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Down Payment Agreement Form

Down Payment Agreement Form Template for Philippines

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Key Requirements PROMPT example:

Down Payment Agreement Form

"I need a Down Payment Agreement Form for a real estate purchase in Manila, Philippines, with a 20% down payment due by March 15, 2025, including special provisions for payment in installments and property inspection rights."

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The Down Payment Agreement Form is a crucial document used in Philippine business transactions where partial initial payments are required to secure a purchase. This document is essential when significant purchases are made, particularly in real estate, vehicle acquisitions, or large equipment purchases. It protects both the buyer's and seller's interests by clearly documenting the down payment amount, terms of payment, and consequences of default. The agreement must comply with Philippine civil law, particularly the Civil Code of the Philippines and the Consumer Act, and should be notarized for added legal protection. It's commonly used in both business-to-business and business-to-consumer transactions, providing a clear framework for the initial stage of a purchase transaction and establishing the groundwork for the complete purchase agreement.
Suggested Sections

1. Parties: Identification and details of the buyer and seller, including complete names, addresses, and tax identification numbers

2. Background: Context of the transaction, including brief description of the purchase and reason for the down payment arrangement

3. Definitions: Clear definitions of key terms used in the agreement, including 'Down Payment', 'Purchase Price', 'Balance', etc.

4. Subject Matter: Detailed description of the property or goods being purchased

5. Down Payment Amount: Specification of the down payment amount, payment method, and due date

6. Terms of Payment: Complete payment schedule, including the down payment and subsequent payments

7. Rights and Obligations: Responsibilities and rights of both parties regarding the down payment

8. Default and Remedies: Consequences of default and available remedies for both parties

9. Governing Law: Specification that the agreement is governed by Philippine law

10. Execution: Signature blocks and notarization requirements

Optional Sections

1. Third-Party Payments: Include when down payment will be made by someone other than the buyer

2. Special Conditions: Any specific conditions or requirements unique to the transaction

3. Inspection Period: Include when buyer requires inspection rights before balance payment

4. Insurance Requirements: Include when the subject matter requires insurance during the payment period

5. Assignment Rights: Include when either party may need to assign their rights under the agreement

6. Force Majeure: Include when extended payment terms make force majeure provisions relevant

7. Dispute Resolution: Include when parties wish to specify arbitration or mediation procedures

Suggested Schedules

1. Schedule A - Payment Terms: Detailed breakdown of payment schedule, including dates and amounts

2. Schedule B - Property Description: Detailed description of the property or goods, including specifications or legal descriptions

3. Schedule C - Required Documents: List of documents required from each party

4. Appendix 1 - Proof of Ownership: Seller's proof of ownership documents

5. Appendix 2 - Payment Instructions: Detailed payment instructions and bank details

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

Automotive

Construction

Manufacturing

Retail

Industrial Equipment

Technology

Furniture and Appliances

Luxury Goods

Agricultural Equipment

Relevant Teams

Legal

Finance

Sales

Procurement

Compliance

Credit and Collections

Business Development

Operations

Risk Management

Customer Service

Relevant Roles

Sales Manager

Finance Director

Legal Counsel

Procurement Manager

Real Estate Agent

Business Development Manager

Contract Administrator

Compliance Officer

Credit Manager

Property Manager

Automotive Sales Executive

Corporate Lawyer

Financial Controller

Operations Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): The fundamental law governing contracts, obligations, and transactions in the Philippines. Particularly relevant are Book IV on Obligations and Contracts, and provisions regarding sales and payments.
Consumer Act of the Philippines (Republic Act No. 7394): Protects consumers in transactions including down payments, requiring clear disclosure of terms and conditions, and regulating unfair sales practices.
Truth in Lending Act (Republic Act No. 3765): Requires full disclosure of finance charges and terms in credit transactions, including those involving down payments and installment payments.
Electronic Commerce Act (Republic Act No. 8792): Relevant if the down payment agreement will be executed electronically or if payments will be made through electronic means.
Documentation Act of 2004 (Republic Act No. 9285): Governs the requirements for legal documentation and authentication of contracts and agreements in the Philippines.
Maceda Law (Republic Act No. 6552): Specifically protects buyers in installment sales of real estate, including provisions about down payments and payment terms.
Anti-Money Laundering Act (Republic Act No. 9160): Must be considered for large down payments to ensure compliance with financial reporting and transaction monitoring requirements.
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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