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Contract For Sale Of Commercial Property Template for Philippines

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Key Requirements PROMPT example:

Contract For Sale Of Commercial Property

"I need a Contract for Sale of Commercial Property for a multi-tenant office building in Makati City, Philippines, with existing tenants and special provisions for environmental compliance, where the buyer is a foreign corporation requiring approval under Philippine foreign ownership regulations."

Document background
The Contract For Sale Of Commercial Property is a crucial legal document used in the Philippines when transferring ownership of commercial real estate between parties. This document is essential for any business or individual looking to purchase or sell commercial property in the Philippine market, whether it's office space, retail locations, industrial facilities, or other commercial real estate assets. The agreement must comply with Philippine property laws, including the Civil Code of the Philippines, Property Registration Decree, and relevant local government regulations. It typically includes comprehensive details about the property, purchase terms, conditions precedent, warranties, and closing requirements. Special consideration is given to Philippine-specific requirements such as foreign ownership restrictions, local government permits, and tax obligations. The document serves as the primary reference point for all aspects of the transaction and provides legal protection for both buyer and seller.
Suggested Sections

1. Parties: Identification of the Seller and Buyer, including complete legal names, addresses, and tax identification numbers

2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into the sale

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the commercial property, including exact location, boundaries, and title details

5. Purchase Price: Statement of the total purchase price and payment terms, including deposit arrangements

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default

7. Conditions Precedent: Conditions that must be satisfied before the sale can proceed to closing

8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, condition, and legal status

9. Buyer's Representations and Warranties: Buyer's declarations regarding legal capacity and financial ability to complete the purchase

10. Due Diligence: Buyer's right to investigate the property and related documents

11. Closing Conditions: Requirements and procedures for completing the sale

12. Title Transfer: Process and requirements for transferring property title

13. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

14. Risk and Insurance: Allocation of risk and insurance requirements until closing

15. Default and Remedies: Consequences of breach by either party and available remedies

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

17. Notices: Process for giving formal notices under the agreement

18. Execution: Signature blocks and notarization requirements

Optional Sections

1. Existing Tenancies: Details of current lease agreements and handling of tenant deposits - include if property has existing tenants

2. Environmental Matters: Specific provisions regarding environmental conditions or requirements - include if property has environmental concerns

3. Property Management: Interim management arrangements between contract and closing - include for properties with ongoing operations

4. Broker Provisions: Details of broker involvement and commission arrangements - include if brokers are involved

5. Financing Contingency: Conditions related to buyer's financing arrangements - include if buyer requires financing

6. Property Improvements: Handling of ongoing or planned improvements - include if property is under development or renovation

7. Foreign Ownership Compliance: Special provisions for foreign buyers - include if buyer is foreign entity

8. Condominium/Building Rules: Reference to governing rules if property is part of larger complex - include for condominium commercial units

Suggested Schedules

1. Schedule A - Property Details: Detailed technical description of property, including lot number, boundaries, and technical specifications

2. Schedule B - Title Documents: List of title documents and certified true copies

3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and milestone dates

4. Schedule D - Permitted Encumbrances: List of accepted liens, encumbrances, or restrictions on the property

5. Schedule E - Due Diligence Documents: List of documents provided for due diligence

6. Schedule F - Current Leases: Details of existing lease agreements and tenant information

7. Schedule G - Property Inventory: List of fixtures, fittings, and equipment included in the sale

8. Appendix 1 - Property Plans: Official property plans and surveys

9. Appendix 2 - Environmental Reports: Copies of environmental assessments or certificates

10. Appendix 3 - Building Permits: Copies of relevant permits and certificates of occupancy

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

Relevant legal definitions






















































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Relevant Industries

Real Estate

Commercial Property Development

Retail

Hospitality

Office Space Management

Industrial

Manufacturing

Logistics

Banking and Finance

Insurance

Legal Services

Construction

Property Investment

Facilities Management

Relevant Teams

Legal

Real Estate

Finance

Operations

Compliance

Risk Management

Property Management

Business Development

Investment

Asset Management

Facilities Management

Due Diligence

Corporate Affairs

Tax

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Director

Property Manager

Corporate Lawyer

Legal Counsel

Business Development Manager

Investment Manager

Asset Manager

Facilities Manager

Real Estate Broker

Commercial Property Agent

Risk Manager

Compliance Officer

Finance Director

Operations Manager

Real Estate Portfolio Manager

Property Development Manager

Acquisition Manager

Due Diligence Specialist

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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