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Addendum To Real Estate Purchase And Sale Agreement

Addendum To Real Estate Purchase And Sale Agreement Template for Philippines

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Key Requirements PROMPT example:

Addendum To Real Estate Purchase And Sale Agreement

"I need an Addendum to Real Estate Purchase and Sale Agreement to modify the payment schedule of our original agreement dated January 15, 2025, extending the closing date by 60 days and restructuring the payment terms to include three installments instead of the original lump sum payment."

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Document background
The Addendum To Real Estate Purchase And Sale Agreement is a crucial legal instrument used in Philippine real estate transactions when parties need to modify their original agreement without creating an entirely new contract. This document type is commonly required when circumstances change after the initial agreement is signed, such as adjustments to purchase price, payment terms, closing dates, or property specifications. Governed by Philippine law, particularly the Civil Code and real estate regulations, the addendum must be properly executed and notarized to be legally binding. It's essential in both residential and commercial real estate transactions, providing a formal and legally compliant way to document changes while preserving the original agreement's integrity. The document should clearly reference the original agreement and specify exactly which terms are being modified, added, or deleted.
Suggested Sections

1. Parties: Identifies all parties to the original agreement and addendum, including their complete legal names and addresses

2. Background: References the original Purchase and Sale Agreement including its date of execution, property details, and reason for the addendum

3. Definitions: Defines key terms used in the addendum and incorporates definitions from the original agreement

4. Reference to Original Agreement: Explicitly states that this document serves as an addendum to the original agreement and confirms all other terms remain in full force and effect

5. Modifications: Clearly states all changes, additions, or deletions to the original agreement, with specific reference to sections being modified

6. Consideration: States any additional consideration being provided for the modifications, if applicable

7. Effective Date: Specifies when the modifications take effect

8. Confirmation of Other Terms: Reaffirms that all other terms and conditions of the original agreement remain unchanged

9. Governing Law: Confirms Philippine law governs the addendum

10. Execution: Signature block for all parties and witnesses as required under Philippine law

Optional Sections

1. Additional Representations and Warranties: Include when new representations or warranties are needed specific to the modifications

2. Payment Terms Modification: Include when changes to payment structure, amounts, or schedules are involved

3. Property Description Update: Include when there are changes to the property description or included items

4. Closing Date Modification: Include when changing the closing date or related timelines

5. Conditions Precedent: Include when new conditions must be met before modifications take effect

6. Broker Provisions: Include when modifications affect broker relationships or commissions

7. Tax Provisions: Include when modifications have tax implications that need to be addressed

Suggested Schedules

1. Schedule A - Modified Payment Terms: Details of any revised payment schedules or terms

2. Schedule B - Updated Property Description: Any changes to property specifications or included items

3. Schedule C - Modified Closing Requirements: Updated list of closing requirements or documents

4. Appendix 1 - Supporting Documents: Any new certificates, permits, or supporting documentation required for the modifications

5. Appendix 2 - Consent Forms: Any required third-party consents related to the modifications

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Commercial Real Estate

Residential Real Estate

Real Estate Investment

Urban Development

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Operations

Contract Administration

Corporate Secretariat

Risk Management

Business Development

Document Control

Relevant Roles

Real Estate Lawyer

Property Developer

Real Estate Broker

Real Estate Agent

Legal Counsel

Property Manager

Compliance Officer

Real Estate Director

Contract Administrator

Transaction Manager

Real Estate Operations Manager

Legal Document Specialist

Corporate Secretary

Real Estate Investment Manager

Property Acquisition Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the fundamental legal framework for contracts, property rights, and obligations in the Philippines, including provisions on contract modifications and amendments
Maceda Law (Republic Act No. 6552): Provides protection to buyers in installment sales of real estate, including provisions for grace periods and refunds that might need to be addressed in the addendum
Property Registration Decree (Presidential Decree No. 1529): Governs the registration of real estate transactions and amendments, including requirements for proper documentation and recording of changes to property agreements
Real Estate Service Act of 2009 (Republic Act No. 9646): Regulates real estate practice in the Philippines and may affect how changes to real estate agreements are handled and who can facilitate them
Local Government Code (Republic Act No. 7160): Contains provisions regarding local government requirements for real estate transactions, including potential permits and clearances needed for modified agreements
National Internal Revenue Code: Covers tax implications and requirements for real estate transactions, which might need to be addressed in the addendum if the modifications affect the tax treatment of the transaction
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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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