The Agreement For Sale Of Immovable Property is a fundamental legal instrument in Philippine real estate transactions, essential for documenting property sales in compliance with the Civil Code of the Philippines and related property laws. This document is required whenever there is a transfer of ownership of real property, whether it's residential, commercial, or agricultural land. It must include specific elements mandated by Philippine law, such as proper party identification, property description, price and payment terms, and necessary warranties. The agreement serves multiple purposes: it evidences the parties' consent, establishes their rights and obligations, facilitates property registration, and ensures compliance with tax requirements. It must be notarized to be enforceable and requires registration with appropriate government authorities. The document's format and content are influenced by both civil law requirements and customary practice in Philippine real estate transactions.
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Key Requirements PROMPT example:
Agreement For Sale Of Immovable Property
"I need an Agreement for Sale of Immovable Property for a residential house and lot in Manila, with mortgage financing provisions and a closing date of March 15, 2025; the sale includes existing furniture and appliances."
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal capacity to enter into the contract
2. Background: Outlines the context of the sale and basic information about the property being sold
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, boundaries, title details, and improvements
5. Purchase Price: Specifies the agreed purchase price and payment terms
6. Payment Terms: Details the schedule of payments, including deposits, installments, and final payment
7. Conditions Precedent: Conditions that must be fulfilled before the sale becomes final
8. Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition
9. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
10. Transfer of Title: Process and timeline for transferring property title to the buyer
11. Possession: Terms regarding the physical handover of the property
12. Default and Remedies: Consequences and remedies for breach of contract
13. Governing Law: Confirms Philippine law as governing law and jurisdiction
14. Execution: Signature blocks and notarization requirements
1. Broker Involvement: Required when a licensed real estate broker is involved in the transaction
2. Mortgage Provisions: Included when the purchase is subject to mortgage financing
3. Tenant Rights: Required when the property is currently leased to tenants
4. Environmental Provisions: Necessary for properties in environmentally sensitive areas or with specific environmental concerns
5. Subdivision Restrictions: Required for properties within subdivisions or planned developments
6. Construction Warranties: Included for newly constructed properties
7. Condominium Provisions: Required for condominium units, including association rules and common areas
8. Agricultural Land Provisions: Required when the property is agricultural land subject to CARP
1. Property Details Schedule: Technical description of the property, including lot plan, boundaries, and technical specifications
2. Payment Schedule: Detailed breakdown of payment terms and due dates
3. Title Documents: Copies of land title and other ownership documents
4. Tax Certificates: Current real property tax certificates and tax clearances
5. Property Survey: Recent survey plan and technical description
6. List of Improvements: Detailed inventory of improvements on the property
7. Permits and Certificates: Relevant government permits and certificates
8. Photos and Plans: Recent photographs of the property and architectural/construction plans if applicable
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Real Estate
Construction
Banking and Finance
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Property Development
Agriculture (for agricultural land)
Retail
Hospitality
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Relevant Teams
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Real Estate
Compliance
Property Management
Business Development
Corporate Affairs
Risk Management
Finance
Operations
Acquisitions
Investment
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Real Estate Developer
Property Assessor
Title Examiner
Real Estate Agent
Contract Administrator
Business Development Manager
Land Registration Officer
Corporate Lawyer
Real Estate Investment Manager
Property Acquisition Manager
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