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Deed Of Assignment Of Property

Deed Of Assignment Of Property Template for Philippines

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Key Requirements PROMPT example:

Deed Of Assignment Of Property

"I need a Deed of Assignment of Property to transfer my residential property in Manila to my daughter as a gift, with the transfer to be completed by March 2025, ensuring all necessary tax declarations and certificates are properly documented."

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Document background
The Deed of Assignment of Property is a crucial legal instrument in Philippine property law, used to facilitate the transfer of ownership rights in both real and personal property. This document is essential in various scenarios, including corporate restructuring, estate planning, debt settlement, or straightforward property sales. It must comply with the requirements of the Civil Code of the Philippines, the Property Registration Decree (PD 1529), and relevant tax regulations. The deed typically includes comprehensive details about the property, parties involved, consideration (if any), and warranties of title. When executed, it must be notarized and registered with appropriate government authorities to ensure legal validity and enforceability. The document's format and content are particularly important in the Philippine context, where property rights and transfers are strictly regulated and formal requirements must be meticulously observed.
Suggested Sections

1. Parties: Identifies and provides full details of the Assignor and Assignee, including their complete names, civil status, addresses, and tax identification numbers

2. Background: Recitals establishing the Assignor's ownership of the property, reason for assignment, and any relevant history of the property

3. Definitions: Defines key terms used throughout the deed, including specific descriptions of the Property and related terms

4. Property Details: Comprehensive description of the property being assigned, including legal description, boundaries, and title details

5. Consideration: States the consideration (if any) for the assignment and payment terms

6. Assignment: The operative part of the deed that effects the transfer of property from Assignor to Assignee

7. Assignor's Warranties: Warranties regarding ownership, right to assign, absence of encumbrances, and other relevant assurances

8. Completion Requirements: Steps to be taken to complete the transfer, including registration requirements and delivery of documents

9. Tax Provisions: Addresses responsibility for transfer taxes, capital gains tax, and other applicable taxes

10. Execution: Formal execution block including notarial acknowledgment

Optional Sections

1. Conditions Precedent: Used when the assignment is subject to certain conditions being met before completion

2. Encumbrances: Included when there are existing liens, mortgages, or other encumbrances that need to be disclosed

3. Power of Attorney: Required when either party is acting through an attorney-in-fact

4. Consent of Third Parties: Included when the assignment requires consent from third parties (e.g., mortgagee, lessor)

5. Survival of Provisions: Used when certain warranties or obligations need to survive completion

6. Governing Law and Jurisdiction: While Philippine law applies by default, this section may be included to specify venue for disputes

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property, including meets and bounds, tax declaration numbers

2. Title Documents: Copy of the Transfer Certificate of Title or other proof of ownership

3. Tax Clearances: Copies of real property tax clearances and other tax certificates

4. Authority Documents: Powers of attorney, board resolutions, or other authority documents if applicable

5. Property Tax Declarations: Current tax declarations and assessments for the property

6. Property Survey: Recent survey plan and technical description of the property

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

Construction

Banking and Finance

Agriculture

Industrial

Commercial

Residential Development

Manufacturing

Hospitality

Education

Healthcare

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Corporate Secretarial

Asset Management

Operations

Finance

Risk Management

Documentation

Relevant Roles

Real Estate Lawyer

Corporate Lawyer

Property Manager

Real Estate Broker

Land Developer

Corporate Secretary

Compliance Officer

Legal Counsel

Property Administrator

Asset Manager

Real Estate Officer

Title Examiner

Legal Manager

Conveyancing Lawyer

Property Acquisition Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing property rights, ownership, modes of acquiring ownership, and transfer of property. Particularly relevant are provisions on sales, donations, and other modes of transfer (Articles 712-749 on Property Ownership, Articles 1305-1422 on Contracts)
Property Registration Decree (Presidential Decree No. 1529): Governs the registration of real property and dealings with registered land, including the transfer and assignment of property rights and the issuance of transfer certificates of title
National Internal Revenue Code (NIRC): Contains provisions on capital gains tax, documentary stamp tax, and other taxes applicable to property transfers and assignments
Local Government Code (Republic Act No. 7160): Provides for local taxation and requirements related to property transfers, including real property tax and transfer taxes imposed by local government units
2004 Rules on Notarial Practice (A.M. No. 02-8-13-SC): Sets forth the requirements for the proper execution and notarization of documents, including deeds of assignment
Land Registration Authority (LRA) Regulations: Administrative issuances governing the registration and transfer of real property rights
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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