The Purchase Money Deed of Trust is a crucial document in Philippine real estate financing, used when a borrower requires funding to purchase property and the same property serves as collateral for the loan. This security instrument is particularly relevant in the Philippine jurisdiction, where it operates under the Civil Code, Property Registration Decree, and related property laws. The document is utilized when the loan is specifically for purchasing the property being used as security, distinguishing it from other types of real estate security instruments. It includes detailed provisions about the property, loan terms, rights and obligations of all parties, default remedies, and foreclosure procedures. The Purchase Money Deed of Trust must comply with Philippine notarial requirements and registration procedures to be legally enforceable.
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1. Parties: Identifies the Borrower (Trustor), Lender (Beneficiary), and Trustee with their complete legal names and addresses
2. Background: Outlines the context of the transaction, including the purchase of the property and the loan arrangement
3. Definitions: Defines key terms used throughout the document
4. Property Description: Detailed legal description of the property being used as security
5. Loan Terms: Specifies the loan amount, interest rate, payment schedule, and maturity date
6. Security Grant: Formal conveyance of the property in trust as security for the loan
7. Borrower's Covenants: Obligations of the borrower including maintenance, insurance, taxes, and property use restrictions
8. Default Provisions: Defines events of default and their consequences
9. Remedies: Details the lender's rights and remedies upon default, including foreclosure process
10. Insurance and Tax Requirements: Specific requirements for property insurance and payment of taxes
11. Notice Requirements: Procedures for giving notice between parties
12. Governing Law: Specifies Philippine law as governing law and jurisdiction
1. Due on Sale Clause: Optional provision preventing transfer of property without lender's consent
2. Acceleration Clause: Optional provision allowing lender to demand full payment under specified circumstances
3. Escrow Requirements: Optional section for when escrow arrangements are needed for taxes and insurance
4. Construction Provisions: Used when the property involves ongoing or future construction
5. Environmental Warranties: Important for commercial properties or properties with potential environmental concerns
6. Condominium Provisions: Required when the property is a condominium unit
7. Assignment and Substitution: Provisions for changing trustees or assigning beneficial interests
1. Schedule A - Property Description: Detailed technical legal description of the property including boundaries, certificates of title, and tax declaration numbers
2. Schedule B - Payment Schedule: Amortization table showing payment dates, amounts, and interest calculations
3. Schedule C - Permitted Encumbrances: List of any existing liens or encumbrances allowed to remain on the property
4. Schedule D - Insurance Requirements: Detailed specifications for required insurance coverage
5. Appendix 1 - Property Documents: Copies of relevant property documents including tax certificates and title
6. Appendix 2 - Required Permits: Copies of necessary permits and certificates related to the property
7. Appendix 3 - Property Photos: Recent photographs of the property for documentation purposes
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