The Contract for Land Purchase is a crucial legal document used in the Philippines when transferring land ownership from one party to another. It is essential for any real estate transaction involving land and must comply with various Philippine laws, including the Civil Code, Property Registration Decree, and Local Government Code. The document is particularly important as land ownership in the Philippines is subject to specific regulations, including restrictions on foreign ownership and potential agrarian reform considerations. This contract type includes detailed property descriptions, purchase terms, conditions precedent, and closing requirements, ensuring that the transaction meets all legal requirements for registration with the Land Registration Authority. It's commonly used in both private and commercial transactions, requiring careful attention to local zoning laws, tax implications, and proper documentation for title transfer.
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1. Parties: Identification of the seller and buyer with complete details as required by Philippine law
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the land including boundaries, area, and title details
5. Purchase Price: Agreed purchase price and payment structure
6. Payment Terms: Detailed payment schedule, method of payment, and any installment arrangements
7. Conditions Precedent: Conditions that must be met before the sale can proceed
8. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts
9. Closing Requirements: Documents and actions required to complete the transfer of ownership
10. Transfer of Title: Process and obligations regarding the transfer of title to the buyer
11. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
14. Execution: Signature blocks and notarization requirements
1. Broker Provisions: Include when a real estate broker is involved in the transaction
2. Existing Tenancies: Include when the property has current tenants and their rights need to be addressed
3. Environmental Matters: Include when there are environmental concerns or requirements
4. Development Restrictions: Include when the property is subject to specific zoning or development restrictions
5. Foreign Ownership Compliance: Include when buyer is a foreign national or entity
6. Agrarian Reform Compliance: Include when property may be subject to agrarian reform laws
7. Financing Contingency: Include when purchase is contingent on buyer obtaining financing
8. Survey Requirements: Include when a new survey is required or existing survey needs verification
1. Property Title: Copy of the current title certificate and title history
2. Technical Description: Detailed technical description of the property boundaries and coordinates
3. Tax Declarations: Current and historical tax declarations for the property
4. Property Survey: Recent survey plan approved by a licensed geodetic engineer
5. Permits and Certificates: Relevant permits, certificates, and clearances from local authorities
6. Payment Schedule: Detailed schedule of payments if involving installments
7. Due Diligence Reports: Results of title search, technical inspection, and other due diligence
8. Photos and Maps: Recent photographs of the property and location maps
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Agriculture
Commercial Development
Industrial Development
Residential Development
Tourism and Hospitality
Retail
Manufacturing
Logistics and Warehousing
Infrastructure
Energy and Utilities
Education
Relevant Teams
Legal
Real Estate
Property Development
Finance
Compliance
Operations
Business Development
Facilities Management
Investment
Risk Management
Relevant Roles
Real Estate Manager
Property Development Manager
Legal Counsel
Corporate Lawyer
Land Acquisition Specialist
Real Estate Broker
Property Manager
Business Development Manager
Chief Financial Officer
Investment Manager
Compliance Officer
Real Estate Development Director
Facilities Manager
Operations Manager
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