The Option To Purchase Property Agreement is a crucial legal instrument in Philippine real estate transactions, providing a structured mechanism for securing future property acquisition rights. This document is typically used when a potential buyer needs time to arrange financing, conduct due diligence, or satisfy other conditions before committing to a full purchase, while ensuring the property cannot be sold to another party during the option period. The agreement must conform to Philippine civil law requirements, including proper execution before a notary public and compliance with foreign ownership restrictions if applicable. It contains essential elements such as property description, option period, purchase price, payment terms, and exercise conditions, along with provisions for title verification and transfer procedures. This document is particularly valuable in commercial real estate transactions, development projects, and strategic property acquisitions in the Philippines.
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1. Parties: Identification of the Property Owner (Grantor) and the Option Holder (Grantee), 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 the parties' intention to enter into an option arrangement
3. Definitions: Key terms used throughout the agreement, including 'Option Period', 'Purchase Price', 'Option Fee', and other relevant terms
4. Grant of Option: Explicit statement granting the exclusive right to purchase the property within the specified option period
5. Property Description: Detailed legal description of the property, including lot number, location, boundaries, and title certificate details
6. Option Period: Duration of the option, including start and end dates, and any conditions for extension
7. Option Fee: Amount of option fee, payment terms, and whether it will be applied to the purchase price
8. Purchase Price: Total purchase price of the property and payment terms if the option is exercised
9. Exercise of Option: Process and requirements for exercising the option, including notice requirements and form of exercise
10. Title and Documentation: Seller's warranties regarding property title and required documentation
11. Default and Termination: Consequences of default by either party and circumstances for termination
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Formal execution block meeting Philippine notarial requirements
1. Due Diligence: Terms allowing the option holder to conduct property investigations and inspections, used when the buyer needs to verify property condition or legal status
2. Assignability: Terms regarding whether the option can be assigned to third parties, included when transfer rights are negotiated
3. Property Maintenance: Obligations regarding property maintenance during the option period, used for longer option terms
4. Broker Provisions: Terms regarding real estate broker involvement and commissions, included when brokers are involved
5. Environmental Matters: Environmental warranties and indemnities, used for commercial properties or properties with potential environmental concerns
6. Existing Tenancies: Details of any existing lease agreements or occupants, included when the property is currently tenanted
7. Foreign Ownership Compliance: Special provisions ensuring compliance with Philippine foreign ownership restrictions, used when the option holder is foreign
1. Property Details Schedule: Comprehensive technical description of the property, including lot plans and technical specifications
2. Title Documents: Copy of the Transfer Certificate of Title or other relevant title documents
3. Payment Schedule: Detailed breakdown of payment terms and schedule if the option is exercised
4. Property Photographs: Recent photographs of the property and its relevant features
5. Due Diligence Documents: List of documents provided for due diligence, including tax declarations and permits
6. Form of Option Exercise Notice: Template notice for exercising the option
7. Power of Attorney: If applicable, power of attorney documents authorizing representatives to act for either party
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property Development
Residential Property Development
Industrial Development
Retail
Hospitality
Agriculture
Mining
Manufacturing
Infrastructure Development
Education (for institutional properties)
Healthcare (for medical facilities)
Relevant Teams
Legal
Real Estate
Property Management
Business Development
Finance
Acquisitions
Investment
Compliance
Project Management
Risk Management
Relevant Roles
Real Estate Manager
Property Development Director
Legal Counsel
Corporate Lawyer
Real Estate Broker
Property Acquisitions Manager
Business Development Manager
Investment Manager
Chief Financial Officer
Real Estate Project Manager
Land Acquisition Specialist
Property Portfolio Manager
Asset Manager
Development Director
Real Estate Investment Analyst
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