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Property Buy Sell Agreement Template for Philippines

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Key Requirements PROMPT example:

Property Buy Sell Agreement

"I need a Property Buy Sell Agreement for a residential house and lot sale in Manila, Philippines, with a purchase price of 5 million pesos to be paid in three installments, with the final closing date set for March 15, 2025."

Document background
The Property Buy Sell Agreement is a crucial legal document used in Philippine real estate transactions to formalize and document the transfer of property ownership. This agreement is essential when any real property is being sold or purchased in the Philippines, whether between individuals, corporate entities, or a combination thereof. The document must comply with various Philippine laws, including the Civil Code, Property Registration Decree (PD 1529), and relevant tax regulations. It typically includes detailed property descriptions, purchase price, payment terms, warranties, and obligations of both parties. The agreement serves as the primary reference document for the transaction and is required for property registration with the Register of Deeds. Its proper execution is crucial for protecting both parties' interests and ensuring a legally valid property transfer.
Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, citizenship, and addresses as required by Philippine law

2. Background: Context of the sale, including brief property history and purpose of the transaction

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

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

5. Purchase Price: Agreed purchase price, payment terms, and schedule of payments

6. Mode of Payment: Specified method of payment, including bank details if applicable

7. Conditions Precedent: Conditions that must be met before the sale becomes final, including title verification and property inspection

8. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts

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

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

11. Possession: Terms and timing of transferring physical possession of the property

12. Default and Remedies: Consequences of breach and available remedies for both parties

13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictions

14. Execution: Signature blocks and notarization requirements

Optional Sections

1. Broker Involvement: Terms regarding real estate broker involvement and commission structure, used when a licensed broker facilitates the transaction

2. Mortgage Provisions: Terms relating to existing mortgages or new financing arrangements, included when the property has existing liens or buyer requires financing

3. Tenant Provisions: Terms regarding existing tenants and lease agreements, included when the property is currently leased

4. Construction Warranties: Specific warranties for newly constructed properties, included for new developments or recent constructions

5. Homeowners Association: Terms relating to homeowners association membership and fees, included for properties within managed communities

6. Foreign Ownership Provisions: Special provisions required when the buyer is a foreign national, addressing ownership limitations under Philippine law

7. Condominium Provisions: Special terms applicable to condominium units, including common areas and association rules

8. Environmental Provisions: Additional terms regarding environmental conditions or requirements, included for industrial or commercial properties

Suggested Schedules

1. Property Documents: Copy of title, tax declarations, and property survey

2. Payment Schedule: Detailed breakdown of payment terms and installment schedule if applicable

3. Property Inspection Report: Results of property inspection and list of included fixtures and fittings

4. Tax Certificates: Current real property tax certificates and clearances

5. Photos and Plans: Property photographs, floor plans, and location maps

6. Permits and Licenses: Copies of relevant building permits, occupancy permits, and other licenses

7. Due Diligence Results: Summary of title search results and other due diligence findings

8. Power of Attorney: If applicable, power of attorney documents authorizing representatives to act on behalf of either party

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions







































Clauses






























Relevant Industries

Real Estate

Banking and Finance

Legal Services

Construction and Development

Property Management

Insurance

Hospitality

Retail

Industrial and Manufacturing

Agriculture

Education

Healthcare

Relevant Teams

Legal

Real Estate

Compliance

Finance

Risk Management

Operations

Business Development

Property Management

Asset Management

Acquisitions

Investment

Corporate Affairs

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Manager

Real Estate Broker

Corporate Lawyer

Compliance Officer

Real Estate Developer

Property Acquisition Manager

Chief Legal Officer

Real Estate Investment Manager

Title Officer

Property Valuation Specialist

Conveyancing Lawyer

Real Estate Operations Manager

Business Development Manager

Chief Financial Officer

Risk Management Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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