The Real Estate Security Agreement is a crucial document in Philippine property and financing transactions, used when real property is offered as collateral for a loan or other financial obligation. This agreement must comply with specific requirements under Philippine law, including the Civil Code, Property Registration Decree (PD 1529), and Act No. 3135 on extra-judicial foreclosure. It contains essential details about the mortgaged property, the secured obligations, rights and responsibilities of both mortgagor and mortgagee, and enforcement mechanisms. The document is particularly important in banking and real estate transactions, requiring registration with the Registry of Deeds and payment of documentary stamp tax. It provides lenders with security while ensuring property owners' rights are protected under Philippine law.
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1. Parties: Identification of the Mortgagor (property owner) and Mortgagee (lender), including their complete legal names, addresses, and legal capacity
2. Background: Context of the security agreement, reference to any underlying loan or credit agreement, and purpose of the security
3. Definitions: Definitions of key terms used throughout the agreement, including property-specific terminology and Philippine legal terms
4. Grant of Security Interest: Express creation of the security interest over the property, including the nature and extent of the security
5. Description of the Secured Property: Detailed legal description of the mortgaged property, including its location, boundaries, and title details
6. Secured Obligations: Description of the obligations being secured, including principal amount, interest, and other secured amounts
7. Representations and Warranties: Mortgagor's declarations regarding ownership, authority, and property condition
8. Covenants: Ongoing obligations of the Mortgagor regarding property maintenance, insurance, taxes, and other responsibilities
9. Events of Default: Circumstances constituting default under the agreement
10. Remedies: Rights and remedies of the Mortgagee upon default, including foreclosure rights under Philippine law
11. Registration and Stamp Duty: Provisions regarding registration requirements and payment of documentary stamp tax
12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
13. Execution: Formal execution block meeting Philippine notarial requirements
1. Assignment and Transfer: Include when the security interest may need to be assignable to other parties
2. Further Assurance: Include when additional documentation or actions may be required in the future
3. Power of Attorney: Include when the Mortgagee needs specific powers to act on behalf of the Mortgagor
4. Co-Mortgagor Provisions: Include when there are multiple property owners or guarantors
5. Existing Encumbrances: Include when the property has existing mortgages or liens
6. Insurance Requirements: Include detailed insurance requirements when the property requires specific coverage
7. Environmental Provisions: Include for commercial properties or when environmental risks exist
8. Leasehold Provisions: Include when the mortgaged property is subject to existing leases
1. Property Description Schedule: Detailed technical description of the property, including lot number, cadastral lot, and technical boundaries
2. Title Documents: Copy of the Transfer Certificate of Title or other title documentation
3. Payment Schedule: Schedule of secured obligations and payment terms
4. Tax Declarations: Current real property tax declarations and receipts
5. Insurance Policies: Copies of required insurance policies and endorsements
6. Property Photographs: Recent photographs of the property and improvements
7. Required Permits: Copies of relevant permits and certificates affecting the property
8. Special Power of Attorney: If applicable, SPA authorizing execution of the agreement
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate Development
Commercial Property
Residential Property
Construction
Agriculture (for agricultural land)
Industrial and Manufacturing
Hospitality and Tourism
Retail
Relevant Teams
Legal
Real Estate
Credit and Risk
Compliance
Corporate Secretariat
Finance
Operations
Property Management
Loan Administration
Documentation
Relevant Roles
Legal Counsel
Real Estate Manager
Credit Officer
Loan Officer
Property Manager
Risk Manager
Compliance Officer
Corporate Secretary
Chief Legal Officer
Chief Financial Officer
Real Estate Developer
Banking Officer
Mortgage Specialist
Property Assessor
Title Examiner
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