Real Estate Deposit Agreement Template for Philippines

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Key Requirements PROMPT example:

Real Estate Deposit Agreement

"Need a Real Estate Deposit Agreement for a commercial property purchase in Manila, with a 6-month exclusivity period starting January 2025, including specific provisions for due diligence and staged deposit payments."

Document background

The Real Estate Deposit Agreement is a crucial document in Philippine property transactions, used when a prospective buyer wishes to secure their interest in a property while finalizing the full purchase agreement. This document is typically employed in the early stages of a real estate transaction to demonstrate the buyer's serious intention and to secure the seller's commitment to reserve the property. The agreement must comply with Philippine Civil Code requirements and real estate regulations, including the Real Estate Service Act (RESA). It details the deposit amount, terms of holding the deposit, conditions for refund or forfeiture, and the timeline for completing the full purchase. The document serves as a preliminary step before the execution of the final Deed of Sale and provides protection for both parties during the negotiation period.

Suggested Sections

1. Parties: Identification of the property seller/owner and the prospective buyer, including their complete legal names, addresses, and tax identification numbers

2. Background: Context of the transaction, including brief description of the property and the parties' intention to enter into a future sale agreement

3. Definitions: Definitions of key terms used in the agreement, including 'Deposit', 'Property', 'Completion Date', and other relevant terms

4. Property Details: Complete description of the property including address, boundaries, certificate of title number, and tax declaration details

5. Deposit Amount: Specification of the deposit amount, payment method, and timing of payment

6. Purpose of Deposit: Clear statement of the deposit's purpose as security for the proposed purchase of the property

7. Duration and Exclusivity: Period for which the property will be reserved for the prospective buyer

8. Conditions for Sale: Key terms of the proposed sale including total purchase price and timeline for completion

9. Refund Conditions: Circumstances under which the deposit will be refunded to the prospective buyer

10. Forfeiture Provisions: Conditions under which the deposit may be forfeited to the seller

11. Representations and Warranties: Basic warranties from both parties regarding their capacity to enter into the agreement and, for the seller, their right to sell the property

12. Governing Law: Specification that the agreement is governed by Philippine law

13. Execution: Signature blocks and execution formalities

Optional Sections

1. Due Diligence Period: Include when the buyer requires time to conduct property investigations or verify title

2. Broker Provisions: Include when a real estate broker is involved in the transaction

3. Tax Provisions: Include detailed tax implications when the transaction involves significant tax considerations

4. Force Majeure: Include when parties want specific provisions for unforeseen circumstances

5. Anti-Money Laundering Compliance: Include for high-value transactions requiring specific AMLA compliance

6. Electronic Execution: Include when agreement may be executed electronically under E-Commerce Act

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property including lot area, boundaries, and improvements

2. Payment Schedule: If the deposit is to be paid in installments, details of payment dates and amounts

3. Due Diligence Checklist: List of documents and investigations to be completed during due diligence period

4. Property Documents: Copies of relevant property documents including tax declarations and title

5. Authority Documents: Copies of authorization documents if any party is acting through a representative

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Investment

Property Consulting

Real Estate Brokerage

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Documents and Contracts

Property Development

Risk Management

Commercial

Operations

Relevant Roles

Real Estate Attorney

Property Manager

Real Estate Broker

Legal Counsel

Real Estate Agent

Property Developer

Compliance Officer

Contract Manager

Real Estate Investment Manager

Property Sales Director

Legal Document Specialist

Transaction Coordinator

Real Estate Paralegal

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Let's create your Real Estate Deposit Agreement

Authors

Alex Denne

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