The Property Assignment Agreement is a crucial legal instrument in Philippine property law used to document and effectuate the transfer of property rights from one party to another. This document is essential when transferring ownership of real estate, ensuring compliance with the Civil Code of the Philippines, Property Registration Decree, and local government regulations. It becomes necessary in various scenarios including corporate restructuring, family property transfers, or commercial property transactions. The agreement must detail the property specifications, rights being transferred, consideration, and obligations of both parties. It requires proper execution before a notary public and subsequent registration with appropriate government agencies to be legally binding. The document must also address tax implications and any required clearances from relevant authorities in the Philippines.
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1. Parties: Identification of the Assignor and Assignee with complete legal names and addresses as required under Philippine law
2. Background: Context of the assignment, including the Assignor's ownership/title details and reason for transfer
3. Definitions: Definitions of key terms used throughout the agreement, including Property, Effective Date, and other relevant terms
4. Assignment: Clear statement of the transfer of all rights, title, and interest in the Property from Assignor to Assignee
5. Consideration: Details of the payment or other consideration for the assignment, including payment terms and method
6. Representations and Warranties: Assignor's warranties regarding ownership, authority to transfer, and property condition
7. Delivery and Transfer: Process and timing for physical and legal transfer of the property, including documentation requirements
8. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other costs associated with the assignment
9. Governing Law: Specification of Philippine law as governing law and jurisdiction
10. Execution: Formal execution block meeting Philippine notarial requirements
1. Due Diligence: Used when the agreement includes specific provisions about property inspection and verification processes
2. Encumbrances: Required when the property has existing liens, mortgages, or other encumbrances that need to be addressed
3. Conditions Precedent: Include when the assignment is subject to fulfillment of specific conditions before completion
4. Environmental Matters: Necessary for properties with potential environmental issues or compliance requirements
5. Agrarian Reform Compliance: Required for agricultural land subject to CARL provisions
6. Third Party Consents: Include when the assignment requires approval from other parties or government agencies
7. Post-Assignment Obligations: Used when parties have continuing obligations after the assignment is completed
1. Property Description: Detailed technical description of the property including boundaries, area, and TCT/CCT number
2. Title Documents: Copies of property titles, tax declarations, and other ownership documents
3. Tax Certificates: Current real property tax clearances and tax declarations
4. Property Photos: Recent photographs of the property and its improvements
5. Permits and Licenses: Copies of relevant permits, licenses, and certificates affecting the property
6. Payment Schedule: If payment is in installments, detailed schedule of payments and terms
7. Encumbrance Details: If applicable, list and details of existing encumbrances on the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Agriculture
Commercial Property
Industrial
Residential Property
Construction
Infrastructure
Hospitality
Retail
Manufacturing
Energy and Resources
Relevant Teams
Legal
Real Estate
Compliance
Corporate Secretarial
Finance
Operations
Property Management
Facilities Management
Asset Management
Risk Management
Documentation
Administration
Relevant Roles
Real Estate Lawyer
Property Manager
Corporate Counsel
Legal Director
Real Estate Agent
Property Developer
Compliance Officer
Land Registration Officer
Real Estate Transaction Manager
Asset Manager
Chief Legal Officer
Facilities Manager
Real Estate Investment Manager
Property Administrator
Title Examiner
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