As Is Offer To Purchase (Real Estate) for Philippines

As Is Offer To Purchase (Real Estate) Template for Philippines

This document is a legally binding offer to purchase real estate property in the Philippines, specifically structured as an "as is" transaction. It operates under Philippine property law and follows the requirements of the Civil Code of the Philippines and related real estate regulations. The document outlines the buyer's formal offer to purchase property in its current condition, without warranties or representations regarding the property's condition beyond basic title warranties. It includes essential elements such as property description, purchase price, payment terms, and acknowledgment of the property's current state, while incorporating specific Philippine legal requirements for property transfers and documentation.

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What is a As Is Offer To Purchase (Real Estate)?

An As Is Offer To Purchase (Real Estate) is a crucial document used in Philippine real estate transactions where the buyer agrees to purchase property in its existing condition, without requiring the seller to make repairs or improvements. This document is particularly relevant in situations involving distressed properties, quick sales, or when sellers wish to limit their post-sale liability. It must comply with Philippine property law, including the Civil Code and Property Registration Decree, and typically includes detailed property descriptions, purchase terms, and explicit acknowledgments of the property's condition. The document serves as the initial step in the transaction process, leading to a formal Deed of Absolute Sale upon acceptance and completion of terms.

What sections should be included in a As Is Offer To Purchase (Real Estate)?

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

2. Background: Brief context of the transaction and property being offered for purchase

3. Definitions: Key terms used throughout the document, including 'Property', 'Purchase Price', 'Closing Date', etc.

4. Property Description: Detailed description of the real estate property including lot number, location, boundaries, and title details

5. Purchase Price: Statement of the total purchase price and payment terms

6. As Is Condition: Clear statement that the property is being sold 'as is' with buyer's acknowledgment of current condition

7. Due Diligence: Buyer's right to inspect and investigate the property condition

8. Payment Terms: Details of payment schedule, deposit requirements, and payment methods

9. Closing Requirements: Documents and actions required from both parties to complete the transaction

10. Representations and Warranties: Limited representations due to 'as is' nature, but including seller's ownership rights and authority to sell

11. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

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

13. Governing Law: Specification of Philippine law as governing law and jurisdiction

14. Execution: Signature blocks and notarization requirements

What sections are optional to include in a As Is Offer To Purchase (Real Estate)?

1. Financing Contingency: Include when buyer's purchase is contingent on obtaining financing

2. Title Insurance: Include when title insurance will be obtained (less common in Philippines but may be requested)

3. Broker Representation: Include when real estate brokers are involved in the transaction

4. Property Management: Include when property is currently tenant-occupied or under property management

5. Zoning Compliance: Include when property use or development plans require specific zoning considerations

6. Environmental Matters: Include when property has known environmental issues or concerns

7. Homeowners Association: Include when property is part of a homeowners association or condominium corporation

8. Foreign Ownership: Include when buyer is foreign national, addressing restrictions under Philippine law

What schedules should be included in a As Is Offer To Purchase (Real Estate)?

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

2. Title Documents: Copy of current title and relevant certificates from the Registry of Deeds

3. Payment Schedule: Detailed breakdown of payment terms and dates if involving installments

4. Property Inspection Report: If completed, results of property inspection acknowledging current condition

5. Tax Clearance Certificates: Current real property tax clearances and tax declarations

6. Permits and Licenses: Copies of relevant permits, licenses, and certificates affecting the property

7. Property Photographs: Current photographs documenting the as-is condition of the property

8. Deed of Absolute Sale Template: Draft of the deed to be executed upon completion of payment

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

Cost

Free to use

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