The Simple Land Contract Purchase Agreement is a fundamental legal instrument used in Philippine real estate transactions to formalize the transfer of land ownership. This document is essential when any individual or entity wishes to purchase land in the Philippines, requiring careful consideration of local property laws, ownership restrictions, and registration requirements. The agreement must comply with the Civil Code of the Philippines, the Property Registration Decree, and various local government regulations. It includes crucial details such as property description, purchase price, payment terms, and conditions for title transfer, while ensuring adherence to Philippine constitutional restrictions on foreign land ownership. The document is particularly important for protecting both parties' interests by clearly stating their rights and obligations, and establishing the framework for a legally valid property transfer.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal names, addresses, and citizenship status (crucial due to Philippine foreign ownership restrictions)
2. Background: Establishes the context of the agreement, including the Seller's ownership of the property and intention to sell
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Property Description: Detailed description of the land being sold, including lot number, survey number, title details, and boundaries
5. Purchase Price: States the agreed purchase price and payment terms, including any deposits or installment arrangements
6. Payment Terms: Details the structure and schedule of payments, including deposit, down payment, and balance payment arrangements
7. Conditions Precedent: Lists conditions that must be met before the sale can proceed, including title verification and payment of taxes
8. Representations and Warranties: Statements by both parties regarding their capacity to enter into the agreement and the property's legal status
9. Closing Requirements: Lists documents and actions required to complete the transfer of ownership
10. Transfer of Title: Specifies the process and timing for transferring the property title to the Buyer
11. Taxes and Expenses: Allocates responsibility for various taxes and fees related to the transaction
12. Default and Remedies: Describes what constitutes default and the available remedies for both parties
13. Governing Law: Confirms that Philippine law governs the agreement
14. Execution: Formal closing section for signatures, including space for witnesses and notarization
1. Broker Involvement: Include when a real estate broker is involved in the transaction, detailing their role and commission
2. Financing Contingency: Include when the purchase is contingent on the Buyer obtaining financing
3. Title Insurance: Include when title insurance is being obtained (though uncommon in the Philippines)
4. Property Inspection: Include when there's a need for property inspection period and related conditions
5. Occupancy and Possession: Include when there are specific arrangements regarding current occupants or delayed possession
6. Improvements and Fixtures: Include when there are specific agreements about existing improvements or fixtures
7. Environmental Matters: Include when environmental issues or assessments are relevant to the property
8. Corporate Authority: Include when either party is a corporation, requiring proof of authority to enter into the agreement
1. Schedule A - Property Details: Technical description of the property, including certified survey plan and boundaries
2. Schedule B - Title Documents: Copy of the current title and historical title documents
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms and dates if involving installments
4. Schedule D - Permits and Certificates: Copies of relevant permits, tax declarations, and certificates
5. Appendix 1 - Property Photos: Recent photographs of the property and its boundaries
6. Appendix 2 - Tax Receipts: Proof of payment of real property taxes and other relevant taxes
7. Appendix 3 - Special Power of Attorney: If any party is acting through an attorney-in-fact
8. Appendix 4 - Corporate Documents: If any party is a corporation, relevant corporate authorizations and documents
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Agriculture
Banking and Finance
Legal Services
Investment
Tourism and Hospitality
Industrial
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Business Development
Investment
Operations
Finance
Risk Management
Corporate Affairs
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Land Developer
Investment Manager
Corporate Executive
Compliance Officer
Title Examiner
Real Estate Broker
Property Consultant
Land Surveyor
Business Development Manager
Real Estate Investor
Notary Public
Contract Administrator
Real Estate Paralegal
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