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The Provisional Agreement For Sale And Purchase is a crucial document in Philippine real estate transactions, serving as an interim binding agreement between parties before the execution of the final deed of sale. It is typically used when parties have reached agreement on key terms but require time for due diligence, securing financing, or satisfying other conditions precedent. The document must comply with Philippine law, particularly the Civil Code, Maceda Law, and relevant local government regulations. It provides protection for both parties by clearly stating the terms of sale, payment conditions, warranties, and completion requirements while allowing flexibility for necessary investigations and approvals. This type of agreement is especially important in complex property transactions where multiple stakeholders are involved and various regulatory requirements must be met.

1. Parties: Identification and details of the Vendor and Purchaser, including complete names, addresses, and tax identification numbers

2. Background: Context of the transaction, brief description of the property, and circumstances leading to the provisional agreement

3. Definitions: Key terms used throughout the agreement, including Property, Completion Date, Purchase Price, and other relevant defined terms

4. Property Details: Comprehensive description of the property, including exact location, boundaries, and title details

5. Purchase Price: Agreed purchase price, payment terms, and schedule of payments

6. Initial Deposit: Amount of initial deposit, payment terms, and conditions for holding the deposit

7. Conditions Precedent: Conditions that must be fulfilled before the agreement becomes final, including title verification and property inspection

8. Completion: Details of the completion process, timing, and requirements

9. Vendor's Representations and Warranties: Warranties regarding property ownership, absence of encumbrances, and other relevant assurances

10. Purchaser's Representations and Warranties: Warranties regarding financial capacity and compliance with anti-money laundering requirements

11. Default and Termination: Consequences of default by either party and termination provisions

12. Notices: Method and addresses for serving notices between parties

13. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes