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Unit Transfer Agreement

Unit Transfer Agreement Template for Philippines

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Key Requirements PROMPT example:

Unit Transfer Agreement

"I need a Unit Transfer Agreement for a luxury condominium unit in Makati City, Philippines, with a corporate transferor and individual transferee, including special provisions for parking rights and membership in the building's exclusive club facilities."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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

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alex.den.21@genieai.co
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
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

Industries
Republic Act No. 4726 (Condominium Act): Provides the legal framework for condominium ownership and the transfer of condominium units in the Philippines, including requirements for documentation and registration
Republic Act No. 6552 (Maceda Law): Protects buyers of real estate on installment payments, providing rights and remedies in case of payment defaults
Presidential Decree No. 957: Regulates the sale of subdivision lots and condominiums, including requirements for developers and protection of buyers
Republic Act No. 9646 (Real Estate Service Act): Governs the practice of real estate service and sets standards for real estate transactions
Civil Code of the Philippines: Contains general provisions on contracts, property ownership, and transfer of property rights
National Internal Revenue Code: Covers tax obligations related to property transfers, including capital gains tax and documentary stamp tax
Republic Act No. 7279 (Urban Development and Housing Act): Provides guidelines for urban land reform and housing regulations that may affect unit transfers
Republic Act No. 9160 (Anti-Money Laundering Act): Requires due diligence in large-value property transactions to prevent money laundering
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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