The Option Contract (Real Estate) is a crucial document in Philippine real estate transactions where parties wish to secure future purchase rights while maintaining flexibility. It is commonly used when potential buyers need time to arrange financing, conduct due diligence, or await certain conditions before committing to a purchase, while property owners want to secure a serious buyer with upfront consideration. This document type is governed by Philippine civil law, particularly the Civil Code of the Philippines and the Property Registration Decree, requiring specific formalities for validity and enforcement. It typically includes detailed property descriptions, option and purchase prices, timeframes, exercise mechanisms, and obligations of both parties. The contract serves various purposes in both commercial and residential real estate transactions, from securing development opportunities to facilitating phased property acquisitions.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
Alternatively...
1. Parties: Identifies and provides complete details of the Option Grantor (property owner) and Option Holder, including their legal capacity to contract
2. Background: Recitals explaining the context of the agreement and the parties' intentions
3. Definitions: Defines key terms used throughout the agreement
4. Grant of Option: Details the specific right being granted to purchase the property, including the exact nature and scope of the option
5. Option Period: Specifies the duration of the option and any conditions for extension
6. Option Price: States the consideration paid for the option right itself
7. Purchase Price: Specifies the agreed price for the property if the option is exercised
8. Property Description: Detailed legal description of the subject property, including title details and encumbrances
9. Exercise of Option: Procedures and requirements for exercising the option
10. Payment Terms: Structure and timing of payments, both for the option and the purchase price
11. Representations and Warranties: Statements of fact and guarantees by both parties regarding the property and their capacity to enter the agreement
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law: Confirms Philippine law as governing law and jurisdiction
14. Execution: Formal closing section including signature blocks and notarization requirements
1. Due Diligence: Provisions allowing the Option Holder to conduct property investigations, used when the option period includes a due diligence phase
2. Conditions Precedent: Specific conditions that must be met before the option can be exercised, included when there are particular requirements
3. Assignment Rights: Terms governing whether and how the option rights can be transferred, included when assignment might be contemplated
4. Broker Provisions: Details of any broker involvement and commission arrangements, included when brokers are involved
5. Financing Contingency: Terms related to the Option Holder's ability to secure financing, included when relevant to the transaction
6. Environmental Matters: Specific provisions regarding environmental conditions and responsibilities, important for commercial properties
7. Existing Tenancies: Provisions dealing with current tenants' rights, included when the property is leased
8. Force Majeure: Provisions for unforeseen circumstances affecting the agreement, included when extended option periods are contemplated
1. Property Details Schedule: Comprehensive technical description of the property, including boundaries, certificates of title, and tax declarations
2. Payment Schedule: Detailed breakdown of payment terms and dates for both option fee and purchase price
3. Due Diligence Documents: List of documents provided or to be provided for due diligence
4. Form of Exercise Notice: Template notice for exercising the option
5. Property Plans and Surveys: Technical drawings, surveys, and plans of the property
6. Encumbrances List: Detailed list of any existing liens, encumbrances, or restrictions on the property
7. Required Permits: List of necessary permits and certificates for property transfer
Authors
Find the document you need
Business Agreement
Template for a Philippine-law compliant business agreement, structured to establish clear commercial relationships while meeting local legal requirements.
Download
Option Contract (Real Estate)
A Philippine law-governed contract granting exclusive rights to purchase specific real estate property under preset terms and conditions within a defined timeframe.
Download
Written Agreement For Payment
A legally binding payment agreement under Philippine law that establishes payment terms, schedules, and obligations between parties.
Download
Land Lease Agreement Form
A Philippine law-compliant agreement establishing terms for leasing land between property owner and tenant, including rental terms, usage rights, and obligations.
Download
Money Agreement Between Two Parties
A comprehensive money lending agreement template compliant with Philippine law, structuring financial transactions between two parties.
Download
Simple Contract
A straightforward legal agreement governed by Philippine law that establishes basic contractual relationships between parties, ensuring compliance with the Civil Code of the Philippines.
Download
Side Agreement
A supplementary agreement under Philippine law that modifies or clarifies terms of an existing primary agreement while maintaining compliance with Philippine civil and commercial legislation.
Download
Mutual Agreement Between Two Parties
A legally compliant template for Mutual Agreements between two parties under Philippine law, suitable for various business relationships.
Download
Lease Agreement With Option To Purchase
A Philippine law-governed agreement combining property lease terms with a future purchase option, establishing conditions for both temporary use and potential acquisition.
Download
Incorporation Agreement
A foundational legal document under Philippine law that establishes a new corporation and defines its basic structure, governance, and operational framework.
Download
Formal Agreement
A binding legal agreement drafted under Philippine law that establishes formal business relationships and obligations between parties.
Download
Contract For Selling A Car
A Philippine law-compliant contract for the sale and transfer of ownership of a motor vehicle, including essential terms and conditions for both parties.
Download
Business Transfer Agreement
A Philippine law-governed agreement facilitating the complete transfer of business ownership, assets, and operations between entities, ensuring regulatory compliance and smooth transition.
Download
Boilerplate Agreement
A versatile Boilerplate Agreement template compliant with Philippine law, designed for various business relationships and transactions.
Download
Service Agreement Terms And Conditions
Philippine-law governed terms and conditions document outlining service provision arrangements between provider and client.
Download
Notary Rent Agreement
A legally binding rental agreement authenticated by a notary public under Philippine law, establishing terms and conditions between lessor and lessee.
Download
Land Agreement Between Two Parties
A Philippine law-compliant agreement for the transfer of land ownership between two parties, incorporating all essential legal requirements and protections.
Download
Contract Agreement Between Two Parties
A bilateral agreement under Philippine law establishing legally binding obligations between two parties, with comprehensive terms and conditions for business relationships.
Download
Buyer Agency Agreement
A Philippine-law governed agreement establishing a professional relationship between a real estate agent and property buyer, outlining the agent's authority, duties, and compensation terms.
Download
Contract For Service And Contract Of Service
A dual-purpose contract template for employment and independent contractor relationships compliant with Philippine law and regulations.
Download
Agreement Between Buyer And Seller Of Property
A legally binding agreement for property sale and purchase in the Philippines, compliant with Philippine property law and transfer requirements.
Download
Security Agreement Form
A Philippine law-governed agreement creating security interests in collateral to secure obligations, compliant with RA 11057 and the Civil Code.
Download
Labour Contract Agreement For Construction Of House
Philippine-compliant labor contract for residential house construction, outlining worker and contractor obligations under local labor and building laws.
Download
House Construction Agreement Between Owner Contractor
A Philippine law-governed agreement between a property owner and contractor for residential house construction, outlining construction terms, obligations, and compliance requirements.
Download
Confidentiality And Non Disclosure Agreement
A Philippine law-governed agreement establishing confidentiality obligations between parties, protecting sensitive business information and ensuring compliance with local data privacy regulations.
Download
Rental Contract
A Philippine law-compliant agreement establishing terms and conditions for property rental between landlord and tenant.
Download
Dispute Resolution Agreement
A Philippine law-governed agreement establishing procedures for alternative dispute resolution between parties, including mediation and arbitration processes.
Download
Share Purchase Agreement
A legal agreement under Philippine law governing the sale and purchase of shares in a company, detailing terms, conditions, and obligations of all parties involved.
Download
Professional Services Contract
A Philippine law-governed agreement establishing terms and conditions for professional services between a service provider and client.
Download
Employment Settlement Agreement
A Philippine law-governed agreement that documents employment separation terms and settlement conditions between employer and employee, ensuring legal compliance and mutual protection.
Download
Business Sale Agreement
A legally binding agreement under Philippine law that documents the terms and conditions for the sale and purchase of a business, including assets, liabilities, and operational elements.
Download
Non Solicitation Agreement
A Philippine-law governed agreement that prevents solicitation of employees, customers, or suppliers, designed to protect business interests while maintaining compliance with local employment laws.
Download
Master Service Agreement
A Philippine law-governed umbrella agreement establishing general terms and conditions for ongoing service relationships between service provider and customer.
Download
Work For Hire Agreement
A Philippine-law governed agreement establishing terms for work creation and intellectual property ownership transfer from worker to company, compliant with local labor and IP laws.
Download
White Label Agreement
A Philippine law-governed agreement allowing one party to rebrand and sell another party's products or services under their own brand name.
Download
Website Development Agreement
A Philippine law-governed agreement establishing terms and conditions for website development services, including project scope, deliverables, and legal compliance requirements.
Download
Web Development Contract
A Philippine-law governed agreement establishing terms and conditions for web development services, including scope, deliverables, and compliance requirements.
Download
Volunteer Contract
A Philippine law-compliant agreement establishing the terms and conditions of voluntary service between an organization and a volunteer.
Download
Virtual Assistant Contract
Philippine-law governed agreement establishing terms and conditions between a client and virtual assistant as an independent contractor.
Download
Venue Rental Agreement
A Philippine law-governed agreement establishing terms and conditions for temporary venue rental, including usage rights, fees, and operational requirements.
Download
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your data is private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
