The As Is Purchase Agreement is a specialized contract used in the Philippines when parties wish to complete a sale transaction where the buyer explicitly accepts the subject matter of the sale in its current condition, without warranties regarding its state or functionality. This document is particularly useful for transactions involving used equipment, secondary market sales, distressed assets, or properties requiring renovation. The agreement must comply with Philippine Civil Code requirements while incorporating specific provisions that clearly document the buyer's acceptance of the item's current condition and waiver of future claims related to its state. It's commonly used in both commercial and private transactions where the seller wants to limit their liability regarding the condition of the sold item, while still maintaining compliance with mandatory provisions of Philippine consumer protection laws.
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1. Parties: Identifies and provides complete details of the seller and buyer, including their legal capacity to enter into the agreement
2. Background: Establishes the context of the sale and the parties' intention to enter into an 'as is' transaction
3. Definitions: Defines key terms used throughout the agreement, including 'as is' condition and other relevant terminology
4. Subject Matter of Sale: Detailed description of the property or item being sold in its current condition
5. Purchase Price and Payment Terms: Specifies the agreed purchase price and payment method, including any installment arrangements
6. As Is Condition and Disclaimer: Explicit statement that the property/item is being sold 'as is' with all faults and defects, known and unknown
7. Buyer's Acknowledgments: Buyer's confirmation of inspection and acceptance of the current condition of the property/item
8. Transfer of Title and Risk: Specifies when and how ownership and risk transfer from seller to buyer
9. Closing and Delivery: Details of when and how the sale will be completed and the property/item delivered
10. Representations and Warranties: Limited representations regarding ownership and authority to sell, explicitly excluding condition warranties
11. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction
12. Execution: Signature blocks and execution requirements
1. Due Diligence Period: Optional section allowing buyer a specified period to inspect the property/item, used for higher-value transactions
2. Tax Provisions: Detailed section on tax responsibilities, necessary when tax implications are significant
3. Broker/Agent Provisions: Required when a broker or agent is involved in the transaction
4. Force Majeure: Added for transactions with delayed completion dates
5. Dispute Resolution: Detailed dispute resolution procedures, recommended for high-value transactions
6. Registration Requirements: Added when the sale requires registration with government authorities
7. Environmental Disclaimers: Required when selling property with potential environmental issues
8. Intellectual Property Rights: Needed when the sale includes items with associated intellectual property
1. Schedule A - Property/Item Description: Detailed description of the property/item being sold, including photographs if applicable
2. Schedule B - Known Defects: List of known defects or issues, while maintaining 'as is' nature of sale
3. Schedule C - Delivery Details: Specific arrangements for delivery or transfer of possession
4. Schedule D - Payment Schedule: If payment is in installments, detailed payment schedule
5. Schedule E - Pre-existing Encumbrances: List of any existing liens, encumbrances, or claims
6. Appendix 1 - Inspection Report: Any existing inspection reports or condition assessments
7. Appendix 2 - Required Permits: Copies of relevant permits or certificates
8. Appendix 3 - Transfer Documents: Forms and documents required for transfer of ownership
Relevant legal definitions
Agreement
As Is Condition
Business Day
Closing
Closing Date
Defects
Delivery
Effective Date
Encumbrances
Force Majeure Event
Governing Law
Inspection Period
Known Defects
Parties
Purchase Price
Property
Seller's Knowledge
Subject Matter
Title Documents
Transfer Date
Transaction Documents
Warranties
Hidden Defects
Material Adverse Change
Payment Terms
Permitted Encumbrances
Registration Requirements
Taxes
As Is Condition
Business Day
Closing
Closing Date
Defects
Delivery
Effective Date
Encumbrances
Force Majeure Event
Governing Law
Inspection Period
Known Defects
Parties
Purchase Price
Property
Seller's Knowledge
Subject Matter
Title Documents
Transfer Date
Transaction Documents
Warranties
Hidden Defects
Material Adverse Change
Payment Terms
Permitted Encumbrances
Registration Requirements
Taxes
Clauses
Sale and Purchase
As Is Condition
Price and Payment
Acceptance of Condition
Title Transfer
Delivery
Seller Representations
Buyer Acknowledgements
Limitation of Liability
Disclaimers
Risk Transfer
Inspection Rights
Registration
Tax Obligations
Force Majeure
Dispute Resolution
Governing Law
Assignment
Severability
Entire Agreement
Amendment
Notices
Counterparts
Further Assurance
Compliance with Law
As Is Condition
Price and Payment
Acceptance of Condition
Title Transfer
Delivery
Seller Representations
Buyer Acknowledgements
Limitation of Liability
Disclaimers
Risk Transfer
Inspection Rights
Registration
Tax Obligations
Force Majeure
Dispute Resolution
Governing Law
Assignment
Severability
Entire Agreement
Amendment
Notices
Counterparts
Further Assurance
Compliance with Law
Relevant Industries
Real Estate
Automotive
Manufacturing
Industrial Equipment
Construction
Retail
Agriculture
Technology
Maritime
Aviation
Mining
Telecommunications
Relevant Teams
Legal
Procurement
Sales
Operations
Risk Management
Compliance
Real Estate
Corporate Secretariat
Finance
Asset Management
Property Management
Business Development
Facilities Management
Relevant Roles
Legal Counsel
Contract Manager
Procurement Manager
Sales Manager
Business Development Manager
Property Manager
Asset Manager
Operations Manager
Risk Manager
Compliance Officer
Real Estate Agent
Corporate Secretary
Finance Manager
Chief Legal Officer
Chief Operating Officer
Property Developer
Facility Manager
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