The Commercial Real Estate Purchase Agreement is a crucial legal instrument used in Philippine property transactions for the acquisition of commercial properties. This document is essential when purchasing office buildings, retail spaces, industrial facilities, or other commercial real estate assets in the Philippines. It must comply with various Philippine laws including the Civil Code, Property Registration Decree, and Local Government Code. The agreement encompasses all vital aspects of the transaction, from property description and purchase price to tax obligations and regulatory compliance requirements. It is particularly important as it serves as the foundation for the subsequent Deed of Absolute Sale and property registration process, incorporating specific Philippine legal requirements such as notarization, tax clearances, and zoning compliance certificates.
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1. Parties: Identification of the seller and purchaser, including complete legal names, addresses, and tax identification numbers
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Defined terms used throughout the agreement
4. Property Description: Detailed description of the real estate property, including exact location, boundaries, and title details
5. Purchase Price: The agreed purchase price and payment terms, including deposit requirements
6. Payment Terms: Schedule of payments, method of payment, and conditions for release of funds
7. Conditions Precedent: Conditions that must be satisfied before the sale can proceed
8. Due Diligence: Buyer's right to investigate the property and related documentation
9. Representations and Warranties: Statements of fact and promises made by both parties
10. Seller's Obligations: Specific obligations of the seller before and at closing
11. Buyer's Obligations: Specific obligations of the buyer before and at closing
12. Closing: Process and requirements for completing the transaction
13. Tax Matters: Allocation of tax responsibilities and requirements
14. Risk and Insurance: Assignment of risk and insurance requirements until closing
15. Default and Remedies: Consequences of breach and available remedies
16. Notices: How formal communications between parties should be made
17. Governing Law: Specification of Philippine law as governing law and jurisdiction
18. Miscellaneous: Standard boilerplate provisions
19. Execution: Signature blocks and notarization requirements
1. Broker Provisions: Required when real estate brokers are involved in the transaction
2. Tenant Rights: Required when the property has existing tenants
3. Environmental Matters: Required for properties with potential environmental concerns or specific compliance requirements
4. Development Rights: Required when the property includes unused development rights or air rights
5. Parking Rights: Required when the property includes parking facilities or rights
6. Condominium Provisions: Required when the property is part of a condominium development
7. Foreign Ownership Compliance: Required when the buyer is a foreign entity or individual
8. Mortgage Assumption: Required when existing mortgages are being assumed by the buyer
1. Property Description Schedule: Detailed technical description of the property, including lot numbers and boundaries
2. Title Documents: Copies of title certificates and registration documents
3. Due Diligence Checklist: List of required documents and inspections
4. Permitted Encumbrances: List of accepted liens, easements, or other encumbrances
5. Inventory of Fixtures and Fittings: List of items included in the sale
6. Tax Certificates: Current real property tax certificates and clearances
7. Environmental Reports: Environmental assessment reports and clearances
8. Zoning Certificates: Current zoning and land use certificates
9. Building Permits: Copies of building permits and certificates of occupancy
10. Form of Deed of Absolute Sale: Template for the final deed of sale to be executed at closing
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