Real Estate Offer Contract Template for Philippines

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Key Requirements PROMPT example:

Real Estate Offer Contract

"I need a Real Estate Offer Contract for purchasing a commercial property in Manila's business district, with a proposed closing date of March 15, 2025, and including specific conditions about existing tenant agreements and parking rights."

Document background
The Real Estate Offer Contract serves as a crucial initial document in property transactions under Philippine law. It is used when a prospective buyer wishes to formalize their intent to purchase real estate property by presenting a legally binding offer to the property owner. The contract includes essential details such as property description, purchase price, payment terms, due diligence periods, and conditions precedent to closing. It must comply with various Philippine regulations, including the Civil Code, Presidential Decree No. 957 (Subdivision and Condominium Buyers' Protective Decree), and the Real Estate Service Act of 2009. This document typically precedes the final Deed of Sale and serves as the foundation for negotiating the final terms of the property transfer.
Suggested Sections

1. Parties: Identification and details of the prospective buyer (offeror) and property owner (offeree), including complete legal names, addresses, and contact information

2. Background: Brief context of the transaction and purpose of the offer

3. Definitions: Key terms used throughout the contract defined for clarity and legal certainty

4. Property Description: Detailed description of the real estate property, including exact address, boundaries, and title details

5. Purchase Price: The offered purchase price, payment terms, and any conditions related to financing

6. Earnest Money: Amount of earnest money deposit, payment terms, and conditions for return or forfeiture

7. Due Diligence Period: Timeline and terms for property inspection, title review, and other investigations

8. Closing Terms: Proposed closing date, conditions precedent to closing, and closing requirements

9. Representations and Warranties: Standard declarations by both parties regarding their capacity to enter into the contract and property condition

10. Default and Remedies: Consequences of default by either party and available remedies

11. Governing Law: Specification that Philippine law governs the contract and jurisdiction details

12. Execution: Signature blocks and notarization requirements

Optional Sections

1. Broker Representation: Include when real estate brokers are involved in the transaction, specifying their roles and commission arrangements

2. Financing Contingency: Include when the offer is contingent on the buyer obtaining specific financing terms

3. Property Maintenance: Include when specific requirements for property maintenance between offer acceptance and closing need to be outlined

4. Existing Tenancies: Include when the property has current tenants and terms regarding their occupancy need to be addressed

5. Seller's Right to Accept Other Offers: Include when the seller wishes to retain the right to accept other offers during certain periods

6. Special Conditions: Include when there are unique circumstances or requirements specific to the transaction

Suggested Schedules

1. Schedule A - Property Details: Detailed technical description of the property, including lot area, boundaries, and technical specifications

2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, including installment amounts and due dates if applicable

3. Schedule C - Due Diligence Requirements: List of required inspections, documents, and verifications to be completed during due diligence

4. Schedule D - Included Items: List of fixtures, furnishings, or other items included in the sale

5. Schedule E - Excluded Items: List of items specifically excluded from the sale

6. Appendix 1 - Property Documents: Copies of relevant property documents such as tax declarations, surveys, and permits

7. Appendix 2 - Property Photos: Recent photographs of the property and its major features

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 legal definitions
Clauses
Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Development

Property Management

Urban Planning

Investment & Asset Management

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Compliance

Sales

Business Development

Property Management

Asset Management

Investment

Risk Management

Operations

Relevant Roles

Real Estate Agent

Property Developer

Real Estate Attorney

Property Manager

Investment Manager

Real Estate Broker

Legal Counsel

Compliance Officer

Real Estate Analyst

Transaction Manager

Asset Manager

Development Director

Real Estate Partner

Property Consultant

Sales Manager

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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