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Board Resolution To Purchase Property for Philippines

Board Resolution To Purchase Property Template for Philippines

A formal corporate document governed by Philippine law that evidences the board of directors' approval and authorization for the purchase of real property. This resolution, drafted in compliance with the Revised Corporation Code of the Philippines, outlines the specific details of the property acquisition, purchase terms, and delegates authority to specific corporate officers to execute the transaction. The document serves as official proof of corporate action and is typically required by government agencies, banks, and other institutions involved in the property transaction process.

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Board Resolution To Purchase Property

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What is a Board Resolution To Purchase Property?

A Board Resolution To Purchase Property is a crucial corporate document required under Philippine law when a corporation intends to acquire real property. This document is mandated by the Revised Corporation Code of the Philippines and demonstrates that the decision to purchase property has been properly deliberated and approved by the corporation's board of directors. It serves multiple purposes: documenting corporate governance compliance, providing authorization for designated officers to execute the purchase, and serving as evidence of the corporation's intention and capacity to enter into the property transaction. The resolution typically includes specific details about the property, purchase terms, and the scope of authority granted to corporate officers. This document is essential for property registration, bank financing, and regulatory compliance in the Philippines.

What sections should be included in a Board Resolution To Purchase Property?

1. Title and Corporate Details: Formal title of the resolution, corporation name, registration details, and address

2. Meeting Details: Date, time, location of the board meeting, and statement of proper notice given

3. Attendance and Quorum: List of present and absent board members, confirmation of quorum requirements being met

4. Preamble: Introduction stating the purpose of the resolution and corporate authority to purchase property

5. Property Details: Complete description of the property being purchased, including location, boundaries, and title details

6. Purchase Terms: Purchase price, payment terms, and key conditions of the purchase

7. Authority Grant: Specific powers granted to designated officers to execute the purchase and related documents

8. Certification: Statement certifying that the resolution was duly passed, with secretary's attestation

9. Signatures: Space for required signatures of board members and corporate secretary

What sections are optional to include in a Board Resolution To Purchase Property?

1. Financing Details: Include when the purchase involves loans or specific financing arrangements

2. Special Conditions: Add when there are specific conditions precedent or subsequent to the purchase

3. Due Diligence Findings: Include when referring to specific findings from property investigations or audits

4. Regulatory Compliance: Add when specific regulatory requirements need to be addressed

5. Delegation of Additional Powers: Include when additional authority needs to be granted beyond standard purchase powers

6. Corporate Benefit Statement: Add when there's a need to explicitly state how the purchase benefits the corporation

What schedules should be included in a Board Resolution To Purchase Property?

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

2. Title Documents: Copies of relevant property titles and certification of title status

3. Valuation Report: Summary or full copy of property valuation reports

4. Board Meeting Minutes: Extract of the relevant board meeting minutes where the resolution was passed

5. Officer Authorization List: List of authorized officers with specific powers granted for the transaction

6. Due Diligence Reports: Summary of technical, legal, and financial due diligence findings

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

Board Resolution

Cost

Free to use
Relevant legal definitions




















Clauses




















Relevant Industries

Real Estate

Manufacturing

Retail

Banking and Finance

Healthcare

Education

Hospitality

Technology

Construction

Agriculture

Mining

Energy

Telecommunications

Logistics

Professional Services

Relevant Teams

Legal

Compliance

Corporate Secretariat

Finance

Real Estate

Facilities Management

Risk Management

Corporate Governance

Administrative Services

Property Management

Relevant Roles

Board Director

Corporate Secretary

Chief Executive Officer

Chief Financial Officer

Legal Counsel

Compliance Officer

Real Estate Manager

Property Manager

Corporate Treasurer

Risk Manager

Company President

Vice President for Operations

Corporate Governance Officer

Facilities Manager

Administrative 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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