The Real Estate Offer And Acceptance Contract is a crucial document in Philippine property transactions that initiates the formal process of real estate transfer. This document is typically used when a potential buyer has identified a property of interest and wishes to formalize their offer to purchase. It includes essential elements such as property description, purchase price, payment terms, conditions precedent, and closing requirements, all structured in compliance with Philippine real estate laws and regulations. The contract serves as a preliminary agreement that, once accepted, binds both parties to proceed with the transaction under the specified terms, subject to certain conditions being met. It is particularly important in the Philippine context due to specific requirements under the Civil Code, Property Registration Decree, and local property laws that govern real estate transactions.
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1. Parties: Identification of the seller and buyer with complete legal names, addresses, and tax identification numbers
2. Background: Context of the transaction and brief description of the parties' intention to enter into a real estate transaction
3. Definitions: Key terms used throughout the contract, including Property, Purchase Price, Closing Date, etc.
4. Property Description: Detailed legal description of the real estate property, including lot number, boundaries, and title details
5. Purchase Price: The agreed purchase price, payment terms, and schedule of payments
6. Payment Terms: Detailed breakdown of payment structure, including earnest money, down payment, and balance payment arrangements
7. Conditions Precedent: Requirements that must be met before the sale becomes final, including title verification and property inspection
8. Representations and Warranties: Statements of fact by both parties regarding their capacity to enter into the contract and the property's condition
9. Closing Requirements: Documents and actions required from both parties to complete the transaction
10. Default and Remedies: Consequences and available remedies if either party fails to fulfill their obligations
11. Notices: How and where formal communications between parties should be sent
12. Governing Law: Specification that Philippine law governs the contract
13. Execution: Signature blocks and notarization requirements
1. Broker Involvement: Details of real estate brokers involved and their commissions, used when professional brokers are part of the transaction
2. Financing Contingency: Terms related to buyer's ability to secure financing, included when purchase depends on mortgage approval
3. Property Inspection Contingency: Detailed terms for property inspection and buyer's rights based on inspection results
4. Existing Tenancies: Information about current tenants and lease agreements, included when property is subject to existing leases
5. Homeowners Association: Details about HOA membership and fees, included for properties within managed communities
6. Construction Completion: Used for properties under construction, specifying completion requirements and warranties
7. Foreign Ownership Compliance: Special provisions when buyer is a foreign national, addressing ownership restrictions under Philippine law
1. Schedule A - Property Details: Comprehensive property description, including lot plan, technical description, and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Title Documents: List of title documents and certified true copies of property ownership documents
4. Schedule D - Property Inspection Report: Findings from property inspection, including photographs and condition assessment
5. Schedule E - Permits and Certificates: Copies of relevant permits, tax declarations, and certificates
6. Schedule F - Deed of Absolute Sale Template: Draft of the deed of absolute sale to be executed upon completion of payments
7. Appendix 1 - Required Government Forms: Standard government forms required for property transfer in the Philippines
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking & Finance
Legal Services
Insurance
Property Management
Real Estate Investment
Residential Property
Commercial Property
Industrial Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Business Development
Operations
Contract Administration
Risk Management
Finance
Investment
Relevant Roles
Real Estate Agent
Property Developer
Real Estate Lawyer
Legal Counsel
Property Manager
Real Estate Broker
Acquisition Manager
Real Estate Investment Manager
Property Sales Executive
Compliance Officer
Real Estate Transaction Coordinator
Title Officer
Real Estate Operations Manager
Contract Administrator
Business Development Manager
Real Estate Portfolio Manager
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