The Realtor Offer To Purchase Form is a crucial document in Philippine real estate transactions, used when a prospective buyer wishes to formalize their intention to purchase a property. This document is designed to comply with Philippine real estate laws, including the Real Estate Service Act (RESA) and the Civil Code of the Philippines. It is typically prepared by licensed real estate professionals and includes detailed information about the property, proposed purchase price, payment terms, conditions of sale, and various contingencies. The form serves as the foundation for the eventual sale transaction and, when accepted, becomes a legally binding agreement. It incorporates necessary protections for both buyers and sellers, including provisions for earnest money deposits, due diligence periods, and closing requirements. The document is particularly important in the Philippine context as it must address specific local requirements such as tax declarations, title transfer procedures, and compliance with local property laws.
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Key Requirements PROMPT example:
Realtor Offer To Purchase Form
"I need a Realtor Offer To Purchase Form for a commercial property acquisition in Manila, Philippines, with a planned closing date of March 15, 2025, including specific provisions for existing tenant agreements and renovation contingencies."
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1. Parties: Identification of the Buyer(s) and Seller(s) with complete legal names and addresses
2. Background: Brief context of the transaction and purpose of the offer
3. Definitions: Key terms used throughout the document
4. Property Description: Detailed legal description of the property including lot number, block number, certificate of title number, and street address
5. Purchase Price: The total purchase price and payment terms including earnest money deposit amount
6. Payment Terms: Detailed breakdown of payment structure, including deposit, balance, and payment schedule
7. Due Diligence Period: Timeframe and conditions for buyer's property inspection and document review
8. Closing Terms: Conditions and timeline for closing the transaction
9. Seller's Representations and Warranties: Seller's declarations regarding property ownership, liens, and condition
10. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and intent
11. Default and Remedies: Consequences and available remedies in case of default by either party
12. Execution: Signature blocks for all parties and witnesses
1. Broker's Commission: Details of real estate broker's commission when applicable
2. Contingencies: Additional conditions such as mortgage financing or sale of buyer's existing property
3. Property Inclusions/Exclusions: Specific items included or excluded from the sale
4. Special Conditions: Any unique terms or conditions specific to this transaction
5. Homeowners Association: Details of HOA membership and fees if property is in a managed community
6. Tenant Rights: If property is currently leased, details of existing tenancy
7. Construction Completion: For properties under construction, specific completion requirements and warranties
1. Schedule A - Property Details: Comprehensive property description including lot plan, technical description, and boundaries
2. Schedule B - Payment Schedule: Detailed payment terms including amounts and due dates
3. Schedule C - Property Inspection Report: Results of property inspection if already conducted
4. Schedule D - List of Included Items: Detailed inventory of fixtures and fittings included in the sale
5. Appendix 1 - Property Title Documents: Copies of relevant property ownership documents
6. Appendix 2 - Tax Declarations: Current real property tax declarations and receipts
7. Appendix 3 - Property Photos: Recent photographs of the property
8. Appendix 4 - Required Disclosures: Mandatory disclosures required by Philippine real estate laws
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