The Agreement For Sale Of Immovable Property is a fundamental legal instrument in Philippine real estate transactions, essential for documenting property sales in compliance with the Civil Code of the Philippines and related property laws. This document is required whenever there is a transfer of ownership of real property, whether it's residential, commercial, or agricultural land. It must include specific elements mandated by Philippine law, such as proper party identification, property description, price and payment terms, and necessary warranties. The agreement serves multiple purposes: it evidences the parties' consent, establishes their rights and obligations, facilitates property registration, and ensures compliance with tax requirements. It must be notarized to be enforceable and requires registration with appropriate government authorities. The document's format and content are influenced by both civil law requirements and customary practice in Philippine real estate transactions.
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Key Requirements PROMPT example:
Agreement For Sale Of Immovable Property
"I need an Agreement for Sale of Immovable Property for a residential house and lot in Manila, with mortgage financing provisions and a closing date of March 15, 2025; the sale includes existing furniture and appliances."
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal capacity to enter into the contract
2. Background: Outlines the context of the sale and basic information about the property being sold
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, boundaries, title details, and improvements
5. Purchase Price: Specifies the agreed purchase price and payment terms
6. Payment Terms: Details the schedule of payments, including deposits, installments, and final payment
7. Conditions Precedent: Conditions that must be fulfilled before the sale becomes final
8. Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition
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 regarding the physical handover of the property
12. Default and Remedies: Consequences and remedies for breach of contract
13. Governing Law: Confirms Philippine law as governing law and jurisdiction
14. Execution: Signature blocks and notarization requirements
1. Broker Involvement: Required when a licensed real estate broker is involved in the transaction
2. Mortgage Provisions: Included when the purchase is subject to mortgage financing
3. Tenant Rights: Required when the property is currently leased to tenants
4. Environmental Provisions: Necessary for properties in environmentally sensitive areas or with specific environmental concerns
5. Subdivision Restrictions: Required for properties within subdivisions or planned developments
6. Construction Warranties: Included for newly constructed properties
7. Condominium Provisions: Required for condominium units, including association rules and common areas
8. Agricultural Land Provisions: Required when the property is agricultural land subject to CARP
1. Property Details Schedule: Technical description of the property, including lot plan, boundaries, and technical specifications
2. Payment Schedule: Detailed breakdown of payment terms and due dates
3. Title Documents: Copies of land title and other ownership documents
4. Tax Certificates: Current real property tax certificates and tax clearances
5. Property Survey: Recent survey plan and technical description
6. List of Improvements: Detailed inventory of improvements on the property
7. Permits and Certificates: Relevant government permits and certificates
8. Photos and Plans: Recent photographs of the property and architectural/construction plans if applicable
Authors
Relevant legal definitions
Agreement
Property
Purchase Price
Completion Date
Closing Date
Deed of Absolute Sale
Down Payment
Earnest Money
Encumbrances
Transfer Certificate of Title
Tax Declaration
Business Day
Improvements
Certificate of Title
Real Estate Tax
Documentary Stamps
Capital Gains Tax
Transfer Tax
Registration Fees
Notarial Fees
Force Majeure
Closing Documents
Due Diligence Period
Effective Date
Execution Date
Material Adverse Change
Permitted Encumbrances
Registry of Deeds
Real Estate Broker
Title Defects
Zoning Laws
Local Government Unit
Property Description
Common Areas
Warranties
Possession Date
Default Event
Governing Law
Property
Purchase Price
Completion Date
Closing Date
Deed of Absolute Sale
Down Payment
Earnest Money
Encumbrances
Transfer Certificate of Title
Tax Declaration
Business Day
Improvements
Certificate of Title
Real Estate Tax
Documentary Stamps
Capital Gains Tax
Transfer Tax
Registration Fees
Notarial Fees
Force Majeure
Closing Documents
Due Diligence Period
Effective Date
Execution Date
Material Adverse Change
Permitted Encumbrances
Registry of Deeds
Real Estate Broker
Title Defects
Zoning Laws
Local Government Unit
Property Description
Common Areas
Warranties
Possession Date
Default Event
Governing Law
Clauses
Identification of Parties
Recitals
Definitions
Property Description
Purchase Price
Payment Terms
Title and Ownership
Representations and Warranties
Due Diligence
Conditions Precedent
Transfer of Title
Possession
Taxes and Expenses
Registration and Recording
Risk and Insurance
Default and Remedies
Force Majeure
Assignment
Notices
Amendments
Severability
Entire Agreement
Governing Law
Dispute Resolution
Further Assurance
Compliance with Laws
Property Inspection
Environmental Compliance
Broker Representation
Good Faith Deposit
Indemnification
Survival
Time of Essence
Counterparts
Recitals
Definitions
Property Description
Purchase Price
Payment Terms
Title and Ownership
Representations and Warranties
Due Diligence
Conditions Precedent
Transfer of Title
Possession
Taxes and Expenses
Registration and Recording
Risk and Insurance
Default and Remedies
Force Majeure
Assignment
Notices
Amendments
Severability
Entire Agreement
Governing Law
Dispute Resolution
Further Assurance
Compliance with Laws
Property Inspection
Environmental Compliance
Broker Representation
Good Faith Deposit
Indemnification
Survival
Time of Essence
Counterparts
Relevant Industries
Real Estate
Construction
Banking and Finance
Legal Services
Property Development
Agriculture (for agricultural land)
Retail
Hospitality
Industrial
Commercial Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Business Development
Corporate Affairs
Risk Management
Finance
Operations
Acquisitions
Investment
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Real Estate Developer
Property Assessor
Title Examiner
Real Estate Agent
Contract Administrator
Business Development Manager
Land Registration Officer
Corporate Lawyer
Real Estate Investment Manager
Property Acquisition Manager
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