and obligations under the Original Contract

5. Schedule E - Property Documents: List of all relevant property documents being transferred

6. Appendix 1 - Due Diligence Report: Summary of property inspection and title search results

7. Appendix 2 - Tax Certificates: Current real property tax certificates and clearances

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




























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Relevant Industries

Real Estate

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Relevant Teams

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Relevant Roles

Real Estate Attorney

Property Manager

Real Estate Broker

Legal Counsel

Compliance Officer

Real Estate Developer

Investment Manager

Asset Manager

Contract Administrator

Real Estate Analyst

Title Officer

Corporate Secretary

Chief Legal Officer

Real Estate Investment Director

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