As Is Real Estate Contract Form

As Is Real Estate Contract Form Template for Philippines

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Key Requirements PROMPT example:

"I need an As Is Real Estate Contract Form for the sale of a commercial warehouse property in Manila, Philippines, with a closing date of March 15, 2025, that includes specific provisions for existing equipment and fixtures being sold with the property."

Document background

The As Is Real Estate Contract Form is a specialized legal document used in the Philippines when selling property without standard warranties or representations regarding its condition. This type of contract is particularly useful for properties that may have known issues, foreclosure sales, or situations where the seller wants to limit their post-sale liability. The document complies with Philippine real estate laws and regulations, including the Civil Code of the Philippines and the Property Registration Decree. It contains essential provisions for property transfer, explicit acknowledgments of the property's condition, and clear statements about the limited nature of warranties provided. This contract type is commonly used in distressed property sales, quick sales, or when transparency about property conditions is paramount.

Suggested Sections

1. Parties: Identifies and provides complete details of the seller and buyer, including their legal capacity to enter into the contract

2. Background: Establishes the context of the transaction and the seller's ownership of the property

3. Definitions: Defines key terms used throughout the contract

4. Property Description: Detailed description of the real estate property including lot number, location, boundaries, and certificate of title details

5. Purchase Price: States the agreed purchase price and payment terms

6. 'As Is' Condition: Explicitly states that the property is being sold in its current condition and that the buyer accepts all existing defects

7. Buyer's Acknowledgment: Confirms buyer's inspection of the property and acceptance of its current condition

8. Title and Ownership: Details regarding the transfer of title and ownership

9. Closing and Settlement: Specifies the closing date and settlement procedures

10. Taxes and Fees: Allocation of responsibility for transfer taxes, registration fees, and other costs

11. Representations and Warranties: Limited warranties due to 'as is' nature, but including seller's authority to sell

12. Default and Remedies: Consequences of default by either party and available remedies

13. Governing Law: Confirms Philippine law governs the agreement

14. Entire Agreement: States that the document represents the complete agreement between parties

Optional Sections

1. Financing Contingency: Include when buyer's purchase is contingent on obtaining financing

2. Tenant Rights: Include if the property is currently leased or occupied by tenants

3. Environmental Disclosure: Include if there are known environmental issues affecting the property

4. Homeowners Association: Include if property is subject to HOA rules and fees

5. Broker Representation: Include if real estate brokers are involved in the transaction

6. Personal Property Inclusion/Exclusion: Include if specific fixtures or personal property are included/excluded from sale

7. Special Permits: Include if property requires special permits or zoning considerations

8. Foreign Ownership Compliance: Include if buyer is a foreign national, addressing ownership restrictions

Suggested Schedules

1. Property Documents: Copy of title, tax declarations, and technical description of the property

2. Property Inspection Report: Detailed report of property condition and known defects

3. Property Photos: Current photographs documenting property condition

4. Payment Schedule: If payment is in installments, detailed payment timeline

5. Tax Certificates: Current real property tax certificates and clearances

6. Permits and Certificates: Copies of relevant permits, certificates, and compliance documents

7. Property Plans: Floor plans, lot plans, and other relevant technical drawings

8. Deed of Absolute Sale: Draft of the deed to be executed upon full payment

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

Legal Services

Banking and Finance

Property Development

Construction

Insurance

Property Management

Investment and Asset Management

Urban Planning

Local Government

Relevant Teams

Legal

Real Estate

Compliance

Risk Management

Property Management

Asset Management

Investment

Operations

Documentation

Due Diligence

Relevant Roles

Real Estate Attorney

Property Manager

Real Estate Broker

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Asset Manager

Investment Manager

Title Officer

Real Estate Paralegal

Property Assessor

Risk Manager

Contract Administrator

Real Estate Portfolio Manager

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