The Assignment Of Real Estate Purchase And Sale Agreement is a crucial document in Philippine real estate transactions where the original buyer wishes to transfer their rights and obligations to a new party before the completion of the purchase. This document is commonly used in situations involving pre-selling arrangements, investment realignments, or when the original buyer cannot proceed with the purchase. It must comply with the Civil Code of the Philippines, Property Registration Decree (PD 1529), and relevant tax regulations. The document typically includes detailed information about the original purchase agreement, property specifications, consideration for the assignment, and necessary consents. It's particularly important in the Philippine context where real estate transactions are strictly regulated and require proper documentation for registration and tax purposes.
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1. Parties: Identifies the Assignor (original buyer), Assignee (new buyer), and Original Seller for acknowledgment purposes
2. Background: Describes the original Purchase and Sale Agreement, its date, parties, and the intention to assign the rights and obligations
3. Definitions: Defines key terms including Original Agreement, Property, Assignment Date, and Consideration
4. Assignment: Core section detailing the assignment of rights and obligations from the original agreement
5. Consideration: Specifies the payment or consideration for the assignment
6. Representations and Warranties: Assignor's warranties regarding their right to assign and status of the original agreement
7. Obligations and Liabilities: Details the transfer of obligations and any continuing liabilities of the Assignor
8. Conditions Precedent: Lists conditions that must be met before the assignment becomes effective
9. Completion: Specifies the completion process and requirements for the assignment
10. Notices: Details how and where notices should be sent between parties
11. Governing Law: Specifies Philippine law as governing law and jurisdiction
1. Seller's Consent: Required if the original agreement requires seller's consent for assignment
2. Tax Provisions: Detailed section on tax responsibilities if complex tax implications exist
3. Broker's Commission: Include if there are real estate brokers involved in the assignment
4. Existing Encumbrances: Required if there are existing loans, liens, or encumbrances on the property
5. Further Assurance: Additional commitments to execute further documents if needed
6. Anti-Money Laundering Compliance: Required for high-value transactions subject to AMLA regulations
1. Schedule 1 - Original Purchase and Sale Agreement: Copy or details of the original agreement being assigned
2. Schedule 2 - Property Details: Detailed description of the property including title information and technical description
3. Schedule 3 - Payment Terms: Details of consideration and payment schedule for the assignment
4. Schedule 4 - Outstanding Obligations: List of any outstanding obligations under the original agreement
5. Appendix A - Seller's Consent Form: Form of consent from the original seller if required
6. Appendix B - Property Documents: Copies of relevant property documents, including tax declarations and surveys
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Real Estate Investment
Commercial Property
Residential Property
Real Estate Finance
Property Management
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Corporate Affairs
Acquisitions
Risk Management
Documentation
Finance
Due Diligence
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Compliance Officer
Real Estate Developer
Legal Counsel
Contract Administrator
Real Estate Investment Manager
Title Officer
Property Acquisition Manager
Real Estate Transaction Coordinator
Corporate Lawyer
Real Estate Agent
Due Diligence Officer
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