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Real Estate Purchase Offer

Real Estate Purchase Offer Template for Philippines

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Key Requirements PROMPT example:

Real Estate Purchase Offer

"I need a Real Estate Purchase Offer for a residential property in Manila, Philippines, with a 90-day due diligence period and monthly installment payments over 12 months starting March 2025, including provisions for property inspection and title verification."

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Document background
The Real Estate Purchase Offer is a crucial initial document in Philippine property transactions, serving as the formal written proposal from a prospective buyer to a property owner. This document is used when a potential buyer wishes to express serious interest in purchasing real estate and wants to formalize their offer with specific terms and conditions. It includes essential information such as property details, purchase price, payment terms, contingencies, and closing requirements. Under Philippine law, this document must comply with the Civil Code, Property Registration Decree, and various local regulations governing real estate transactions. The offer can be used for residential, commercial, or industrial properties, and must address specific requirements such as foreign ownership restrictions if applicable. It serves as the foundation for subsequent negotiations and, if accepted, forms the basis for the final deed of sale.
Suggested Sections

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

2. Background: Brief context of the transaction and acknowledgment of the seller's ownership of the property

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

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

5. Purchase Price: The offered amount for the property, currency, and form of payment

6. Payment Terms: Structure of payments including earnest money deposit, down payment, and balance payment schedule

7. Due Diligence Period: Timeframe and terms for buyer's investigation of the property's condition and documentation

8. Conditions Precedent: Conditions that must be met before the sale becomes binding, including title verification and property inspection

9. Representations and Warranties: Statements of fact by both parties regarding their capacity to enter into the transaction and the property's condition

10. Closing Terms: Proposed timeline and requirements for completing the transaction

11. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

12. Offer Validity: Period during which the offer remains valid and binding

13. Execution: Signature blocks and notarization requirements

Optional Sections

1. Financing Contingency: Include when buyer's offer is contingent on obtaining mortgage or other financing

2. Property Inspection Contingency: Detailed terms for property inspection when buyer requires specific inspection rights

3. Existing Tenancies: Include when the property has current tenants and handling of lease agreements

4. Foreign Ownership Compliance: Include when buyer is a foreign national, addressing ownership restrictions

5. Broker Representation: Include when real estate brokers are involved in the transaction

6. Property Improvements: Include when specific improvements or repairs are requested as part of the offer

7. Zoning and Land Use: Include when property use or development plans require specific zoning considerations

8. Environmental Matters: Include when environmental assessments or concerns need to be addressed

Suggested Schedules

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

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

3. Schedule C - Due Diligence Requirements: List of documents and verifications required during the due diligence period

4. Schedule D - Property Inspection Report: Template or actual property inspection findings and conditions

5. Schedule E - Title Documents: Copies of relevant title documents and certificates

6. Appendix 1 - Property Photos: Recent photographs of the property and its significant features

7. Appendix 2 - Required Government Certificates: List and copies of required government clearances and certificates

8. Appendix 3 - Power of Attorney: If applicable, authorization documents for representatives acting on behalf of either party

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Acceptance Period
Agreement
Broker
Business Day
Certificate of Title
Closing
Closing Date
Deed of Absolute Sale
Deposit
Due Diligence Period
Earnest Money
Effective Date
Encumbrances
Environmental Laws
Existing Contracts
Force Majeure
Good Faith Deposit
Improvements
Land Registration Authority
Material Adverse Change
Notarial Acknowledgment
Offer
Offeror
Owner
Parties
Payment Terms
Permitted Encumbrances
Property
Property Documents
Purchase Price
Real Estate Taxes
Registry of Deeds
Seller
Tax Declaration
Tax Identification Number
Title
Transfer Taxes
Zoning Laws
Transfer Certificate of Title
Utilities
Warranties
Clauses
Property Description
Purchase Price
Payment Terms
Due Diligence
Title and Ownership
Representations and Warranties
Conditions Precedent
Closing Conditions
Default and Remedies
Property Inspection
Risk and Insurance
Taxes and Expenses
Broker Commission
Assignment
Notices
Force Majeure
Governing Law
Dispute Resolution
Severability
Entire Agreement
Environmental Compliance
Zoning Compliance
Foreign Ownership
Local Government Requirements
Property Access
Title Insurance
Property Maintenance
Existing Tenancies
Utilities and Services
Registration and Transfer
Relevant Industries

Real Estate

Banking and Finance

Legal Services

Construction

Property Development

Investment Management

Hospitality

Retail

Industrial

Commercial Property

Residential Property

Agriculture (for agricultural land)

Education (for institutional properties)

Relevant Teams

Legal

Real Estate

Finance

Compliance

Business Development

Property Management

Investment

Operations

Risk Management

Corporate Affairs

Facilities Management

Asset Management

Transaction Advisory

Due Diligence

Relevant Roles

Real Estate Agent

Property Manager

Real Estate Lawyer

Legal Counsel

Corporate Lawyer

Property Developer

Investment Manager

Real Estate Broker

Acquisition Manager

Chief Financial Officer

Finance Director

Business Development Manager

Corporate Secretary

Compliance Officer

Real Estate Appraiser

Property Consultant

Facilities Manager

Real Estate Investment Analyst

Asset Manager

Transaction Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts, property rights, and obligations in real estate transactions, including requirements for valid contracts and transfer of ownership
Property Registration Decree (Presidential Decree No. 1529): Provides the legal framework for land registration and transfer procedures, including the Torrens system of land registration
National Internal Revenue Code: Covers taxation aspects of real estate transactions, including capital gains tax, documentary stamp tax, and transfer tax requirements
Republic Act No. 7279 (Urban Development and Housing Act): Provides guidelines for urban land reform and housing regulations, affecting certain real estate transactions in urban areas
Republic Act No. 4726 (Condominium Act): Specific legislation governing condominium ownership and transactions if the property is a condominium unit
Republic Act No. 9646 (Real Estate Service Act): Regulates real estate service practitioners and provides guidelines for professional real estate practice
Anti-Money Laundering Act (AMLA): Includes provisions affecting large real estate transactions to prevent money laundering through property purchases
Local Government Code: Contains provisions on local taxation and requirements for real estate transactions within specific localities
Constitution of the Philippines (Article XII): Contains provisions on foreign ownership limitations of real property in the Philippines
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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