The Property Agreement serves as a fundamental legal instrument in Philippine real estate transactions, designed to protect the interests of all parties involved while ensuring compliance with local property laws and regulations. This document is essential when transferring, purchasing, or developing real estate in the Philippines, requiring careful attention to specific legal requirements such as proper property documentation, tax obligations, and ownership restrictions. The agreement must conform to the Civil Code of the Philippines, Property Registration Decree, and various local government regulations. It is particularly important given the unique aspects of Philippine property law, including restrictions on foreign ownership and special requirements for certain types of properties such as agricultural land or condominium units.
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1. Parties: Identification of all parties involved in the agreement, including their legal names, addresses, and capacity to contract
2. Background: Context of the agreement, including brief property history and purpose of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property, including lot number, boundaries, and technical description as per title
5. Consideration: Purchase price or other consideration, payment terms, and method of payment
6. Representations and Warranties: Statements of fact and guarantees by both parties regarding the property and their capacity to enter into the agreement
7. Title and Ownership: Provisions regarding transfer of title, clear title warranty, and existing encumbrances
8. Closing and Transfer: Process and requirements for completing the transaction and transferring ownership
9. Taxes and Expenses: Allocation of taxes, registration fees, and other transaction-related expenses
10. Governing Law: Specification of Philippine law as governing law and relevant jurisdiction
11. Dispute Resolution: Process for resolving disputes, including mediation or arbitration provisions
12. Execution: Signature blocks and notarization requirements
1. Financing Provisions: Include when purchase involves bank financing or installment payments
2. Development Obligations: Include when property requires development or construction work
3. Property Management: Include for agreements involving ongoing property management arrangements
4. Environmental Compliance: Include when property has specific environmental considerations or requirements
5. Homeowners Association: Include when property is part of a subdivision or condominium complex
6. Foreign Ownership Compliance: Include when any party is a foreign national or entity
7. Force Majeure: Include specific provisions for natural disasters common in the Philippines
8. Special Conditions: Include any property-specific conditions or requirements
1. Property Title: Copy of the Transfer Certificate of Title or other title document
2. Technical Description: Detailed technical description of the property boundaries and specifications
3. Tax Declarations: Current real property tax declarations and clearances
4. Property Photos: Recent photographs of the property and its improvements
5. Payment Schedule: Detailed schedule of payments if involving installment payments
6. Due Diligence Reports: Results of title search, technical inspection, and other due diligence
7. Permits and Certificates: Relevant permits, zoning certificates, and local government clearances
8. Power of Attorney: If any party is acting through an attorney-in-fact
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Urban Planning
Agriculture (for agricultural properties)
Commercial Real Estate
Residential Real Estate
Industrial Real Estate
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Business Development
Operations
Finance
Risk Management
Corporate Affairs
Facilities Management
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Developer
Legal Counsel
Corporate Lawyer
Real Estate Agent
Property Consultant
Compliance Officer
Real Estate Investment Manager
Land Registration Officer
Property Assessor
Real Estate Transaction Coordinator
Business Development Manager
Property Development Director
Legal Operations Manager
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