The Agreement For Property Sale is a fundamental legal document used in Philippine real estate transactions to formalize the transfer of property ownership. This agreement is essential when any real property (land, buildings, or both) is being sold and transferred from one party to another in the Philippines. It must comply with various Philippine laws including the Civil Code, Property Registration Decree, and local government regulations. The document serves multiple purposes: it establishes the legally binding commitment between parties, details all aspects of the transaction, sets out payment terms and conditions, allocates responsibilities for taxes and fees, and provides the framework for the eventual transfer of title. It's particularly important as it forms the basis for subsequent documentation required for property registration and transfer of ownership with the Register of Deeds.
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Key Requirements PROMPT example:
Agreement For Property Sale
"I need an Agreement For Property Sale for a residential condominium unit in Manila, with a purchase price of 5 million pesos to be paid in three installments, with the final payment due March 15, 2025."
1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal capacities
2. Background: Establishes the context of the sale, including brief property description and parties' intention to enter into the transaction
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Property Description: Detailed description of the property being sold, including lot number, title details, boundaries, and improvements
5. Purchase Price: States the agreed purchase price and payment terms, including any deposits or installment arrangements
6. Payment Terms: Details the schedule of payments, method of payment, and consequences of default
7. Conditions Precedent: Lists conditions that must be fulfilled before the sale becomes final
8. Representations and Warranties: Statements by both parties regarding their capacity to enter into the agreement and the property's condition
9. Seller's Obligations: Lists all obligations of the seller including delivery of documents and transfer of title
10. Buyer's Obligations: Details all obligations of the buyer including payment and assumption of certain responsibilities
11. Closing Requirements: Specifies all documents and actions required to complete the sale
12. Transfer of Title: Process and requirements for transferring the property title to the buyer
13. Taxes and Expenses: Allocation of responsibility for various taxes and transaction costs
14. Default and Remedies: Consequences of breach and available remedies to either party
15. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction
16. Notices: Process for formal communications between parties
17. Execution: Signature blocks and notarization requirements
1. Broker Provisions: Include when a real estate broker is involved in the transaction
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
4. Tenant Provisions: Include when the property is currently leased to tenants
5. Construction Completion: Include for properties under construction or requiring specific improvements
6. Environmental Provisions: Include when environmental issues or assessments are relevant
7. Foreign Ownership Compliance: Include when buyer is a foreign national or entity
8. Subdivision Provisions: Include when the property is part of a subdivision development
1. Property Details Schedule: Detailed technical description of the property, including lot plans and technical specifications
2. Title Documents: Copies of title certificates and relevant property documentation
3. Payment Schedule: Detailed breakdown of payment terms and installment schedule if applicable
4. Permits and Certificates: Copies of relevant permits, certificates, and clearances
5. Property Inspection Report: Results of property inspection and list of any identified issues
6. Tax Certificates: Current tax declarations and clearances
7. Deed of Absolute Sale Template: Draft of the deed to be executed upon completion of conditions
8. List of Deliverables: Detailed list of all documents and items to be delivered at closing
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Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Urban Planning
Architecture
Property Management
Insurance
Public Sector
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Sales
Corporate Affairs
Document Control
Risk Management
Finance
Operations
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Legal Counsel
Conveyancing Officer
Real Estate Agent
Property Developer
Title Officer
Compliance Officer
Real Estate Transaction Manager
Corporate Lawyer
Property Acquisition Manager
Real Estate Director
Legal Document Specialist
Property Sales Manager
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