The Unit Transfer Agreement is a crucial legal instrument in Philippine real estate transactions, specifically designed for transferring ownership rights in condominium units or similar property units. This document is essential when conducting property transfers in the Philippines, whether for residential or commercial purposes, and must comply with various regulations including the Condominium Act (RA 4726), Presidential Decree No. 957, and the Maceda Law (RA 6552). It includes comprehensive details about the property, parties involved, payment terms, warranties, and transfer conditions. The agreement is particularly important in urban areas where condominium developments are prevalent, and it serves to protect both transferor and transferee interests while ensuring compliance with local property laws and tax regulations.
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1. Parties: Identification of the Transferor and Transferee with complete details as required by Philippine law
2. Background: Context of the transfer, including details of the property and original ownership
3. Definitions: Definitions of key terms used throughout the agreement
4. Subject Matter: Detailed description of the unit being transferred, including exact location, floor area, and boundaries
5. Purchase Price: Agreed purchase price and payment terms
6. Terms of Transfer: Conditions and process for the transfer of ownership
7. Representations and Warranties: Statements of fact and guarantees from both parties regarding the unit and their capacity to enter into the agreement
8. Taxes and Fees: Allocation of responsibility for transfer taxes, registration fees, and other costs
9. Delivery and Registration: Process and timeline for physical handover and registration of the transfer
10. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
11. Execution: Signature blocks and execution requirements
1. Financing Provisions: Include when purchase is funded through bank financing or installment payments
2. Property Management: Include when there are specific arrangements regarding management fees or maintenance
3. Due Diligence: Include when specific due diligence requirements need to be met before transfer
4. Broker Provisions: Include when a broker is involved in the transaction
5. Association Membership: Include when transfer includes membership in a condominium association
6. Defect Resolution: Include when there are known defects or ongoing repairs
7. Force Majeure: Include when specific events beyond control need to be addressed
1. Property Description Schedule: Detailed technical description of the unit, including floor plans and boundaries
2. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
3. Unit Inventory: List of fixtures, fittings, and inclusions in the transfer
4. Condominium Certificate of Title: Copy of the title document
5. Tax Clearance Certificates: Copies of relevant tax clearances
6. Association Rules and Regulations: Copy of applicable condominium rules and regulations
7. Powers of Attorney: If any party is acting through an attorney-in-fact
Relevant legal definitions
Agreement
Unit
Property
Common Areas
Condominium Corporation
Condominium Certificate of Title
Transfer Date
Purchase Price
Completion Date
Transferor
Transferee
Deed of Absolute Sale
Master Deed
Declaration of Restrictions
House Rules
Association Dues
Transfer Tax
Documentary Stamps
Registration Fees
Encumbrances
Force Majeure
Business Day
Closing Date
Due Diligence Period
Material Adverse Change
Representations and Warranties
Security Deposit
Management Corporation
Title Documents
Occupancy Permit
Utilities
Parking Rights
Improvements
Assessment
Maintenance Fees
Real Estate Broker
Notary Public
Tax Clearance
Closing Documents
Default
Notice
Unit
Property
Common Areas
Condominium Corporation
Condominium Certificate of Title
Transfer Date
Purchase Price
Completion Date
Transferor
Transferee
Deed of Absolute Sale
Master Deed
Declaration of Restrictions
House Rules
Association Dues
Transfer Tax
Documentary Stamps
Registration Fees
Encumbrances
Force Majeure
Business Day
Closing Date
Due Diligence Period
Material Adverse Change
Representations and Warranties
Security Deposit
Management Corporation
Title Documents
Occupancy Permit
Utilities
Parking Rights
Improvements
Assessment
Maintenance Fees
Real Estate Broker
Notary Public
Tax Clearance
Closing Documents
Default
Notice
Clauses
Property Description
Title Transfer
Purchase Price
Payment Terms
Warranties and Representations
Due Diligence
Conditions Precedent
Registration
Taxes and Fees
Risk and Insurance
Default
Remedies
Force Majeure
Assignment
Notices
Entire Agreement
Severability
Governing Law
Dispute Resolution
Confidentiality
Further Assurance
Survival
Amendment
Waiver
Compliance with Laws
Property Handover
Association Membership
Utilities Transfer
Broker Provisions
Property Management
Title Transfer
Purchase Price
Payment Terms
Warranties and Representations
Due Diligence
Conditions Precedent
Registration
Taxes and Fees
Risk and Insurance
Default
Remedies
Force Majeure
Assignment
Notices
Entire Agreement
Severability
Governing Law
Dispute Resolution
Confidentiality
Further Assurance
Survival
Amendment
Waiver
Compliance with Laws
Property Handover
Association Membership
Utilities Transfer
Broker Provisions
Property Management
Relevant Industries
Real Estate
Property Development
Banking & Finance
Construction
Property Management
Legal Services
Real Estate Investment
Urban Development
Relevant Teams
Legal
Real Estate
Property Management
Sales
Compliance
Operations
Business Development
Contract Administration
Corporate Affairs
Documentation
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Property Developer
Legal Counsel
Compliance Officer
Real Estate Agent
Title Officer
Property Consultant
Contract Administrator
Real Estate Transaction Manager
Development Director
Sales Manager
Corporate Lawyer
Real Estate Operations Manager
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