The Wholesale Real Estate Contract is a specialized agreement used in the Philippine real estate market when a party (wholesaler) seeks to acquire property rights from an owner with the explicit intention of assigning these rights to an end buyer. This document becomes necessary when investors or real estate professionals want to facilitate property transactions without taking final ownership, instead earning a profit through the assignment of their contractual rights. The contract must comply with Philippine legislation, including the Civil Code, RESA, and local property laws. It typically includes comprehensive property details, clear assignment provisions, due diligence periods, and specific closing requirements. The document is particularly relevant in markets with active property investors and during periods of real estate market growth, where quick transactions and property flipping are common. It provides legal protection for all parties while ensuring transparency in the wholesale transaction process.
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1. Parties: Identification of the Property Owner (Seller) and the Wholesaler (Buyer), including complete legal names, addresses, and tax identification numbers
2. Background: Context of the agreement, establishing the owner's right to sell the property and the wholesaler's intention to purchase with right to assign
3. Definitions: Key terms used throughout the agreement, including Property, Purchase Price, Assignment Fee, Closing Date, etc.
4. Property Details: Complete description of the property including address, boundaries, title details, and Tax Declaration Number
5. Purchase Price and Payment Terms: Agreed purchase price, earnest money amount, payment schedule, and method of payment
6. Assignment Rights: Clear statement of wholesaler's right to assign the contract to a third party and conditions for assignment
7. Due Diligence Period: Timeframe and terms for property inspection, title review, and other investigations
8. Closing Terms: Closing date, requirements, and procedures for completing the transaction
9. Representations and Warranties: Statements of fact by both parties regarding property condition, ownership, and authority to enter agreement
10. Default and Remedies: Consequences of breach by either party and available remedies
11. Governing Law: Specification of Philippine law as governing law and jurisdiction for disputes
1. Tenant Provisions: Required if the property is currently occupied by tenants, describing handling of existing lease agreements
2. Financing Contingency: Include if the wholesaler requires financing to complete the purchase
3. Property Management: Needed if interim property management arrangements are required between contract signing and closing
4. Environmental Conditions: Include for properties with potential environmental concerns or requiring environmental clearance
5. Construction or Renovation: Required if property requires specific works before closing or transfer
6. Multiple Owner Provisions: Include when property has multiple owners or requires approval from multiple parties
7. Foreign Ownership Provisions: Required when involving foreign buyers or assignees, addressing restrictions under Philippine law
1. Schedule A - Property Description: Detailed technical description of the property, including lot area, boundaries, and improvements
2. Schedule B - Title Documents: List of all relevant title documents, tax declarations, and property certificates
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms, including earnest money and balance payment schedule
4. Schedule D - Due Diligence Checklist: List of required documents and inspections for due diligence
5. Appendix 1 - Property Photos: Current photographs of the property and its improvements
6. Appendix 2 - Property Plans: Lot plans, building plans, and other relevant technical drawings
7. Appendix 3 - Required Permits: Copies of relevant permits, certificates, and governmental approvals
8. Appendix 4 - Assignment Form: Template for contract assignment to end buyer
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