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Assignment Contract (Real Estate) for Philippines

Assignment Contract (Real Estate) Template for Philippines

This document is a legally binding agreement used in the Philippines for transferring rights and obligations under an existing real estate purchase agreement from one party (the Assignor) to another party (the Assignee). It complies with Philippine property law, including the Civil Code of the Philippines and the Property Registration Decree, and includes provisions for the transfer of property rights, payment terms, and necessary representations and warranties. The contract addresses tax implications, registration requirements, and other obligations specific to Philippine real estate transactions, ensuring a valid and enforceable transfer of property rights.

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What is a Assignment Contract (Real Estate)?

The Assignment Contract (Real Estate) is a crucial document in Philippine property transactions where the original buyer of a property wishes to transfer their rights and obligations to a new buyer before the completion of the original purchase. This type of agreement is commonly used in pre-selling arrangements, investment properties, and situations where the original buyer cannot or chooses not to proceed with the purchase. The document must comply with Philippine property laws, including the Civil Code, Property Registration Decree, and relevant tax regulations. It typically includes detailed information about the property, parties involved, consideration amount, and specific terms of the assignment. The contract is particularly relevant in the Philippine real estate market where property assignments are common in both commercial and residential sectors, especially in developing areas and new property developments.

What sections should be included in a Assignment Contract (Real Estate)?

1. Parties: Identification of the Assignor and Assignee with complete legal names and addresses

2. Background: Context of the assignment, including details of the original purchase agreement or title and the reason for assignment

3. Definitions: Key terms used throughout the agreement, including Property, Assignment Date, Purchase Price, etc.

4. Subject Matter of Assignment: Detailed description of the property and rights being assigned

5. Consideration: The purchase price and payment terms for the assignment

6. Representations and Warranties of Assignor: Assignor's declarations regarding their right to assign, property condition, and absence of encumbrances

7. Representations and Warranties of Assignee: Assignee's declarations regarding their capacity to enter into the agreement and assume obligations

8. Completion of Assignment: Process and requirements for completing the transfer, including documentation and registration requirements

9. Taxes and Expenses: Allocation of responsibility for transfer taxes, registration fees, and other costs

10. Governing Law: Specification of Philippine law as governing law and relevant jurisdiction

11. Execution: Signature blocks and notarization requirements

What sections are optional to include in a Assignment Contract (Real Estate)?

1. Due Diligence: Used when the assignee requires a period to conduct property investigations or title searches

2. Conditions Precedent: Include when there are specific conditions that must be met before the assignment becomes effective

3. Original Seller's Consent: Required when the original purchase agreement requires consent for assignment

4. Broker's Commission: Include when a real estate broker is involved in the transaction

5. Environmental Matters: Important for commercial properties or when environmental issues are a concern

6. Existing Tenancies: Include when the property is subject to existing lease agreements

7. Mortgage or Financing: Required when the assignment involves assumption of existing financing or new financing arrangements

What schedules should be included in a Assignment Contract (Real Estate)?

1. Property Description: Detailed technical description of the property including lot number, boundaries, and technical specifications

2. Title Documents: Copies of relevant property titles and registration documents

3. Payment Schedule: Detailed breakdown of payment terms and installment schedule if applicable

4. Existing Encumbrances: List of any existing liens, mortgages, or other encumbrances on the property

5. Due Diligence Results: Summary of property inspection reports and title search results

6. Required Consents: Copies of necessary third-party consents and approvals

7. Transfer Documents: Forms and documents required for property registration transfer

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

Jurisdiction

Philippines

Publisher

Ƶ

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions








































Clauses






























Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Investment

Commercial Property

Residential Property

Real Estate Investment Trusts (REITs)

Urban Development

Property Management

Relevant Teams

Legal

Real Estate

Compliance

Finance

Business Development

Operations

Risk Management

Property Management

Investment

Document Control

Relevant Roles

Real Estate Lawyer

Property Developer

Real Estate Broker

Legal Counsel

Property Manager

Investment Manager

Real Estate Investment Analyst

Compliance Officer

Contract Administrator

Real Estate Transaction Manager

Business Development Manager

Property Rights Specialist

Real Estate Finance Manager

Title Officer

Real Estate Operations Director

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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