A Release of Memorandum of Contract is a crucial document in Philippine property transactions used when parties need to formally terminate and remove a previously recorded memorandum from property records. This document is typically required when the original contract has been fulfilled, terminated, or when parties mutually agree to cancel the memorandum's annotation on the property title. The release must comply with Philippine property laws, particularly the Property Registration Decree (PD 1529) and LRA regulations. It contains essential details such as property information, original contract references, and explicit release language. This document is commonly used in real estate transactions, property development, and financing arrangements where clearing title records is necessary for subsequent transactions or compliance purposes.
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1. Parties: Identification of all parties involved, including the original parties to the memorandum of contract being released
2. Background: Details of the original memorandum of contract, including date of execution, registration details, and property description
3. Definitions: Key terms used in the release document, including reference to the original contract and property details
4. Release Declaration: Formal statement releasing and discharging the memorandum of contract from the property's title
5. Property Details: Specific details of the affected property, including title number, location, and boundaries
6. Registration Authorization: Authorization for the Register of Deeds to cancel or release the memorandum from the title
7. Execution: Signature blocks and notarial acknowledgment section
1. Consideration: Include when there is payment or other consideration for the release
2. Representations and Warranties: Include when additional assurances are required regarding authority to release or status of the contract
3. Further Assurances: Include when parties need to commit to additional actions to perfect the release
4. Governing Law: Include when there are multiple jurisdictions involved or when specifically requested by parties
1. Copy of Original Memorandum: Certified copy of the memorandum of contract being released
2. Property Title Details: Certified true copy of the title showing the memorandum annotation
3. Authorization Documents: Corporate resolutions, board authorizations, or special powers of attorney if applicable
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Property Development
Construction
Corporate
Legal Services
Property Management
Land Development
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Corporate Secretariat
Land Registration
Documentation
Contract Administration
Relevant Roles
Real Estate Attorney
Property Manager
Corporate Lawyer
Legal Counsel
Real Estate Manager
Title Officer
Compliance Officer
Property Development Manager
Land Registration Officer
Contract Administrator
Real Estate Paralegal
Corporate Secretary
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