The Real Estate Mortgage Contract is a crucial legal document used in the Philippines when a property owner seeks to obtain financing using their real estate as collateral. This contract type is commonly used in both commercial and residential property transactions and must comply with Philippine civil law requirements, including the Civil Code, Property Registration Decree, and banking regulations. The document specifies the terms of the mortgage, including property details, loan amount, interest rates, payment schedules, and default provisions. It provides security for lenders while allowing property owners to access financing. The contract must be properly executed, notarized, and registered with the Registry of Deeds to be legally enforceable under Philippine law.
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1. Parties: Identification of the Mortgagor and Mortgagee with complete details including names, addresses, and legal capacity
2. Background: Context of the mortgage agreement, including brief description of the property and purpose of the mortgage
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the mortgaged property, including location, boundaries, and certificate of title number
5. Loan Details: Specifics of the loan secured by the mortgage, including principal amount, interest rate, and payment terms
6. Security Interest: Creation and extent of the mortgage security interest over the property
7. Representations and Warranties: Mortgagor's declarations regarding ownership, authority to mortgage, and property condition
8. Covenants: Ongoing obligations of the Mortgagor regarding property maintenance, insurance, and payment of taxes
9. Events of Default: Circumstances constituting default and consequences thereof
10. Remedies: Rights and remedies of the Mortgagee upon default, including foreclosure rights
11. Registration and Notarization: Requirements for registration with the Registry of Deeds and notarization
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and notarial acknowledgment
1. Construction Provisions: Used when the property is under construction or development, specifying completion requirements and related obligations
2. Environmental Matters: Required for properties with potential environmental issues or compliance requirements
3. Co-Mortgagor Provisions: Included when there are multiple owners or co-mortgagors of the property
4. Assignment and Transfer: Details on the ability to assign or transfer the mortgage, particularly relevant for commercial properties
5. Insurance Requirements: Detailed insurance provisions beyond standard coverage, needed for high-value or special-use properties
6. Property Management: Required for income-generating properties or when specific maintenance standards must be met
7. Subordination Provisions: Needed when there are multiple mortgages or liens on the property
1. Property Description Schedule: Detailed technical description of the property, including lot plans and boundaries
2. Payment Schedule: Amortization table showing payment dates, principal and interest breakdowns
3. Insurance Requirements Schedule: Detailed list of required insurance coverage, terms, and conditions
4. Title Documents: Copies of property title and other ownership documents
5. Property Valuation Report: Professional appraisal or valuation of the mortgaged property
6. Permits and Licenses: Copies of relevant permits, licenses, and certificates affecting the property
7. Photos and Plans: Visual documentation of the property, including photographs and architectural plans
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Construction & Development
Legal Services
Insurance
Property Management
Commercial Property
Residential Property
Agriculture (for agricultural land mortgages)
Industrial & Manufacturing
Relevant Teams
Legal
Real Estate
Credit Risk
Loan Operations
Compliance
Property Management
Documentation
Business Development
Mortgage Processing
Due Diligence
Relevant Roles
Legal Counsel
Real Estate Lawyer
Bank Manager
Loan Officer
Real Estate Broker
Property Manager
Mortgage Specialist
Credit Risk Officer
Legal Documentation Officer
Compliance Officer
Real Estate Developer
Property Appraiser
Banking Executive
Notary Public
Title Examiner
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