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Agreement Of Purchase And Sale Condominium Resale

Agreement Of Purchase And Sale Condominium Resale Template for Philippines

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Key Requirements PROMPT example:

Agreement Of Purchase And Sale Condominium Resale

"I need an Agreement Of Purchase And Sale Condominium Resale for a cash purchase of a 2-bedroom unit in Manila, with closing scheduled for March 15, 2025, including provisions for a quick 30-day closing period and transfer of existing tenant agreements."

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Document background
The Agreement Of Purchase And Sale Condominium Resale is a vital legal instrument used in the Philippine real estate market for transacting pre-owned condominium units. This document is essential when transferring ownership of an existing condominium unit from a current owner to a new buyer, ensuring compliance with the Philippine Condominium Act (RA 4726), Civil Code, and other relevant property laws. The agreement comprehensively covers all aspects of the transaction, including property description, purchase price, payment terms, warranties, and closing conditions. It specifically addresses unique aspects of condominium ownership such as shared facilities, association memberships, and building regulations. The document is designed to protect both parties' interests while ensuring smooth property transfer in accordance with Philippine legal requirements and real estate practices.
Suggested Sections

1. Parties: Identification of the Seller and Purchaser with complete legal names and addresses

2. Background: Context of the transaction and brief description of the property being sold

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

4. Property Description: Detailed description of the condominium unit, including unit number, floor area, and location within the building

5. Purchase Price: Total purchase price and breakdown of payment components

6. Payment Terms: Schedule of payments, deposit requirements, and balance payment arrangements

7. Condominium Dues and Assessments: Details of current and prorated condominium fees, special assessments, and utility charges

8. Title and Documentation: Requirements for clear title transfer and necessary documentation

9. Representations and Warranties: Declarations by both parties regarding their capacity to enter into the agreement and the condition of the property

10. Closing Conditions: Requirements to be met before closing, including documentation and payments

11. Closing Costs and Adjustments: Allocation of closing costs, taxes, and fee responsibilities between parties

12. Risk and Insurance: Transfer of risk and insurance requirements

13. Default and Remedies: Consequences of default by either party and available remedies

14. Notices: How formal communications between parties should be made

15. Governing Law: Specification that Philippine law governs the agreement

16. Execution: Signature blocks and execution requirements

Optional Sections

1. Parking Space: Details of any parking space included in the sale, to be included if parking is part of the transaction

2. Financing Conditions: Terms related to buyer's financing arrangements, included if purchase is subject to mortgage approval

3. Furniture and Fixtures: List of any furniture or fixtures included in the sale, if applicable

4. Special Assessments: Details of any pending or approved special assessments, if applicable

5. Property Management Transition: Specific arrangements for transition of property management responsibilities, if relevant

6. Renovation Conditions: Any pre-approved renovation plans or restrictions, if applicable

7. Storage Units: Details of any storage units included in the sale, if applicable

8. Building Rules and Regulations: Reference to specific building rules that may affect the sale or use of the unit

9. Broker Provisions: Terms related to real estate broker involvement, if applicable

Suggested Schedules

1. Schedule A - Property Details: Detailed technical description of the unit, including floor plan and measurements

2. Schedule B - Inventory List: Detailed list of fixtures, furniture, and equipment included in the sale

3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and due dates

4. Schedule D - Condominium Certificate of Title: Copy of the current title and technical description

5. Schedule E - Current Assessments: Current statement of condominium dues and assessments

6. Schedule F - Property Inspection Report: Results of property inspection and condition assessment

7. Schedule G - Building Rules and Regulations: Copy of current condominium corporation rules and regulations

8. Appendix 1 - Required Governmental Clearances: List and copies of required government permits and clearances

9. Appendix 2 - Tax Declarations: Current tax declarations and receipts

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
Clauses
Property Description
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Due Diligence
Conditions Precedent
Closing Conditions
Risk and Insurance
Default and Remedies
Assignment
Notices
Governing Law
Dispute Resolution
Force Majeure
Entire Agreement
Severability
Amendment
Survival
Condominium Association
Common Areas
Maintenance Obligations
Property Inspection
Tax Provisions
Registration and Transfer
Broker Provisions
Termination
Indemnification
Compliance with Laws
Further Assurances
Relevant Industries

Real Estate

Financial Services

Legal Services

Property Management

Insurance

Construction

Urban Development

Banking

Professional Services

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Contract Administration

Risk Management

Documentation

Client Relations

Transaction Processing

Relevant Roles

Real Estate Broker

Property Manager

Real Estate Attorney

Legal Counsel

Property Appraiser

Mortgage Officer

Title Officer

Real Estate Agent

Compliance Officer

Property Developer

Real Estate Investment Manager

Contract Administrator

Property Sales Manager

Real Estate Paralegal

Transaction Coordinator

Industries
Republic Act No. 4726 (Condominium Act): The primary law governing condominium ownership and transactions in the Philippines, defining rights and obligations of unit owners, common areas, and management
Republic Act No. 386 (Civil Code of the Philippines): Provides the fundamental legal framework for contracts, property ownership, and obligations between parties in property transactions
Republic Act No. 6552 (Maceda Law): Provides protection to buyers in installment purchases of real estate, including condominium units, specifying rights for cancellation and refunds
Republic Act No. 9646 (Real Estate Service Act): Regulates real estate service practitioners and provides standards for real estate transactions
National Internal Revenue Code: Governs the taxation aspects of property transfers, including capital gains tax, documentary stamp tax, and other applicable taxes
Republic Act No. 9160 (Anti-Money Laundering Act): Requires due diligence in large property transactions to prevent money laundering through real estate
Republic Act No. 7279 (Urban Development and Housing Act): Provides guidelines for urban land use and property development, which may affect condominium projects
Republic Act No. 7394 (Consumer Act of the Philippines): Protects buyers' rights and interests in property transactions, including disclosure requirements and unfair practices
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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