Listing Contract Addendum Template for Philippines

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Key Requirements PROMPT example:

Listing Contract Addendum

"I need a Listing Contract Addendum to extend our current listing agreement until March 15, 2025, and reduce the listing price by 15% due to current market conditions for our commercial property in Makati City."

Document background
The Listing Contract Addendum is a crucial document in Philippine real estate practice that allows parties to modify their existing listing agreement without creating an entirely new contract. It is commonly used when circumstances change during the listing period, such as adjusting the listing price, extending the listing duration, or adding new marketing services. The document must comply with the Real Estate Service Act (RESA), the Civil Code of the Philippines, and relevant Professional Regulation Commission (PRC) guidelines. A Listing Contract Addendum typically includes reference to the original agreement, clearly stated modifications, and maintains all unmodified terms of the original contract. This document is particularly important in the Philippine real estate market where market conditions and property values can change rapidly, requiring flexible adjustments to listing agreements while maintaining legal compliance.
Suggested Sections

1. Parties: Identification of all parties involved, including the property owner(s) and the licensed real estate broker or agent, with their respective license numbers and contact information

2. Background: Reference to the original listing agreement, including its date of execution and any previous addenda, establishing the context for this addendum

3. Definitions: Key terms used in the addendum that require specific definition, particularly any new terms not defined in the original agreement

4. Purpose of Addendum: Clear statement of the purpose and scope of the modifications or additions being made to the original listing agreement

5. Amendments to Original Agreement: Specific modifications to the original listing agreement, clearly identifying which sections are being modified, added, or deleted

6. Effect on Original Agreement: Statement confirming that all other terms and conditions of the original listing agreement remain in full force and effect

7. Governing Law: Confirmation that the addendum is governed by Philippine law and specific reference to relevant regulations

8. Execution: Signature block for all parties, including witnesses if required, with date of execution

Optional Sections

1. Additional Commission Terms: Used when modifying the commission structure or payment terms from the original agreement

2. Extended Listing Period: Used when changing the duration of the listing agreement

3. Modified Property Description: Used when updating or correcting the property description or including additional properties

4. Digital Marketing Authorization: Used when adding specific terms for online marketing and virtual showings

5. Price Modification: Used when changing the listing price or price range

6. Special Conditions: Used when adding specific conditions or requirements not covered in the original agreement

7. Broker's Additional Obligations: Used when adding new services or responsibilities for the broker

Suggested Schedules

1. Schedule A - Modified Property Details: Updated or additional property information, including new features or improvements

2. Schedule B - Revised Commission Structure: Detailed breakdown of any changes to the commission structure or payment terms

3. Schedule C - Additional Marketing Requirements: Specific requirements for additional marketing services or platforms

4. Appendix 1 - Supporting Documents: Any new certificates, permits, or documents relevant to the modifications

5. Appendix 2 - Updated Property Photos: New or additional photographs of the property if relevant to the modifications

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries

Real Estate

Residential Property

Commercial Property

Industrial Property

Luxury Real Estate

Property Development

Property Management

Real Estate Investment

Retail Property

Office Space

Relevant Teams

Legal

Real Estate Operations

Sales

Compliance

Contract Administration

Business Development

Property Management

Documentation

Transaction Processing

Relevant Roles

Real Estate Broker

Property Manager

Real Estate Agent

Real Estate Attorney

Legal Counsel

Compliance Officer

Real Estate Division Head

Sales Director

Business Development Manager

Contract Administrator

Real Estate Operations Manager

Documentation Specialist

Property Consultant

Real Estate Transaction Coordinator

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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