The Land Purchase Agreement serves as the primary legal instrument for real estate transactions in the Philippines, documenting the transfer of land ownership between parties. It is essential for any land acquisition transaction and must comply with various Philippine laws including the Civil Code, Land Registration Act, and local government regulations. This document is used when parties have agreed to the fundamental terms of a land sale and need to formalize the transaction. The agreement includes crucial details such as property description, price, payment terms, warranties, and transfer procedures. It must address specific Philippine requirements such as citizenship restrictions on land ownership, tax obligations, and local government clearances. The document requires notarization and registration with the Land Registration Authority to be legally effective.
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1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, citizenship, and addresses as required by Philippine law
2. Background: Context of the transaction, including brief history of the property ownership and purpose of the sale
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the land including lot number, survey number, title details, boundaries, and technical description as per land title
5. Purchase Price: Total consideration and detailed payment terms including method and schedule of payments
6. Mode of Payment: Specific provisions on how payments will be made, including bank details and acceptable payment methods
7. Conditions of Sale: Essential conditions that must be met for the sale to proceed
8. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts
9. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
10. Delivery of Possession: Terms and timing for transferring physical possession of the property
11. Title Transfer: Process and timeline for transferring legal title to the buyer
12. Default and Remedies: Consequences of breach and available remedies for either party
13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictions
14. Execution: Signature blocks with requirements for notarization as per Philippine law
1. Broker Provisions: Include when a licensed real estate broker is involved in the transaction
2. Environmental Matters: Include when the property requires environmental clearances or has environmental issues
3. Agricultural Land Conversion: Include when the land is classified as agricultural and requires conversion for intended use
4. Indigenous Peoples' Rights: Include when the property is within or adjacent to ancestral domains
5. Foreign Ownership Compliance: Include when the buyer is a foreign national or entity
6. Existing Tenants: Include when the property has existing tenants or occupants
7. Development Obligations: Include when the purchase includes requirements for future development
8. Zoning Compliance: Include when specific zoning requirements affect the property's use
9. Mortgage Release: Include when the property has existing mortgages that need to be discharged
1. Property Documents: Copy of title, tax declarations, and technical description of the property
2. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
3. Due Diligence Results: Summary of title search, technical inspection, and other due diligence findings
4. Property Survey: Recent survey plans and technical descriptions
5. Tax Certificates: Current real property tax certificates and clearances
6. Permits and Licenses: Copies of relevant permits, licenses, and zoning certificates
7. Photos and Maps: Recent photographs of the property and location maps
8. Power of Attorney: If applicable, documents authorizing representatives to act for either party
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Agriculture
Construction
Property Development
Banking & Finance
Industrial & Manufacturing
Hospitality & Tourism
Retail
Education
Healthcare
Energy & Resources
Infrastructure
Logistics & Warehousing
Relevant Teams
Legal
Real Estate
Compliance
Finance
Business Development
Property Management
Project Development
Investment
Operations
Risk Management
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Land Developer
Compliance Officer
Contract Manager
Legal Counsel
Business Development Manager
Investment Manager
Project Manager
Real Estate Analyst
Corporate Secretary
Chief Legal Officer
Chief Financial Officer
Real Estate Director
Acquisitions Manager
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