The Real Estate Buy Out Agreement is a crucial legal instrument used in Philippine property transactions to facilitate the complete purchase of real estate assets. This document is essential when one party wishes to acquire full ownership rights of a property from its current owner, whether in residential, commercial, or industrial contexts. It must comply with Philippine legal requirements, including the Civil Code, Property Registration Decree, and local government regulations. The agreement typically includes detailed property descriptions, purchase price, payment terms, warranties, and specific conditions for closing the transaction. It's particularly important in scenarios involving corporate acquisitions, foreign investment (subject to Philippine foreign ownership restrictions), or complex property transfers requiring detailed documentation of rights and obligations. The document serves as the primary record of the transaction terms and ensures all aspects of the property transfer are legally documented and enforceable under Philippine law.
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1. Parties: Identifies and provides complete details of the buyer and seller, including their legal capacity to enter into the agreement
2. Background: Contextual information about the transaction and property, including current ownership status
3. Definitions: Defines key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including lot number, title details, boundaries, and technical description as per the title
5. Purchase Price: States the agreed purchase price and payment terms, including deposit requirements
6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default
7. Conditions Precedent: Conditions that must be satisfied before the sale becomes binding
8. Representations and Warranties: Statements of fact and guarantees by both parties regarding the property and their capacity to enter into the agreement
9. Seller's Obligations: Specific duties of the seller including delivery of documents and clearing of encumbrances
10. Buyer's Obligations: Specific duties of the buyer including payment obligations and due diligence requirements
11. Closing Requirements: Documents and actions required to complete the transaction
12. Transfer of Title: Process and requirements for transferring property ownership
13. Taxes and Expenses: Allocation of transaction costs, taxes, and fees between parties
14. Default and Remedies: Consequences of breach and available remedies
15. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction
16. Execution: Formal signing requirements and witness provisions
1. Broker's Commission: Include when a real estate broker is involved in the transaction
2. Environmental Compliance: Required for properties subject to environmental regulations or with potential environmental issues
3. Foreign Ownership Compliance: Include when buyer is a foreign national or corporation to ensure compliance with Philippine foreign ownership restrictions
4. Tenant Rights: Include when the property is currently leased or occupied by tenants
5. Subdivision Approval: Required when the transaction involves subdivision of land
6. Agricultural Land Conversion: Include when the property requires conversion from agricultural use
7. Condominium Association Rules: Include for condominium unit transactions
8. Force Majeure: Optional clause for addressing unforeseen circumstances affecting completion of the transaction
9. Escrow Arrangements: Include when using an escrow agent for the transaction
10. Zoning Compliance: Include when property use or development plans require specific zoning considerations
1. Property Description Schedule: Detailed technical description of the property, including boundaries, improvements, and title information
2. Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Due Diligence Report: Summary of property inspection, title search, and other investigations
4. Title Documents: Copies of relevant title documents and certificates
5. Tax Clearance Certificates: Proof of payment of relevant property taxes and clearances
6. Property Survey: Recent survey plan and technical description
7. Permits and Licenses: Copies of relevant permits, licenses, and certificates affecting the property
8. Outstanding Encumbrances: List of any existing liens, mortgages, or other encumbrances
9. Photos and Plans: Recent photographs of the property and architectural/development plans if applicable
10. Environmental Certificates: Environmental compliance certificates or assessments where required
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