As Is Where Is Deed Of Sale Template for Philippines

The As Is Where Is Deed of Sale is a specialized property transfer document commonly used in the Philippines when selling properties where the seller wishes to limit their liability regarding the property's condition. This document type is particularly relevant for sales of foreclosed properties, distressed assets, or in situations where the seller cannot or does not wish to provide warranties about the property's condition. It explicitly documents the buyer's acceptance of the property in its current state, having conducted their own due diligence. The deed must comply with Philippine property and contract laws, including the Civil Code and Property Registration Decree. It's frequently used by banks, asset management companies, and property developers, especially in situations involving quick sales or where renovation costs need to be factored into the purchase decision.

1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal capacity to enter into the contract

2. Background: Establishes the context of the sale, including brief property description and seller's ownership

3. Definitions: Defines key terms used throughout the deed, including 'As Is Where Is' condition

4. Subject Matter of Sale: Detailed description of the property being sold, including location, boundaries, and certificate of title details

5. Purchase Price: States the agreed purchase price and payment terms

6. As Is Where Is Provision: Explicit statement that property is sold in its current condition, with buyer's acknowledgment of inspection and acceptance of all defects

7. Representations of the Seller: Basic representations regarding ownership and authority to sell

8. Acknowledgments of the Buyer: Buyer's confirmation of property inspection and acceptance of condition

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

10. Delivery and Transfer: Terms for physical possession and document transfer

11. Governing Law: Specifies Philippine law as governing law

12. Execution: Signature blocks and notarial acknowledgment