Agreement Of Purchase And Sale (Real Estate)

Agreement Of Purchase And Sale (Real Estate) Template for Philippines

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Key Requirements PROMPT example:

"I need an Agreement Of Purchase And Sale (Real Estate) for buying a residential property in Manila, Philippines, with a closing date of March 15, 2025, including provisions for a 20% down payment and the balance to be paid through bank financing."

Document background

The Agreement Of Purchase And Sale (Real Estate) is a crucial legal document used in Philippine real estate transactions to formalize property transfers between parties. This agreement is essential whenever real property is being sold in the Philippines, whether it's residential, commercial, industrial, or agricultural land. The document must comply with the Civil Code of the Philippines, Property Registration Decree, and various local regulations governing real estate transactions. It typically includes comprehensive details about the property, parties involved, purchase price, payment terms, conditions precedent, warranties, and closing requirements. Special considerations must be incorporated for foreign buyers due to Philippine foreign ownership restrictions, and additional provisions may be needed for properties under development or those subject to specific local regulations. The agreement must be notarized and registered with appropriate government agencies to ensure enforceability and proper transfer of title.

Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete details including names, addresses, tax identification numbers, and civil status as required under Philippine law

2. Background: Context of the transaction and brief description of the property being sold

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

4. Property Description: Detailed description of the real property including lot number, location, boundaries, and title details as registered with the Registry of Deeds

5. Purchase Price: Statement of the total purchase price and payment terms

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default

7. Conditions Precedent: Conditions that must be satisfied before the sale becomes binding

8. Seller's Representations and Warranties: Warranties regarding ownership, absence of liens, authority to sell, and property condition

9. Buyer's Representations and Warranties: Warranties regarding financial capacity and authority to purchase

10. Closing Requirements: Documents and actions required from both parties to complete the transaction

11. Transfer of Title: Process and timeline for transferring property title to the buyer

12. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

13. Default and Remedies: Consequences of breach and available remedies for either party

14. Governing Law: Specification of Philippine law as governing law and choice of venue for disputes

15. Notices: Method and addresses for formal communications between parties

16. Execution: Signature blocks with appropriate notarial requirements under Philippine law

Optional Sections

1. Broker Provisions: Include when real estate brokers are involved in the transaction, specifying commissions and responsibilities

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, or when the property is leased

4. Construction Completion: Include for properties under construction or requiring specific improvements before closing

5. Condominium Provisions: Include when the property is a condominium unit, addressing association rules and common areas

6. Foreign Ownership Provisions: Include when buyer is foreign, addressing restrictions under Philippine law

7. Environmental Provisions: Include when property has known environmental issues or requires environmental clearances

8. Agricultural Land Provisions: Include when property is agricultural land, addressing CARL requirements

Suggested Schedules

1. Schedule A - Property Details: Technical description of the property, including certified true copy of the title and tax declaration

2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and due dates

3. Schedule C - Permitted Encumbrances: List of accepted liens, easements, or encumbrances on the property

4. Schedule D - Closing Documents: List of required documents for closing

5. Schedule E - Property Inventory: Inventory of fixtures and chattels included in the sale

6. Appendix 1 - Property Photos: Recent photographs of the property

7. Appendix 2 - Property Plans: Architectural plans, surveys, or property maps

8. Appendix 3 - Due Diligence Reports: Technical, legal, or environmental reports on the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Clauses

Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Development

Agriculture (for agricultural land)

Commercial Property

Residential Property

Industrial Property

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Business Development

Finance

Corporate Development

Investment

Operations

Risk Management

Documentation

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Broker

Real Estate Agent

Legal Counsel

Compliance Officer

Real Estate Developer

Property Development Manager

Land Registration Officer

Title Examiner

Real Estate Investment Manager

Corporate Lawyer

Notary Public

Property Acquisition Manager

Real Estate Finance Manager

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