Document background
The Long Term Lease Agreement is a crucial legal instrument in Philippine real estate transactions, designed for situations requiring extended property use arrangements exceeding one year. It serves as a comprehensive framework governing the rights and obligations of property owners and tenants, ensuring compliance with the Civil Code of the Philippines, the Rent Control Act, and other relevant property laws. This document is essential for businesses seeking stable, long-term premises, property owners looking to secure steady long-term income, and organizations requiring detailed documentation of their property arrangements. The agreement typically requires notarization and registration with appropriate authorities, particularly for leases exceeding certain durations or value thresholds, and must address specific requirements under Philippine law regarding property rights, lease terms, and tenant protections.
