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Home Buyout Agreement
"I need a Home Buyout Agreement for purchasing a residential property in Manila, Philippines, with a closing date of March 15, 2025, including standard payment terms and title transfer provisions for a straightforward cash transaction."
1. Parties: Identification and details of the buyer and seller, including complete legal names, addresses, and tax identification numbers
2. Background: Context of the transaction, including brief history of property ownership and reason for the buyout
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, title details, boundaries, and improvements
5. Purchase Price: Agreed purchase price and payment terms, including method and timing of payments
6. Due Diligence: Buyer's right to inspect property and review relevant documents
7. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts
8. Closing Requirements: Conditions precedent, required documents, and closing procedure
9. Transfer of Title: Process and obligations for transferring property title to the buyer
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of breach and available remedies for either party
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and notarization requirements
1. Financing Contingency: Terms related to buyer's financing requirements, used when purchase depends on securing a mortgage
2. Tenant Provisions: Provisions dealing with existing tenants, required if property is currently leased
3. Property Management: Interim management provisions if there's a gap between agreement and closing
4. Environmental Matters: Special provisions for properties with potential environmental issues
5. Broker Provisions: Terms relating to real estate broker involvement and commissions
6. Home Warranty: Terms of any home warranty being provided with the sale
7. Construction Completion: Used when property includes unfinished construction work
8. Family Member Rights: Special provisions when dealing with family property or inheritance rights
1. Schedule A - Property Details: Detailed technical description of property, including lot plan and technical specifications
2. Schedule B - Inventory: List of included fixtures, fittings, and personal property
3. Schedule C - Outstanding Liens: List of any existing liens, encumbrances, or mortgages
4. Schedule D - Required Repairs: List of agreed repairs or improvements to be completed before closing
5. Schedule E - Title Documents: Copies of relevant title documents and certificates
6. Appendix 1 - Due Diligence Checklist: Checklist of required documents and inspections
7. Appendix 2 - Payment Schedule: Detailed breakdown of payment terms and installments if applicable
8. Appendix 3 - Required Permits: List of necessary permits and certificates for transfer
Authors
Property
Purchase Price
Seller
Buyer
Closing Date
Closing
Transfer Date
Title Documents
Certificate of Title
Tax Declaration
Due Diligence Period
Earnest Money
Encumbrances
Force Majeure
Improvements
Material Adverse Change
Notice
Permitted Encumbrances
Property Laws
Registration Fees
Representatives
Tax Clearance Certificate
Transfer Taxes
Warranties
Business Day
Completion
Conditions Precedent
Default
Deposit
Documentary Requirements
Effective Date
Liens
Local Government Unit
Notarial Fees
Property Description
Registry of Deeds
Transfer Certificate of Title
Zoning Requirements
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Due Diligence
Conditions Precedent
Closing Conditions
Tax Obligations
Risk and Insurance
Default and Remedies
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Property Inspection
Environmental Compliance
Broker Commission
Registration Requirements
Transfer Costs
Possession
Utilities and Services
Property Documents
Title Insurance
Survival
Amendment
Waiver
Termination
Indemnification
Time of Essence
Recording and Registration
Further Assurances
Real Estate
Property Development
Financial Services
Legal Services
Construction
Housing and Urban Development
Insurance
Banking
Property Management
Legal
Real Estate
Property Development
Compliance
Finance
Risk Management
Property Management
Operations
Document Management
Business Development
Real Estate Lawyer
Property Developer
Real Estate Broker
Property Manager
Legal Counsel
Conveyancing Officer
Real Estate Agent
Property Assessor
Mortgage Officer
Compliance Officer
Title Officer
Real Estate Transaction Manager
Property Acquisition Specialist
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