Option To Purchase Agreement Template for Philippines

1. Parties: Identification of the Option Grantor (property owner) and Option Holder (potential buyer), including complete legal names and addresses

2. Background: Context of the agreement, including brief description of the property and parties' intention to enter into an option arrangement

3. Definitions: Key terms used throughout the agreement, including 'Option Period', 'Option Fee', 'Purchase Price', and 'Property'

4. Property Details: Comprehensive description of the property, including legal description, title details, and current encumbrances

5. Option Grant: Express grant of the option, specifying the exclusive right to purchase the property

6. Option Period: Duration of the option, including start and end dates, and any conditions for extension

7. Option Fee: Amount of option fee, payment terms, and whether it will be credited toward the purchase price

8. Exercise of Option: Process and requirements for exercising the option, including notice requirements

9. Purchase Terms: Terms that will apply if the option is exercised, including purchase price, payment terms, and closing requirements

10. Title and Due Diligence: Provisions regarding title investigation, surveys, and property inspection rights

11. Representations and Warranties: Standard representations about property ownership, authority to sell, and property condition

12. Default and Termination: Consequences of default by either party and circumstances for termination

13. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

14. Notices: Process for giving formal notices under the agreement

15. Execution: Signature blocks and notarial requirements

1. Property Description Schedule: Detailed legal description of the property, including boundaries, certificates of title, and tax declaration numbers

2. Option Fee Payment Schedule: If the option fee is to be paid in installments, details of payment dates and amounts

3. Due Diligence Documents: List of documents to be provided for due diligence

4. Permitted Encumbrances: List of accepted existing encumbrances on the property

5. Form of Option Exercise Notice: Template notice for exercising the option

6. Purchase Agreement Terms: Detailed terms that will apply to the purchase if the option is exercised