The Release of Contract Form (Real Estate) is an essential legal document used in the Philippine real estate sector when parties wish to formally terminate their contractual obligations related to property transactions. This document is particularly relevant when buyers and sellers need to mutually agree to end their contract, when property deals need to be cancelled due to unforeseen circumstances, or when parties need to document the successful completion of their obligations. It must comply with Philippine property laws, including the Civil Code of the Philippines and the Property Registration Decree, and requires notarization to be legally valid. The document typically includes detailed information about the property, the original contract, any financial settlements, and specific releases from obligations. It serves as crucial protection for all parties by preventing future claims and clearly documenting the termination of the contractual relationship.
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1. Parties: Identification of all parties involved, including the complete legal names and addresses of both the releasor and releasee
2. Background: Details of the original contract being released, including date of execution, property details, and reference numbers
3. Definitions: Clear definitions of key terms used in the release document
4. Release Statement: Clear and unequivocal statement of release from the contract obligations
5. Consideration: Details of any payment or consideration given in exchange for the release
6. Mutual Releases: Statements releasing both parties from future claims related to the original contract
7. Property Details: Specific description of the real estate property involved, including lot number, title details, and location
8. Effective Date: Clear statement of when the release takes effect
9. Governing Law: Specification that Philippine law governs the release
10. Execution: Signature blocks for all parties and notary public attestation
1. Surviving Obligations: Used when certain obligations from the original contract need to survive the release
2. Return of Documents: Include when there are specific requirements for returning original documents or property titles
3. Confidentiality: Used when parties wish to maintain confidentiality about the terms of the release or original contract
4. Tax Provisions: Include when there are specific tax implications or responsibilities that need to be addressed
5. Dispute Resolution: Optional section for specifying how any future disputes about the release will be handled
6. Partial Release: Used when only certain aspects of the original contract are being released while others remain in effect
1. Schedule A - Original Contract: Copy or key details of the original contract being released
2. Schedule B - Property Documents: Copies of relevant property titles, tax declarations, and other property-related documents
3. Schedule C - Settlement Statement: If applicable, detailed breakdown of any financial settlements or payments
4. Schedule D - Outstanding Obligations: List of any remaining obligations or conditions that survive the release
5. Appendix 1 - Required Governmental Clearances: Copies of any required government clearances or permits
6. Appendix 2 - Power of Attorney: If applicable, documentation of authority to execute the release on behalf of any party
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Commercial Property
Residential Property
Real Estate Investment
Property Consulting
Relevant Teams
Legal
Real Estate Operations
Property Management
Compliance
Contract Administration
Documentation
Business Development
Asset Management
Risk Management
Corporate Services
Relevant Roles
Real Estate Attorney
Property Manager
Real Estate Agent
Legal Counsel
Contract Administrator
Property Developer
Real Estate Broker
Compliance Officer
Real Estate Transaction Manager
Property Administrator
Legal Director
Real Estate Operations Manager
Documentation Specialist
Real Estate Partnership Manager
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