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The Option To Purchase Form is a critical document in Philippine real estate transactions, used when a potential buyer needs to secure the right to purchase a property while finalizing financing, conducting due diligence, or meeting other conditions precedent to the sale. This document is particularly relevant in both commercial and residential property transactions where immediate purchase is not feasible or desired. The form must comply with Philippine property laws, including the Civil Code, the Maceda Law, and relevant tax regulations. It typically includes detailed property descriptions, purchase price, option period duration, exercise requirements, and payment terms. The Option To Purchase Form serves as a preliminary step to a full property sale, providing security for the potential buyer while giving the seller a commitment backed by consideration.

1. Parties: Identification of the Option Grantor (property owner) and Option Holder (potential buyer), including complete names, addresses, and civil status as required under Philippine law

2. Background: Context of the agreement, including brief description of the property and parties' intention to enter into an option arrangement

3. Definitions: Key terms used in the agreement, including 'Option Period', 'Purchase Price', 'Property', and 'Exercise Notice'

4. Property Description: Detailed legal description of the property, including title number, boundaries, and technical description as per land registration records

5. Option Grant: Express grant of the option to purchase, specifying the exclusivity of the right

6. Option Period: Duration of the option, including specific start and end dates

7. Option Price: Amount paid for the option right itself, payment terms, and whether it's applicable to the purchase price

8. Purchase Price: Total purchase price of the property if the option is exercised, including payment terms and conditions

9. Exercise of Option: Process and requirements for exercising the option, including notice requirements and timing

10. Default and Termination: Consequences of default by either party and circumstances for termination

11. Representations and Warranties: Standard warranties about property ownership, authority to sell, and condition of the property

12. Execution Process: Requirements for formal execution, including notarization requirements under Philippine law