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Agreement To Sale And Agreement For Sale

Agreement To Sale And Agreement For Sale Template for Philippines

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Key Requirements PROMPT example:

Agreement To Sale And Agreement For Sale

"I need an Agreement To Sale And Agreement For Sale under Philippine law for a commercial warehouse property valued at ₱25 million, with a 20% down payment and the balance to be paid in quarterly installments throughout 2025, including provisions for tenant transition as the property is currently leased."

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Document background
The Agreement To Sale And Agreement For Sale is a specialized legal document used in Philippine property transactions where the immediate transfer of property is not feasible or desired. This document type is particularly useful in situations involving installment payments, properties under development, or transactions requiring the fulfillment of specific conditions before final sale. The agreement is structured to comply with Philippine Civil Code requirements and typically includes comprehensive details about the property, payment terms, conditions precedent, and the process for converting the promise to sell into a final sale. It provides security for both parties by legally binding them to the transaction while establishing clear conditions and timelines for the completion of the sale. This document type is commonly used in both commercial and residential property transactions and must be executed in accordance with Philippine property and contract laws.
Suggested Sections

1. Parties: Identifies and provides full details of the seller and buyer, including their legal capacity to enter into the agreement

2. Background: Sets out the context of the transaction, including brief description of the property and parties' intentions

3. Definitions: Defines key terms used throughout the agreement

4. Agreement to Sell: Details the seller's promise to sell and the buyer's promise to buy under specified conditions

5. Property Description: Comprehensive description of the property being sold, including all relevant legal identifiers

6. Purchase Price: States the agreed purchase price and payment structure

7. Payment Terms: Details the schedule of payments, including earnest money, down payment, and balance payment arrangements

8. Conditions Precedent: Lists conditions that must be met before proceeding to final sale

9. Agreement for Sale: Terms that will govern the actual sale transaction once conditions are met

10. Representations and Warranties: Statements of fact and promises made by both parties

11. Rights and Obligations: Detailed responsibilities of each party during both agreement periods

12. Default and Remedies: Consequences of breach and available remedies

13. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Broker Provisions: Include when a real estate broker is involved in the transaction

2. Mortgage Provisions: Include when the purchase involves bank financing or mortgage arrangements

3. Construction Provisions: Include for properties under construction or requiring specific improvements

4. Tenant Provisions: Include when the property is currently leased or has existing tenants

5. Foreign Ownership Provisions: Include when either party is a foreign national, addressing relevant restrictions

6. Force Majeure: Optional but recommended section detailing handling of unforeseen circumstances

7. Dispute Resolution: Optional detailed procedures for handling disputes, including mediation or arbitration provisions

Suggested Schedules

1. Property Details Schedule: Detailed technical description of the property, including boundaries, technical specifications, and certificates

2. Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates

3. Title Documents: List and copies of relevant title documents and certificates

4. Property Inspection Report: Results of property inspection and list of any identified issues

5. Permits and Certificates: Copies of relevant permits, certificates, and governmental approvals

6. Property Plans: Floor plans, site development plans, and other relevant technical drawings

7. Inventory List: If applicable, list of fixtures, fittings, and other items included in the sale

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 legal definitions
Agreement
Agreement Date
Agreement to Sale
Agreement for Sale
Applicable Laws
Approved Purpose
Business Day
Buyer
Closing
Closing Date
Completion
Conditions Precedent
Confidential Information
Consideration
Deposit
Down Payment
Earnest Money
Effective Date
Encumbrances
Event of Default
Force Majeure
Governing Law
Improvements
Installment Payments
Land
Licenses
Material Adverse Effect
Notarial Date
Notice
Parties
Payment Schedule
Permits
Property
Property Documents
Purchase Price
Registration
Related Parties
Seller
Signing Date
Tax
Term
Title
Transaction
Transfer Date
Transfer Documents
Warranties
Clauses
Recitals
Definitions
Sale and Purchase
Property Description
Purchase Price
Payment Terms
Conditions Precedent
Completion
Title and Transfer
Representations and Warranties
Due Diligence
Property Inspection
Seller Covenants
Buyer Covenants
Risk and Insurance
Deposit
Default
Termination
Force Majeure
Assignment
Confidentiality
Notices
Costs and Taxes
Broker Provisions
Registration
Amendment
Severability
Entire Agreement
Further Assurance
Governing Law
Dispute Resolution
Warranties
Indemnification
Survival
Counterparts
Relevant Industries

Real Estate

Property Development

Construction

Banking & Finance

Retail

Hospitality

Manufacturing

Healthcare

Education

Agriculture

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Finance

Procurement

Business Development

Risk Management

Corporate Affairs

Operations

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Contract Manager

Business Development Manager

Property Manager

Facilities Manager

Real Estate Broker

Compliance Officer

Risk Manager

Corporate Lawyer

Chief Legal Officer

Chief Financial Officer

Procurement Manager

Asset Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): The fundamental law governing contracts, obligations, and sales in the Philippines. Particularly relevant are Book IV on Obligations and Contracts, and Title VI on Sales.
Consumer Act of the Philippines (Republic Act No. 7394): Provides protection for consumers and regulates sales transactions, including provisions on warranties and unfair trade practices.
Property Registration Decree (Presidential Decree No. 1529): Governs the registration of real property and transactions affecting registered lands in the Philippines.
National Internal Revenue Code (Republic Act No. 8424): Contains provisions on tax obligations related to sale transactions, including capital gains tax and documentary stamp tax.
Electronic Commerce Act (Republic Act No. 8792): Relevant if any part of the agreement is to be executed electronically, as it provides legal recognition of electronic documents and signatures.
Local Government Code (Republic Act No. 7160): Contains provisions on local taxes and requirements for property transactions within specific local government units.
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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