The As Is Property Sale Agreement is a crucial legal document used in the Philippines when transferring real estate ownership without standard warranties regarding property condition. This type of agreement is particularly suitable when selling properties that may need renovation, have known defects, or where the seller wishes to limit their post-sale liability. The document complies with Philippine Civil Code requirements while clearly establishing that the buyer accepts the property in its current state, having conducted their own due diligence. It's commonly used in distressed property sales, auction purchases, or situations where the seller has limited knowledge of the property's condition. The agreement includes comprehensive property documentation, buyer acknowledgments, and specific provisions required under Philippine real estate law, making it essential for protecting both parties' interests in such transactions.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the sale and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement including 'As Is' condition, Property, Closing Date, and Purchase Price
4. Sale and Purchase: Core agreement to sell and purchase the property in its current condition
5. Purchase Price: Agreed purchase price and payment terms
6. As Is Condition: Explicit statement that property is sold 'as is' with buyer's acknowledgment of current condition
7. Seller's Representations: Limited representations regarding ownership and authority to sell
8. Buyer's Acknowledgments: Buyer's confirmation of property inspection and acceptance of current condition
9. Closing: Closing date, requirements, and procedures
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other costs
11. Risk and Insurance: Transfer of risk and insurance responsibilities
12. Default and Remedies: Consequences of default by either party
13. Notices: How formal communications between parties should be made
14. Governing Law: Specification of Philippine law as governing law
15. Entire Agreement: Standard boilerplate confirming this is the complete agreement between parties
1. Broker Representation: Include if real estate brokers are involved in the transaction
2. Financing Contingency: Include if purchase is contingent on buyer obtaining financing
3. Title Insurance: Include if title insurance is being obtained (uncommon in Philippines but may be required by foreign buyers)
4. Survival: Include if any representations or warranties are to survive closing
5. Foreign Investment Provisions: Include if buyer is a foreign national, addressing ownership restrictions
6. Vacant Possession: Include if property is currently occupied and timing of vacancy needs to be addressed
7. Zoning Acknowledgment: Include if property has specific zoning restrictions buyer should acknowledge
1. Property Description: Detailed legal description of the property including lot number, boundaries, and title details
2. Property Condition Report: Detailed documentation of property's current condition with photos
3. Title Documents: Copy of current title and any relevant certificates
4. Permitted Encumbrances: List of existing liens, easements, or encumbrances that will remain after sale
5. Inventory of Included Items: List of any fixtures or personal property included in sale
6. Tax Certificates: Current real property tax certificates and clearances
7. Due Diligence Documents: Copies of relevant permits, certificates, and technical documents
Relevant legal definitions
Agreement
As Is Condition
Business Day
Buyer
Closing
Closing Date
Deed of Absolute Sale
Defects
Effective Date
Encumbrances
Existing Condition
Force Majeure
Governmental Authority
Improvements
Inspection Period
Land
Laws
Material Adverse Change
Notices
Parties
Permitted Encumbrances
Property
Property Documents
Purchase Price
Real Estate Taxes
Registration Fees
Seller
Title
Transfer Taxes
Transfer Certificate of Title
Tax Declaration
Due Diligence
Inspection Report
Barangay Clearance
Local Government Unit
Property Assessment
Registry of Deeds
Zoning Classification
Bureau of Internal Revenue
Documentary Stamps
Capital Gains Tax
Value Added Tax
Certificate of No Improvement
Real Estate Broker
Earnest Money
Notarial Fees
As Is Condition
Business Day
Buyer
Closing
Closing Date
Deed of Absolute Sale
Defects
Effective Date
Encumbrances
Existing Condition
Force Majeure
Governmental Authority
Improvements
Inspection Period
Land
Laws
Material Adverse Change
Notices
Parties
Permitted Encumbrances
Property
Property Documents
Purchase Price
Real Estate Taxes
Registration Fees
Seller
Title
Transfer Taxes
Transfer Certificate of Title
Tax Declaration
Due Diligence
Inspection Report
Barangay Clearance
Local Government Unit
Property Assessment
Registry of Deeds
Zoning Classification
Bureau of Internal Revenue
Documentary Stamps
Capital Gains Tax
Value Added Tax
Certificate of No Improvement
Real Estate Broker
Earnest Money
Notarial Fees
Clauses
Property Identification
Sale and Purchase
As Is Condition
Purchase Price
Payment Terms
Property Inspection
Title and Ownership
Representations and Warranties
Buyer Acknowledgments
Due Diligence
Closing Conditions
Transfer of Possession
Tax Obligations
Registration Requirements
Risk Transfer
Insurance
Default and Remedies
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Entire Agreement
Severability
Amendment
Waiver
Costs and Expenses
Broker Representation
Property Access
Environmental Matters
Zoning Compliance
Local Government Requirements
Documentary Requirements
Recording and Registration
Survival
Further Assurances
Sale and Purchase
As Is Condition
Purchase Price
Payment Terms
Property Inspection
Title and Ownership
Representations and Warranties
Buyer Acknowledgments
Due Diligence
Closing Conditions
Transfer of Possession
Tax Obligations
Registration Requirements
Risk Transfer
Insurance
Default and Remedies
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Entire Agreement
Severability
Amendment
Waiver
Costs and Expenses
Broker Representation
Property Access
Environmental Matters
Zoning Compliance
Local Government Requirements
Documentary Requirements
Recording and Registration
Survival
Further Assurances
Relevant Industries
Real Estate
Construction
Property Development
Banking and Finance
Investment Management
Property Management
Legal Services
Urban Development
Residential Property
Commercial Property
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Property Management
Operations
Facilities
Contract Administration
Asset Management
Investment
Due Diligence
Documentation
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Real Estate Agent
Legal Counsel
Compliance Officer
Property Assessor
Real Estate Director
Investment Manager
Asset Manager
Real Estate Development Manager
Risk Manager
Contract Administrator
Title Officer
Property Acquisition Manager
Real Estate Operations Manager
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