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The Buy Sell Agreement Between Co Owners Of Real Property is a crucial document used when multiple parties share ownership of real estate in the Philippines and wish to establish clear procedures for future ownership transfers. This agreement becomes essential in situations where co-owners need to plan for potential ownership changes, whether triggered by voluntary sale, death, incapacity, or other specified events. It must comply with Philippine property laws, including the Civil Code, Property Registration Decree, and local government regulations. The document typically includes detailed provisions for valuation methods, payment terms, right of first refusal, and transfer procedures. It serves as a preventive measure against potential disputes and provides a clear framework for maintaining harmonious co-ownership relationships while protecting each owner's interests. The agreement is particularly important in the Philippine context, where property co-ownership is common and requires careful consideration of both national and local legal requirements.

1. Parties: Identification of all co-owners involved in the agreement, including their complete legal names, addresses, and ownership percentages

2. Background: Details of the current co-ownership arrangement, property description, and circumstances leading to the buy-sell agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed legal description of the real property, including location, boundaries, and certificate of title number

5. Purchase Price and Payment Terms: Agreed purchase price, payment method, and schedule of payments

6. Triggering Events: Events that trigger the right or obligation to buy or sell ownership interests

7. Valuation Method: Process for determining the fair market value or agreed price of the property/ownership share

8. Right of First Refusal: Terms and conditions of co-owners' rights to purchase before offering to third parties

9. Closing Process: Requirements and procedures for completing the property transfer

10. Representations and Warranties: Statements of fact by the parties regarding their authority, property condition, and ownership

11. Tax Provisions: Allocation of tax responsibilities and obligations

12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional matters

13. Dispute Resolution: Procedures for resolving disputes between parties

14. Notices: Methods and addresses for formal communications between parties

15. Execution: Signature blocks and notarization requirements