Real Estate Assignment Contract Template for Philippines

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Key Requirements PROMPT example:

Real Estate Assignment Contract

"I need a Real Estate Assignment Contract for transferring my rights to a pre-selling condominium unit in Manila to a new buyer, with a 30% down payment due by March 15, 2025, and the remaining balance to be paid in 60 monthly installments."

What is a Real Estate Assignment Contract?

The Real Estate Assignment Contract is a crucial document used in Philippine real estate transactions when an existing property buyer wishes to transfer their rights and obligations to a new buyer. This typically occurs when the original buyer cannot continue with the purchase or seeks to monetize their investment before completion. The contract must adhere to Philippine property laws, including the Civil Code, Maceda Law, and real estate regulations. It contains essential information about the property, original purchase agreement, outstanding payments, and assignment terms. The document requires the developer's explicit consent and must be properly notarized to be legally effective. It's particularly important in pre-selling arrangements or ongoing installment purchases where the property title hasn't yet been transferred to the original buyer.

What sections should be included in a Real Estate Assignment Contract?

1. Parties: Identifies all parties involved: the Assignor (current property buyer), Assignee (new buyer), and Developer/Seller (acknowledgment party)

2. Background: Describes the original contract of sale, property details, and context for the assignment

3. Definitions: Defines key terms used throughout the agreement including Property, Original Contract, Assignment Date, etc.

4. Assignment and Consideration: Details the transfer of rights and obligations, and the payment terms for the assignment

5. Representations and Warranties: Statements by the Assignor regarding their right to assign, status of payments, and property condition

6. Assignor's Obligations: Outlines the Assignor's duties including delivering documents and facilitating the transfer

7. Assignee's Obligations: Specifies the Assignee's responsibilities including payments and assumption of original contract obligations

8. Developer's Consent: Documents the developer's approval of the assignment as required by Philippine law

9. Taxes and Expenses: Allocates responsibility for transfer taxes, registration fees, and other costs

10. Completion Requirements: Lists conditions and documents needed to complete the assignment

11. Governing Law and Jurisdiction: Specifies Philippine law as governing law and defines jurisdiction for disputes

12. Execution: Formal closing section with signature blocks for all parties

What sections are optional to include in a Real Estate Assignment Contract?

1. Financing Arrangements: Include when the assignment involves bank financing or special payment terms

2. Broker Provisions: Include when real estate brokers are involved in the assignment transaction

3. Property Inspection Results: Include when specific property conditions need to be acknowledged

4. Outstanding Obligations: Include when there are existing liens, encumbrances, or pending obligations

5. Special Conditions: Include when there are unique requirements from the developer or specific arrangements between parties

6. Notice Requirements: Include when specific notification procedures are needed beyond standard communications

7. Default and Remedies: Include when parties want to specify additional default scenarios and corresponding remedies

What schedules should be included in a Real Estate Assignment Contract?

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

2. Schedule B - Original Contract: Copy or key details of the original contract of sale with the developer

3. Schedule C - Payment History: Statement of payments made under the original contract and remaining balance

4. Schedule D - Assignment Consideration: Detailed breakdown of the assignment price and payment terms

5. Appendix 1 - Required Documents: List of all documents required for the assignment process

6. Appendix 2 - Developer's Consent Form: Standard form of developer's consent to the assignment

7. Appendix 3 - Tax Certificates: Relevant tax clearances and certificates

8. Appendix 4 - Property Photos: Current photographs of the property (if already constructed)

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

Clauses
Relevant Industries

Real Estate Development

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Legal

Real Estate

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Finance

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Real Estate Manager

Property Developer

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Property Manager

Contract Administrator

Compliance Officer

Real Estate Attorney

Finance Manager

Property Investment Advisor

Documentation Specialist

Real Estate Consultant

Title Officer

Property Rights Specialist

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Teams

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Find the exact document you need

Real Estate Assignment Contract

A Philippine law-compliant contract transferring property rights and obligations from an existing buyer to a new buyer, including developer's consent and payment terms.

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