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Assignment Of Residential Purchase Contract
"I need an Assignment of Residential Purchase Contract for a condominium unit in Manila, where I'm the original buyer assigning my rights to a new buyer who will pay the remaining balance of PHP 5 million in three installments by March 2025."
1. Parties: Identifies and provides full details of the Assignor (original buyer), Assignee (new buyer), and acknowledgment of the original Seller
2. Background: Describes the original purchase contract, the property involved, and the intent to assign the contract
3. Definitions: Defines key terms used throughout the agreement including 'Original Purchase Contract', 'Property', 'Assignment Date', and 'Assignment Price'
4. Assignment and Consideration: Details the assignment of rights and obligations, and specifies the assignment price and payment terms
5. Assignor's Representations and Warranties: Assignor's confirmations regarding their right to assign, status of the original contract, and absence of defaults
6. Assignee's Covenants: Assignee's agreements to assume all obligations under the original purchase contract and comply with its terms
7. Seller's Consent: Documentation of the original seller's consent to the assignment (if required)
8. Closing and Payment Terms: Details of how and when the assignment will be completed and paid for
9. Governing Law and Jurisdiction: Specifies Philippine law as governing law and defines jurisdiction for disputes
1. Broker Provisions: Include when real estate brokers are involved in the assignment transaction, detailing their roles and commissions
2. Conditions Precedent: Include when there are specific conditions that must be met before the assignment becomes effective
3. Tax Provisions: Include detailed tax arrangements when there are specific agreements about who will bear various transaction taxes
4. Due Diligence Period: Include when the assignee requires time to conduct property investigations before finalizing the assignment
5. Financing Contingency: Include when the assignment is contingent on the assignee obtaining financing
6. Default and Remedies: Include detailed provisions for defaults when additional specificity beyond standard legal remedies is needed
7. Survival Clause: Include when certain representations and warranties need to survive the closing
1. Schedule A - Property Details: Detailed description of the property including lot number, technical description, and boundaries
2. Schedule B - Original Purchase Contract: Copy of the complete original purchase contract being assigned
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and schedule for the assignment
4. Schedule D - Outstanding Obligations: List of any remaining payments or obligations under the original purchase contract
5. Schedule E - Seller's Consent Document: Written consent from the original seller to the assignment (if obtained as a separate document)
6. Appendix 1 - Required Governmental Approvals: List of required permits, clearances, or governmental approvals for the assignment
7. Appendix 2 - Tax Certificates: Relevant tax clearances and certificates required for the transaction
Authors
Real Estate
Residential Property
Legal Services
Property Development
Construction
Banking and Finance
Insurance
Legal
Real Estate
Compliance
Property Management
Sales
Document Processing
Risk Management
Customer Relations
Contract Administration
Real Estate Lawyer
Property Manager
Real Estate Broker
Legal Counsel
Conveyancing Officer
Real Estate Agent
Property Developer
Contract Administrator
Legal Assistant
Compliance Officer
Title Officer
Real Estate Paralegal
Transaction Coordinator
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