The Simple Land Purchase Agreement is a fundamental legal document used in Philippine real estate transactions to formalize the sale and purchase of land. This agreement is essential when parties wish to document a straightforward land purchase transaction without complex conditions or unusual terms. It must comply with the Civil Code of the Philippines, the Property Registration Decree, and various local government regulations. The document is particularly important in the Philippine context due to strict regulations on land ownership, including constitutional restrictions on foreign ownership. It typically includes detailed property descriptions, payment terms, warranties about the property's legal status, and specific procedures for title transfer. The agreement should be notarized to ensure its enforceability and to facilitate registration with the Register of Deeds.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the transaction and brief description of the parties' intention to enter into a land purchase agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the land being sold, including lot number, survey number, and boundaries
5. Purchase Price: The agreed purchase price and payment terms
6. Payment Terms: Schedule of payments, method of payment, and consequences of default
7. Representations and Warranties: Seller's declarations regarding ownership, absence of liens, and property condition
8. Conditions Precedent: Conditions that must be met before the sale can be completed
9. Closing and Transfer of Title: Process and requirements for completing the sale and transferring ownership
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Default and Remedies: Consequences of breach and available remedies
12. Governing Law: Specification of Philippine law as governing law
13. Execution: Signature blocks and notarization requirements
1. Existing Tenancies: Required if the property has current tenants, describing their rights and status post-sale
2. Installment Payment Terms: Required for installment sales, including Maceda Law provisions
3. Property Inspection: Detailed findings from property inspection if conducted
4. Environmental Matters: Required if property has environmental concerns or certifications
5. Broker's Commission: Required if a broker was involved in the transaction
6. Foreign Ownership Compliance: Required if buyer is a corporation with foreign equity
7. Improvements: Required if there are existing structures or improvements on the land
8. Right of First Refusal: Optional clause giving seller first right to buy back property
1. Property Title: Copy of the Transfer Certificate of Title or Original Certificate of Title
2. Technical Description: Detailed technical description of the property boundaries and measurements
3. Tax Declarations: Current real property tax declarations and receipts
4. Payment Schedule: Detailed schedule of payments if sold on installment
5. Property Pictures: Recent photographs of the property and its boundaries
6. Zoning Certificate: Certificate showing current zoning classification and allowed uses
7. Special Power of Attorney: If any party is represented by an attorney-in-fact
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Agriculture
Commercial Development
Residential Development
Banking and Finance
Legal Services
Property Management
Industrial Development
Tourism and Hospitality
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Business Development
Corporate Affairs
Documentation
Investment
Risk Management
Operations
Relevant Roles
Real Estate Attorney
Property Manager
Real Estate Agent
Land Developer
Corporate Counsel
Compliance Officer
Real Estate Transaction Manager
Title Examiner
Property Acquisition Manager
Legal Documentation Specialist
Land Registration Officer
Real Estate Investment Manager
Business Development Manager
Chief Legal Officer
Contract Administrator
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