The As Is Sale Contract is a specialized agreement used in the Philippines when parties wish to transfer ownership of property or goods with minimal seller warranties or representations. This document is particularly useful for transactions involving used equipment, pre-owned properties, or assets where the seller wants to limit potential liability for the condition of the item being sold. It complies with Philippine Civil Code requirements while incorporating specific provisions that clearly document the buyer's acceptance of the asset in its current state. The contract is commonly used in both commercial and private transactions, requiring careful documentation of the asset's condition and explicit acknowledgment from the buyer regarding the limited nature of warranties. This type of agreement is especially relevant in situations where the buyer has had the opportunity to inspect the asset thoroughly and is willing to accept any existing defects or issues.
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1. Parties: Identification and details of the seller and buyer, including complete names, addresses, and tax identification numbers
2. Background: Context of the sale and brief description of the transaction
3. Definitions: Key terms used throughout the agreement, including 'As Is' condition definition
4. Subject Matter of Sale: Detailed description of the property or goods being sold in their current condition
5. As Is Condition and Disclaimer: Clear statement that the property/goods are being sold in their current condition with all faults and defects
6. Purchase Price: The agreed-upon price and payment terms
7. Buyer's Acknowledgments: Buyer's confirmation of inspection and acceptance of the property/goods in their current condition
8. Transfer of Title and Risk: When and how ownership and risk transfer to the buyer
9. Representations and Warranties: Limited warranties, specifically outlining what is not warranted in an 'as is' sale
10. Closing and Delivery: Terms and conditions for completing the sale and delivering the property/goods
11. Governing Law: Specification that Philippine law governs the agreement
12. Execution: Signature blocks and execution requirements
1. Payment Terms and Schedule: Include when payment is not made in full at closing or when installment terms apply
2. Inspection Period: Include when buyer requires time to conduct due diligence before finalizing the sale
3. Broker/Agent Provisions: Include when real estate agents or brokers are involved in the transaction
4. Tax Provisions: Include when specific tax considerations need to be addressed
5. Insurance Requirements: Include when temporary insurance is needed during transition of ownership
6. Environmental Disclaimers: Include when selling real estate or equipment with potential environmental impacts
7. Registration and Transfer Costs: Include when specific arrangements for transfer costs and registration fees need to be detailed
8. Dispute Resolution: Include when parties want to specify arbitration or mediation procedures
1. Schedule A - Property Description: Detailed technical description of the property or goods being sold
2. Schedule B - Known Defects: List of known issues or defects, while maintaining 'as is' nature of sale
3. Schedule C - Inspection Report: If available, results of any pre-sale inspections or condition assessments
4. Schedule D - Photos and Documentation: Visual evidence of the current condition of the property/goods
5. Schedule E - Transfer Documents: List and copies of documents required for transfer of ownership
6. Schedule F - Payment Schedule: If applicable, detailed payment terms and installment schedule
7. Appendix 1 - Deed of Absolute Sale Template: Template for the final deed of sale to be executed upon completion of payments
8. Appendix 2 - Required Governmental Clearances: List of necessary permits or clearances for transfer of ownership
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Automotive
Manufacturing
Industrial Equipment
Construction
Agriculture
Retail
Technology
Maritime
Aviation
Mining
Heavy Equipment
Relevant Teams
Legal
Operations
Sales
Procurement
Risk Management
Compliance
Business Development
Property Management
Asset Management
Contract Administration
Real Estate
Relevant Roles
Legal Counsel
Contract Manager
Property Manager
Asset Manager
Real Estate Agent
Business Development Manager
Operations Manager
Procurement Manager
Sales Manager
Risk Manager
Compliance Officer
Chief Legal Officer
Chief Operations Officer
Property Assessor
Fleet Manager
Equipment Manager
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