Addendum In (Real Estate)

Addendum In (Real Estate) Template for Philippines

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Key Requirements PROMPT example:

"I need an Addendum In (Real Estate) to modify our existing purchase agreement for a commercial property in Manila, extending the completion date to March 15, 2025, and updating the payment schedule to accommodate this extension."

Document background

The Addendum In (Real Estate) is a crucial legal instrument in Philippine real estate transactions, used when parties need to modify an existing real estate agreement without creating an entirely new contract. This document type is particularly relevant when circumstances require adjustments to property details, payment terms, completion dates, or other contractual obligations. It must comply with Philippine property laws, including the Civil Code, the Real Estate Service Act (RESA), and relevant local government regulations. The addendum serves as a bridge between the original agreement and new terms, ensuring all modifications are properly documented and legally binding. It's commonly used in various situations, from simple timeline extensions to complex modifications of property specifications or payment structures, and requires careful drafting to maintain consistency with both the original agreement and Philippine legal requirements.

Suggested Sections

1. Parties: Identification of all parties to the original agreement and addendum, including their legal capacities and addresses

2. Background: Reference to the original agreement including its date, purpose, and registration details if any

3. Definitions: Key terms used in the addendum, particularly new terms not defined in the original agreement

4. Purpose of Addendum: Clear statement of the reason for the addendum and its intended effect

5. Modifications: Detailed description of specific changes, amendments, or additions to the original agreement

6. Effect on Original Agreement: Statement confirming which parts of the original agreement remain in force

7. Governing Law: Confirmation that the addendum is governed by Philippine law and specific applicable regulations

8. Execution: Signature blocks for all parties, including witnesses and notary requirements as per Philippine law

Optional Sections

1. Additional Consideration: Required when the modification involves changes in payment terms or additional payments

2. Property Description Updates: Needed when the modification involves changes to the property description or boundaries

3. Time Extensions: Used when modifying completion dates, payment schedules, or other timeline-related terms

4. Regulatory Compliance: Required when modifications need specific regulatory approvals or compliance statements

5. Tax Provisions: Included when modifications affect tax obligations or requirements

6. Force Majeure Updates: Added when modifying force majeure provisions in light of new circumstances

Suggested Schedules

1. Schedule A - Modified Terms: Detailed listing of specific terms being modified from the original agreement

2. Schedule B - Updated Property Details: Any new or modified property specifications, measurements, or boundaries

3. Schedule C - Payment Modifications: Details of any changes to payment terms, schedules, or amounts

4. Appendix 1 - Supporting Documents: Copies of relevant permits, certificates, or other supporting documentation

5. Appendix 2 - Property Plans: Updated property plans or drawings if modifications affect physical aspects of the property

6. Appendix 3 - Regulatory Approvals: Copies of any required regulatory or governmental approvals for the modifications

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Construction

Commercial Property

Residential Property

Real Estate Investment

Property Management

Property Leasing

Urban Development

Real Estate Finance

Relevant Teams

Legal

Real Estate Operations

Property Management

Compliance

Sales

Business Development

Contract Administration

Document Management

Asset Management

Transaction Processing

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Broker

Legal Counsel

Contract Administrator

Real Estate Developer

Property Development Manager

Compliance Officer

Real Estate Investment Manager

Legal Document Specialist

Real Estate Operations Manager

Property Sales Director

Real Estate Transaction Coordinator

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