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Land Purchase Agreement

Land Purchase Agreement Template for Philippines

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Key Requirements PROMPT example:

Land Purchase Agreement

"I need a Land Purchase Agreement for acquiring a 2,000 square meter commercial property in Makati City, Philippines, with a staggered payment arrangement over 6 months starting March 2025, and the property currently has existing tenants whose leases need to be addressed."

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Document background
The Land Purchase Agreement serves as the primary legal instrument for real estate transactions in the Philippines, documenting the transfer of land ownership between parties. It is essential for any land acquisition transaction and must comply with various Philippine laws including the Civil Code, Land Registration Act, and local government regulations. This document is used when parties have agreed to the fundamental terms of a land sale and need to formalize the transaction. The agreement includes crucial details such as property description, price, payment terms, warranties, and transfer procedures. It must address specific Philippine requirements such as citizenship restrictions on land ownership, tax obligations, and local government clearances. The document requires notarization and registration with the Land Registration Authority to be legally effective.
Suggested Sections

1. Parties: Identification of the Seller and Buyer with complete legal names, civil status, citizenship, and addresses as required by Philippine law

2. Background: Context of the transaction, including brief history of the property ownership and purpose of the sale

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the land including lot number, survey number, title details, boundaries, and technical description as per land title

5. Purchase Price: Total consideration and detailed payment terms including method and schedule of payments

6. Mode of Payment: Specific provisions on how payments will be made, including bank details and acceptable payment methods

7. Conditions of Sale: Essential conditions that must be met for the sale to proceed

8. Representations and Warranties: Seller's declarations regarding property ownership, absence of liens, and other material facts

9. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs

10. Delivery of Possession: Terms and timing for transferring physical possession of the property

11. Title Transfer: Process and timeline for transferring legal title to the buyer

12. Default and Remedies: Consequences of breach and available remedies for either party

13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictions

14. Execution: Signature blocks with requirements for notarization as per Philippine law

Optional Sections

1. Broker Provisions: Include when a licensed real estate broker is involved in the transaction

2. Environmental Matters: Include when the property requires environmental clearances or has environmental issues

3. Agricultural Land Conversion: Include when the land is classified as agricultural and requires conversion for intended use

4. Indigenous Peoples' Rights: Include when the property is within or adjacent to ancestral domains

5. Foreign Ownership Compliance: Include when the buyer is a foreign national or entity

6. Existing Tenants: Include when the property has existing tenants or occupants

7. Development Obligations: Include when the purchase includes requirements for future development

8. Zoning Compliance: Include when specific zoning requirements affect the property's use

9. Mortgage Release: Include when the property has existing mortgages that need to be discharged

Suggested Schedules

1. Property Documents: Copy of title, tax declarations, and technical description of the property

2. Payment Schedule: Detailed breakdown of payment terms and installments if applicable

3. Due Diligence Results: Summary of title search, technical inspection, and other due diligence findings

4. Property Survey: Recent survey plans and technical descriptions

5. Tax Certificates: Current real property tax certificates and clearances

6. Permits and Licenses: Copies of relevant permits, licenses, and zoning certificates

7. Photos and Maps: Recent photographs of the property and location maps

8. Power of Attorney: If applicable, documents authorizing representatives to act for either party

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 legal definitions
Agreement
Property
Purchase Price
Completion Date
Completion
Transfer Date
Deposit
Business Day
Title Documents
Transfer Certificate of Title
Tax Declaration
Real Property Tax
Local Government Unit
Land Registration Authority
Register of Deeds
Encumbrances
Due Diligence Period
Environmental Laws
Improvements
Zoning Requirements
Building Code
Documentary Stamp Tax
Capital Gains Tax
Transfer Tax
Certificate of Title
Technical Description
Survey Plan
Deed of Absolute Sale
Notice
Permitted Use
Material Adverse Change
Force Majeure Event
Warranties
Representations
Default Event
Governing Law
Occupancy Rights
Clearances
Property Documents
Closing Documents
Registration Fees
Clauses
Parties Identification
Recitals
Definitions
Sale and Purchase
Property Description
Purchase Price
Payment Terms
Conditions Precedent
Due Diligence
Title and Ownership
Representations and Warranties
Seller's Covenants
Buyer's Covenants
Completion Requirements
Transfer of Title
Possession
Taxes and Expenses
Registration Requirements
Environmental Compliance
Zoning Compliance
Local Government Requirements
Default and Remedies
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Counterparts
Confidentiality
Further Assurance
Survival
Indemnification
Relevant Industries

Real Estate

Agriculture

Construction

Property Development

Banking & Finance

Industrial & Manufacturing

Hospitality & Tourism

Retail

Education

Healthcare

Energy & Resources

Infrastructure

Logistics & Warehousing

Relevant Teams

Legal

Real Estate

Compliance

Finance

Business Development

Property Management

Project Development

Investment

Operations

Risk Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Broker

Land Developer

Compliance Officer

Contract Manager

Legal Counsel

Business Development Manager

Investment Manager

Project Manager

Real Estate Analyst

Corporate Secretary

Chief Legal Officer

Chief Financial Officer

Real Estate Director

Acquisitions Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the fundamental rules governing contracts, property ownership, modes of acquiring ownership, and obligations between parties in a sale transaction
Land Registration Act (Presidential Decree No. 1529): Governs the registration of real property and transactions affecting registered land, including transfer procedures and requirements
Property Registration Decree: Outlines the system of registration for real property and provides rules for land titling and transfer of ownership
Comprehensive Agrarian Reform Law (Republic Act No. 6657): Regulates the sale and transfer of agricultural land, including restrictions and requirements for agricultural land conversion
Local Government Code (Republic Act No. 7160): Contains provisions on local government authority over land use, zoning regulations, and required local permits
National Internal Revenue Code: Specifies the tax obligations and requirements related to land transfers, including capital gains tax and documentary stamp tax
Foreign Investments Act (Republic Act No. 7042): Regulates foreign ownership of land in the Philippines, including restrictions and limitations
Indigenous Peoples Rights Act (Republic Act No. 8371): Protects ancestral domain rights and must be considered if the land involves indigenous peoples' territories
Environmental Impact Assessment System (Presidential Decree No. 1586): May apply if the land purchase involves environmentally critical areas or projects
Real Estate Service Act (Republic Act No. 9646): Governs real estate practice and transactions, including requirements for real estate professionals involved in the sale
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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