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Cancellation Of Agreement To Sell

Cancellation Of Agreement To Sell Template for Philippines

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Key Requirements PROMPT example:

Cancellation Of Agreement To Sell

"I need a Cancellation of Agreement to Sell for a commercial property sale in Manila, Philippines, where the buyer has defaulted on installment payments, and we need to ensure compliance with Maceda Law while retaining 50% of the payments made as liquidated damages."

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Document background
The Cancellation Of Agreement To Sell is a crucial legal document used in the Philippines when parties mutually agree to terminate an existing Agreement to Sell. It's commonly used in various scenarios, such as when a property sale falls through, when parties cannot fulfill their contractual obligations, or when circumstances necessitate the termination of a sale agreement. The document must comply with Philippine Civil Code requirements and, for real estate transactions, may need to address specific provisions under the Maceda Law (RA 6552). It typically includes details of the original agreement, reasons for cancellation, settlement terms, mutual releases, and provisions for the return of any deposits or payments. This document serves as legal evidence of the termination and helps prevent future disputes by clearly documenting the parties' agreement to cancel and their respective rights and obligations post-cancellation.
Suggested Sections

1. Parties: Identification of all parties involved in the original Agreement to Sell, including their complete legal names, addresses, and legal capacity

2. Background: Details of the original Agreement to Sell including its date, subject matter, and key terms, plus circumstances leading to the cancellation

3. Definitions: Key terms used in the cancellation agreement, including reference to the 'Original Agreement' and other relevant defined terms

4. Cancellation: Express statement of mutual agreement to cancel the original Agreement to Sell, effective date of cancellation

5. Settlement of Payments: Details of any payments made under the original agreement and how they will be handled, including refunds if applicable

6. Mutual Release: Release of all parties from their obligations under the original agreement and waiver of claims

7. Return of Property/Documents: Provisions for returning any property, documents, or materials exchanged under the original agreement

8. Governing Law: Confirmation that the cancellation is governed by Philippine law

9. Execution: Signature blocks and execution requirements

Optional Sections

1. Tax Matters: Include when there are tax implications that need to be addressed, particularly for real estate transactions

2. Confidentiality: Include when there's sensitive information from the original agreement that should remain confidential

3. Dispute Resolution: Include when parties want to specify a process for resolving any future disputes about the cancellation

4. Broker/Agent Provisions: Include when real estate brokers or agents were involved in the original transaction

5. Maceda Law Compliance: Include when the original agreement involved real estate sold on installment basis

6. Partial Cancellation: Include when only part of the original agreement is being cancelled while other parts remain in effect

Suggested Schedules

1. Schedule 1 - Original Agreement: Copy or key details of the original Agreement to Sell being cancelled

2. Schedule 2 - Payment History: Details of all payments made under the original agreement and refund calculations

3. Schedule 3 - Property Details: If real property involved, detailed description of the property subject to the cancelled agreement

4. Schedule 4 - Settlement Statement: Detailed breakdown of any financial settlements between the parties as part of the cancellation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Property Development

Banking & Finance

Retail

Manufacturing

Construction

Agriculture

Automotive

General Commerce

Relevant Teams

Legal

Real Estate

Sales

Compliance

Operations

Finance

Business Development

Property Management

Contract Administration

Relevant Roles

Legal Counsel

Corporate Lawyer

Real Estate Manager

Property Developer

Contract Administrator

Business Development Manager

Sales Manager

Compliance Officer

Real Estate Broker

Property Manager

Transaction Manager

Chief Legal Officer

Operations Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): The fundamental law governing contracts, obligations, and property relations in the Philippines. Particularly relevant are Book IV on Obligations and Contracts, and provisions on sales agreements and their cancellation.
Maceda Law (Republic Act No. 6552): If the agreement to sell involves real estate on installment payments, this law provides protection to buyers regarding cancellation and refunds.
Consumer Act of the Philippines (Republic Act No. 7394): Relevant if one party is a consumer, providing additional protections and requirements for contract cancellation and consumer rights.
Presidential Decree No. 957: The Subdivision and Condominium Buyers' Protective Decree, relevant if the agreement to sell involves subdivision lots or condominium units.
National Internal Revenue Code: Tax implications and requirements for documenting the cancellation of sales agreements, particularly for real property transactions.
Rules of Court: Procedural rules that may be relevant if the cancellation leads to litigation or requires court intervention.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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