The Commercial Real Estate Contract serves as the primary legal instrument for transacting commercial property in the Philippines, essential for businesses, investors, and property developers engaged in commercial real estate acquisitions. This document is specifically designed to comply with Philippine property laws, including the Civil Code, Property Registration Decree, and relevant local government regulations. It is typically used when parties are entering into a binding agreement for the purchase and sale of commercial properties such as office buildings, retail spaces, industrial facilities, or mixed-use developments. The contract incorporates mandatory provisions required by Philippine law while allowing flexibility for specific commercial terms, making it suitable for various types of commercial real estate transactions. It addresses key aspects such as foreign ownership restrictions, environmental compliance, zoning requirements, and tax obligations specific to the Philippine jurisdiction.
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1. Parties: Identification of the parties, including complete legal names, addresses, and registration details for corporate entities
2. Background: Context of the transaction, including brief property description and purpose of the agreement
3. Definitions: Defined terms used throughout the agreement, including property-specific terminology
4. Property Description: Detailed legal description of the property, including boundaries, lot number, and title details
5. Purchase Price and Payment Terms: Complete breakdown of the purchase price, payment schedule, and method of payment
6. Conditions Precedent: Prerequisites that must be satisfied before the transaction can proceed
7. Representations and Warranties: Statements of fact and assurances from both parties regarding the property and their capacity to enter into the agreement
8. Due Diligence: Buyer's right to investigate the property and related documentation
9. Closing Requirements: Documents and actions required to complete the transaction
10. Title Transfer: Process and requirements for transferring property title
11. Taxes and Expenses: Allocation of transaction costs, taxes, and fees
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
14. Notices: Communication requirements and contact details
15. Execution: Signature blocks and execution requirements
1. Broker Provisions: Include when real estate brokers are involved in the transaction
2. Tenant Rights: Include when the property has existing tenants with continuing rights
3. Environmental Matters: Include for properties with potential environmental concerns or requirements
4. Development Rights: Include when the property has unused development rights or pending approvals
5. Foreign Ownership Compliance: Include when any party is a foreign entity, addressing ownership restrictions
6. Financing Contingency: Include when the purchase is contingent on buyer obtaining financing
7. Property Management: Include for transactions involving ongoing management arrangements
8. Construction Requirements: Include when the property requires specific construction or renovation work
9. Easements and Rights of Way: Include when specific access rights or easements need to be addressed
10. Force Majeure: Include specific provisions for natural disasters or other unforeseeable events
1. Schedule A - Property Details: Technical description of the property, including surveys and plans
2. Schedule B - Title Documents: List of title documents and encumbrances
3. Schedule C - Due Diligence Documents: Checklist and copies of due diligence materials
4. Schedule D - Payment Schedule: Detailed breakdown of payment terms and installments
5. Schedule E - Permits and Licenses: List of required governmental permits and licenses
6. Schedule F - Environmental Reports: Environmental assessment reports and certificates
7. Schedule G - Property Inventory: List of fixtures, fittings, and equipment included in the sale
8. Schedule H - Outstanding Contracts: List of existing contracts affecting the property
9. Appendix 1 - Form of Transfer Documents: Ƶ for deed of sale and other transfer documents
10. Appendix 2 - Required Certifications: Forms for tax clearances and other required certificates
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property Development
Retail
Hospitality
Office Space Management
Industrial and Manufacturing
Banking and Finance
Insurance
Construction
Property Investment
Logistics and Warehousing
Relevant Teams
Legal
Real Estate
Property Management
Finance
Compliance
Risk Management
Operations
Business Development
Investment
Facilities Management
Relevant Roles
Real Estate Director
Chief Legal Officer
Property Development Manager
Commercial Property Manager
Investment Director
Facilities Manager
Real Estate Broker
Corporate Lawyer
Chief Financial Officer
Risk Management Officer
Compliance Manager
Property Acquisition Manager
Real Estate Investment Analyst
Asset Manager
Development Director
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