The Agreement To Sale And Agreement For Sale is a specialized legal document used in Philippine property transactions where the immediate transfer of property is not feasible or desired. This document type is particularly useful in situations involving installment payments, properties under development, or transactions requiring the fulfillment of specific conditions before final sale. The agreement is structured to comply with Philippine Civil Code requirements and typically includes comprehensive details about the property, payment terms, conditions precedent, and the process for converting the promise to sell into a final sale. It provides security for both parties by legally binding them to the transaction while establishing clear conditions and timelines for the completion of the sale. This document type is commonly used in both commercial and residential property transactions and must be executed in accordance with Philippine property and contract laws.
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Key Requirements PROMPT example:
Agreement To Sale And Agreement For Sale
"I need an Agreement To Sale And Agreement For Sale under Philippine law for a commercial warehouse property valued at 鈧25 million, with a 20% down payment and the balance to be paid in quarterly installments throughout 2025, including provisions for tenant transition as the property is currently leased."
1. Parties: Identifies and provides full details of the seller and buyer, including their legal capacity to enter into the agreement
2. Background: Sets out the context of the transaction, including brief description of the property and parties' intentions
3. Definitions: Defines key terms used throughout the agreement
4. Agreement to Sell: Details the seller's promise to sell and the buyer's promise to buy under specified conditions
5. Property Description: Comprehensive description of the property being sold, including all relevant legal identifiers
6. Purchase Price: States the agreed purchase price and payment structure
7. Payment Terms: Details the schedule of payments, including earnest money, down payment, and balance payment arrangements
8. Conditions Precedent: Lists conditions that must be met before proceeding to final sale
9. Agreement for Sale: Terms that will govern the actual sale transaction once conditions are met
10. Representations and Warranties: Statements of fact and promises made by both parties
11. Rights and Obligations: Detailed responsibilities of each party during both agreement periods
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction
14. Execution: Signature blocks and execution requirements
1. Broker Provisions: Include when a real estate broker is involved in the transaction
2. Mortgage Provisions: Include when the purchase involves bank financing or mortgage arrangements
3. Construction Provisions: Include for properties under construction or requiring specific improvements
4. Tenant Provisions: Include when the property is currently leased or has existing tenants
5. Foreign Ownership Provisions: Include when either party is a foreign national, addressing relevant restrictions
6. Force Majeure: Optional but recommended section detailing handling of unforeseen circumstances
7. Dispute Resolution: Optional detailed procedures for handling disputes, including mediation or arbitration provisions
1. Property Details Schedule: Detailed technical description of the property, including boundaries, technical specifications, and certificates
2. Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Title Documents: List and copies of relevant title documents and certificates
4. Property Inspection Report: Results of property inspection and list of any identified issues
5. Permits and Certificates: Copies of relevant permits, certificates, and governmental approvals
6. Property Plans: Floor plans, site development plans, and other relevant technical drawings
7. Inventory List: If applicable, list of fixtures, fittings, and other items included in the sale
Authors
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Relevant Industries
Real Estate
Property Development
Construction
Banking & Finance
Retail
Hospitality
Manufacturing
Healthcare
Education
Agriculture
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Procurement
Business Development
Risk Management
Corporate Affairs
Operations
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Contract Manager
Business Development Manager
Property Manager
Facilities Manager
Real Estate Broker
Compliance Officer
Risk Manager
Corporate Lawyer
Chief Legal Officer
Chief Financial Officer
Procurement Manager
Asset Manager
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