The Assignment of Contract to Sell is a vital legal instrument in Philippine property transactions that enables the transfer of rights and obligations from an existing contract holder to a new party. This document is commonly used when the original buyer (Assignor) needs to transfer their purchase rights to another party (Assignee) before the completion of the property sale, whether due to financial considerations, relocation, or other circumstances. The assignment must comply with Philippine civil law requirements and typically requires the original seller's consent. It includes crucial details such as the consideration for the assignment, payment arrangements, warranties about the contract's status, and the assumption of obligations by the new buyer. This document is particularly important in the Philippine real estate market where property purchases often involve long-term payment arrangements and the need for flexibility in transferring contract rights.
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1. Parties: Identification of the Assignor (current contract holder), Assignee (new contract holder), and Original Seller (from the Contract to Sell)
2. Background: Context of the original Contract to Sell and the reason for assignment
3. Definitions: Key terms used throughout the agreement, including 'Contract to Sell', 'Property', 'Assignment Date', etc.
4. Assignment and Acceptance: Core provision transferring all rights, title, and interest in the Contract to Sell from Assignor to Assignee
5. Consideration: Details of payment or other consideration for the assignment
6. Assignor's Representations and Warranties: Assignor's guarantees regarding their right to assign, status of payments, and condition of the contract
7. Assignee's Undertakings: Assignee's commitment to assume all obligations under the Contract to Sell
8. Consent of Original Seller: Acknowledgment and approval of the assignment by the original seller
9. Effective Date and Conditions: When the assignment takes effect and any conditions that must be met
10. Governing Law: Specification of Philippine law as governing law
11. Execution: Signature blocks for all parties
1. Financing Arrangements: Include when the assignee is obtaining financing to pay for the assignment
2. Property Inspection: Include when the assignee requires specific warranties about property condition
3. Tax Provisions: Include detailed tax arrangements when significant tax implications exist
4. Broker's Commission: Include when a broker facilitated the assignment
5. Further Assurances: Include when additional documentation or future actions may be needed
6. Dispute Resolution: Include when parties want specific arbitration or mediation procedures
1. Schedule A - Original Contract to Sell: Copy of the original Contract to Sell being assigned
2. Schedule B - Property Details: Detailed description of the property, including technical description and location
3. Schedule C - Payment History: Record of payments made by Assignor under the Contract to Sell
4. Schedule D - Outstanding Balance: Details of remaining payments due under the Contract to Sell
5. Schedule E - Assignment Consideration: Detailed breakdown of payment terms for the assignment
6. Appendix 1 - Required Consents: Copies of all required consents, including from the Original Seller
7. Appendix 2 - Property Documents: Relevant property documentation, including tax declarations and certificates
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