The Lot Payment Agreement is a crucial document used in Philippine real estate transactions where property is purchased through installment payments rather than a single lump sum. This agreement type is particularly common in residential and commercial lot purchases, providing a structured framework for both parties while ensuring compliance with Philippine property laws, particularly the Maceda Law (Republic Act No. 6552) which protects buyers' rights in installment purchases. The document typically includes detailed property descriptions, payment schedules, buyer and seller obligations, default provisions, and title transfer conditions. It's essential for protecting both parties' interests and ensuring legal compliance in property transactions involving periodic payments.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal capacities
2. Background: Establishes the context of the agreement, including the Seller's ownership of the property and the Buyer's intention to purchase
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Property Description: Detailed description of the lot including location, boundaries, and technical specifications
5. Purchase Price: States the total purchase price and detailed breakdown of costs
6. Payment Terms: Specifies the payment schedule, installment amounts, and payment methods
7. Rights and Obligations of the Seller: Outlines the Seller's commitments, including property delivery and documentation
8. Rights and Obligations of the Buyer: Details the Buyer's responsibilities, including payment obligations and property maintenance
9. Default and Remedies: Addresses consequences of default and available remedies, incorporating Maceda Law provisions
10. Transfer of Title: Conditions and process for the transfer of property title upon completion of payments
11. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction-related expenses
12. Governing Law: Specifies Philippine law as governing law and relevant jurisdictional matters
13. Entire Agreement: Standard clause confirming the agreement represents the complete understanding between parties
14. Execution: Signature blocks and notarization requirements
1. Property Insurance: Required when insurance of the property during the payment period is agreed upon
2. Construction Terms: Needed if the lot includes or permits future construction
3. Association Dues: Required for lots within subdivisions or developments with homeowners' associations
4. Assignment Rights: Include when parties want to specify terms for transferring rights under the agreement
5. Force Majeure: Optional clause addressing unforeseen circumstances affecting contract performance
6. Broker Provisions: Required when a real estate broker is involved in the transaction
7. Environmental Compliance: Necessary for properties subject to specific environmental regulations
1. Schedule A - Property Details: Technical description of the lot, including survey plans and boundaries
2. Schedule B - Payment Schedule: Detailed amortization table showing all payment dates and amounts
3. Schedule C - Property Documents: List of all property-related documents including titles, tax declarations, and certificates
4. Schedule D - Development Plans: If applicable, plans showing future development of the area or subdivision
5. Appendix 1 - Property Photos: Recent photographs of the lot and surrounding area
6. Appendix 2 - Required Permits: Copies of relevant permits and certificates from local authorities
7. Appendix 3 - Tax Certificates: Current tax clearances and certificates related to the property
Relevant legal definitions
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Relevant Industries
Real Estate
Property Development
Construction
Financial Services
Urban Planning
Legal Services
Property Management
Land Development
Relevant Teams
Legal
Real Estate
Sales
Finance
Compliance
Property Management
Land Development
Contract Administration
Risk Management
Relevant Roles
Real Estate Agent
Property Developer
Real Estate Lawyer
Property Manager
Sales Director
Legal Counsel
Contract Administrator
Land Development Manager
Real Estate Broker
Financial Controller
Compliance Officer
Title Officer
Property Assessor
Real Estate Investment Manager
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