A Promissory Note For House Payment is a critical document in Philippine real estate transactions where property is purchased through installment payments. This document is commonly used when buyers cannot make full upfront payments for property purchases, requiring a structured payment plan. It must comply with Philippine laws, including the Civil Code of the Philippines, the Maceda Law (RA 6552), and relevant banking regulations. The document typically includes detailed payment terms, interest calculations, default provisions, and property descriptions. It serves as evidence of debt and can be used for enforcement purposes if payment defaults occur. The note should incorporate mandatory buyer protections required by Philippine law, such as grace periods for payments and rights regarding installment purchases. This type of document is particularly relevant in the growing Philippine real estate market, where installment payments are becoming increasingly common for property acquisitions.
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1. Parties: Identification of the Maker (debtor/promisor) and Payee (creditor/promisee) with complete legal names and addresses
2. Promise to Pay: Clear statement of the unconditional promise to pay, including the principal amount in both numbers and words
3. Payment Terms: Detailed payment schedule including installment amounts, due dates, and total number of payments
4. Interest Rate: Specification of interest rate (if any), ensuring compliance with Philippine usury laws
5. Security/Collateral: Description of the property serving as security for the note, including complete property details and title information
6. Default Provisions: Conditions constituting default and consequences, including grace periods as required by the Maceda Law
7. Remedies: Rights and remedies of the Payee in case of default, subject to Philippine law restrictions
8. Execution: Date and signature blocks for all parties, with space for witness signatures and notarization
1. Prepayment Provisions: Terms for early payment or additional payments, include when early payment options are desired
2. Late Payment Charges: Specific penalties or fees for late payments, include when additional enforcement mechanisms are needed
3. Assignment Clause: Terms regarding the right to assign the note, include when the note may need to be transferred
4. Insurance Requirements: Property insurance requirements and terms, include when specific insurance coverage is required
5. Attorney's Fees: Provisions for recovery of legal costs in case of enforcement, include when litigation risk is high
6. Co-Maker Provisions: Terms applying to co-makers or guarantors, include when additional security is required
1. Payment Schedule: Detailed amortization table showing all payment dates, principal and interest breakdowns
2. Property Description: Complete technical description of the property including boundaries, title details, and encumbrances
3. Property Valuation: Professional appraisal or agreed value of the property serving as security
4. Proof of Ownership: Copy of the title or other ownership documents of the property
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Promissory Note For House Payment
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A Philippine law-governed financial instrument establishing a senior-ranking promise to pay a specified sum with defined terms and conditions.
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