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Offer Agreement (Real Estate)
"I need a Real Estate Offer Agreement for the purchase of a commercial property in Makati City, Philippines, with a purchase price of 25 million pesos, including provisions for a 60-day due diligence period and financing contingency, with closing planned for March 2025."
1. Parties: Identification of the potential buyer (offeror) and seller (property owner), including complete legal names, addresses, and contact information
2. Background: Brief context of the transaction, including the seller's ownership of the property and buyer's interest in purchasing
3. Definitions: Key terms used throughout the agreement, including technical or legal terms specific to Philippine real estate law
4. Property Description: Detailed description of the real estate property, including exact location, boundaries, and title details as registered with the Register of Deeds
5. Purchase Price: The offered purchase price, currency, and payment terms
6. Earnest Money: Amount, payment terms, and conditions for the earnest money deposit
7. Due Diligence Period: Timeframe and terms for the buyer's property investigation and document review
8. Closing Terms: Proposed closing date, location, and requirements for closing the transaction
9. Representations and Warranties: Basic statements of fact from both parties regarding their capacity to enter into the transaction
10. Conditions Precedent: Requirements that must be met before the transaction can proceed to closing
11. Offer Expiration: Duration for which the offer remains valid and mechanism for acceptance
12. Governing Law: Specification that Philippine law governs the agreement
13. Execution: Signature blocks and execution requirements
1. Financing Contingency: Terms related to the buyer's need to secure financing, included when purchase depends on obtaining a mortgage
2. Property Inspection Contingency: Detailed terms for property inspection rights and remedies, used when buyer requires specific inspection rights
3. Title Insurance: Requirements for title insurance, included when buyer requires title insurance coverage
4. Broker Representation: Details of real estate brokers involved and commission arrangements, included when brokers are part of the transaction
5. Property Maintenance: Requirements for property maintenance between offer acceptance and closing, included for properties requiring specific maintenance terms
6. Existing Tenancies: Details about current tenants and lease agreements, included when property is subject to existing leases
7. Foreign Ownership Compliance: Special provisions regarding foreign ownership restrictions, included when buyer is non-Filipino
8. Condominium/HOA Provisions: Special terms related to condominium or homeowners association requirements, included for properties within such developments
1. Schedule A - Property Details: Comprehensive property description, including lot plan, technical description, and title details
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, including installment amounts and due dates if applicable
3. Schedule C - Due Diligence Requirements: List of documents and investigations required during the due diligence period
4. Schedule D - Permitted Encumbrances: List of accepted liens, encumbrances, or restrictions on the property
5. Appendix 1 - Property Photos: Recent photographs of the property and its major features
6. Appendix 2 - Required Documents: List of documents required from both parties for closing
7. Appendix 3 - Property Tax Certificates: Current tax declarations and certificates showing paid property taxes
8. Appendix 4 - Title Documents: Copy of the current title and any relevant title annotations
Authors
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Investment Management
Property Management
Tourism and Hospitality
Retail
Commercial Property
Residential Property
Industrial Property
Legal
Real Estate
Compliance
Property Management
Asset Management
Investment
Due Diligence
Risk Management
Operations
Finance
Business Development
Acquisitions
Real Estate Broker
Property Lawyer
Legal Counsel
Property Manager
Real Estate Agent
Investment Manager
Asset Manager
Property Developer
Real Estate Analyst
Compliance Officer
Due Diligence Officer
Transaction Manager
Real Estate Portfolio Manager
Property Acquisition Manager
Real Estate Investment Director
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