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Agreement Of Purchase And Sale Condominium
"I need an Agreement Of Purchase And Sale Condominium for a fully furnished 2-bedroom unit at Palm Grove Condominiums in Makati City, Philippines, with a purchase price of 12.5M PHP and including one parking slot, with closing scheduled for March 15, 2025."
1. Parties: Identification of the Seller and Purchaser with complete legal names and addresses
2. Background: Context of the transaction, including brief description of the condominium project and unit
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Property Description: Detailed description of the condominium unit, parking (if any), and share in common areas
5. Purchase Price: Total purchase price, payment terms, and schedule of payments
6. Payment Terms: Detailed breakdown of payment structure, including reservation fee, down payment, and balance payment methods
7. Delivery and Possession: Timeline and conditions for unit turnover, including inspection procedures
8. Warranties and Representations: Seller's warranties regarding title, condition, and compliance with laws
9. Rights and Obligations: Both parties' ongoing rights and obligations, including compliance with condominium rules
10. Taxes and Fees: Allocation of transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of default by either party and available remedies
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Notices: Process for sending formal notices between parties
14. Execution: Signature blocks and notarization requirements
1. Financing Contingency: Terms related to buyer's need to secure mortgage financing, used when buyer requires bank financing
2. Construction Completion: For pre-selling units, includes construction timelines and penalties for delay
3. Parking Space: Details of parking space purchase if included in the sale
4. Brokers: Recognition of real estate brokers involved and commission arrangements
5. Foreign Ownership Compliance: Required for foreign buyers, addressing ownership restrictions under Philippine law
6. Force Majeure: Extended provisions for force majeure events, particularly relevant in pre-selling scenarios
7. Assignment Rights: Terms governing the buyer's right to assign the contract before closing
1. Schedule A - Unit Details: Detailed technical specifications of the unit, including floor plan and area calculation
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Unit Fixtures and Finishes: Inventory of included fixtures, finishes, and appliances
4. Schedule D - Common Areas: Description and allocation of common areas and facilities
5. Schedule E - Condominium Rules and Regulations: Copy of the condominium corporation's rules and regulations
6. Schedule F - Developer's Permits and Licenses: Copies of relevant government permits and licenses
7. Appendix 1 - Unit Floor Plan: Detailed floor plan of the specific unit
8. Appendix 2 - Location Plan: Building location plan showing unit position within the development
9. Appendix 3 - Turnover Checklist: Checklist for unit inspection and acceptance
Authors
Real Estate
Property Development
Construction
Legal Services
Banking and Finance
Insurance
Property Management
Legal
Real Estate
Sales
Compliance
Property Management
Document Processing
Business Development
Customer Relations
Contract Administration
Real Estate Lawyer
Property Developer
Real Estate Broker
Property Manager
Legal Counsel
Compliance Officer
Real Estate Manager
Sales Director
Contract Administrator
Property Sales Executive
Title Officer
Real Estate Transaction Coordinator
Document Specialist
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