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Real Estate Settlement Agreement

Real Estate Settlement Agreement Template for Philippines

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Key Requirements PROMPT example:

Real Estate Settlement Agreement

"I need a Real Estate Settlement Agreement for resolving a family property dispute involving a 500-square-meter residential property in Makati City, with settlement payments to be made in three installments by March 2025."

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Document background
The Real Estate Settlement Agreement is a crucial legal instrument in Philippine property law used to document and formalize the resolution of real estate disputes or property transfer arrangements. This document is essential when parties need to memorialize their settlement terms regarding property rights, ownership transfers, or other real estate-related disputes. It must comply with the Civil Code of the Philippines, Property Registration Decree, and various local property laws. The agreement typically includes comprehensive details about the property, settlement terms, payment arrangements, tax implications, and necessary legal procedures for property transfer. It's particularly important in situations involving complex property disputes, family settlements, or commercial real estate transactions where clear documentation of settlement terms is crucial for future reference and legal certainty.
Suggested Sections

1. Parties: Identification and details of all parties involved in the settlement, including their legal capacity and contact information

2. Background: Context of the dispute or circumstances leading to the settlement agreement

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

4. Subject Property: Detailed description of the real estate property subject to the settlement

5. Settlement Terms: Core terms of the settlement including transfer arrangements, payment terms, and mutual releases

6. Transfer Mechanics: Specific procedures and requirements for executing the property transfer

7. Tax Provisions: Allocation of tax responsibilities and requirements for capital gains tax, documentary stamp tax, and other applicable taxes

8. Representations and Warranties: Statements of fact and guarantees made by each party regarding their capacity, authority, and the property

9. Covenants: Ongoing obligations of the parties, including cooperation in documentation and transfer processes

10. Conditions Precedent: Requirements that must be met before the settlement becomes effective

11. Execution Requirements: Formalities required for valid execution, including notarization and witness requirements

12. Governing Law: Specification of Philippine law as governing law and relevant jurisdiction

13. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments

Optional Sections

1. Confidentiality: Terms regarding confidentiality of settlement terms, used when parties wish to keep details private

2. Broker Provisions: Terms regarding real estate broker involvement and commissions, if applicable

3. Mortgage or Financing: Provisions relating to existing mortgages or financing arrangements, if applicable

4. Environmental Matters: Provisions addressing environmental issues or concerns, if relevant to the property

5. Tenant Provisions: Terms addressing existing tenants or leases, if applicable

6. Insurance: Provisions regarding property insurance during the transfer period, if relevant

7. Dispute Resolution: Detailed alternative dispute resolution procedures, if parties prefer specific mechanisms

8. Force Majeure: Provisions for unforeseen circumstances affecting settlement execution, if desired

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of the property, including boundaries, title details, and TCT number

2. Schedule B - Payment Terms: Detailed breakdown of payment arrangements and schedules

3. Schedule C - Required Documents: List of documents required for property transfer and settlement completion

4. Schedule D - Existing Encumbrances: List of any existing liens, encumbrances, or restrictions on the property

5. Schedule E - Transfer Costs: Detailed breakdown of transfer costs and responsibilities

6. Appendix 1 - Property Documents: Copies of relevant property documents including title, tax declarations, and surveys

7. Appendix 2 - Due Diligence Reports: Copies of any relevant property inspection or assessment reports

8. Appendix 3 - Government Clearances: Copies of required government clearances and certificates

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
Settlement Amount
Transfer Date
Effective Date
Closing Date
Certificate of Title
Transfer Certificate of Title (TCT)
Tax Declaration
Settling Parties
Encumbrances
Due Diligence Period
Completion
Business Day
Force Majeure Event
Government Authority
Permitted Encumbrances
Real Estate Taxes
Settlement Payment
Title Documents
Transfer Costs
Zonal Value
Documentary Requirements
Local Government Unit
Material Adverse Effect
Notice
Property Documents
Registration
Representatives
Transfer Taxes
Warranties
Claim
Dispute
Environmental Laws
Existing Tenancies
Improvements
Land Registration Authority
Legal Requirements
Liens
Real Property
Register of Deeds
Clauses
Property Description
Settlement Terms
Payment Terms
Transfer of Title
Representations and Warranties
Tax Obligations
Registration Requirements
Compliance with Laws
Due Diligence
Property Handover
Confidentiality
Dispute Resolution
Force Majeure
Termination
Governing Law
Assignment
Notices
Entire Agreement
Severability
Amendment
Further Assurance
Costs and Expenses
Indemnification
Environmental Compliance
Insurance
Property Access
Title Guarantee
Encumbrances
Broker Provisions
Tenant Rights
Default Provisions
Remedies
Time of Essence
Authority to Execute
Release of Claims
Survival
Waiver
Counterparts
Good Faith
Third Party Rights
Relevant Industries

Real Estate

Construction

Property Development

Banking and Finance

Legal Services

Insurance

Property Management

Urban Development

Residential Housing

Commercial Property

Relevant Teams

Legal

Real Estate

Compliance

Finance

Risk Management

Property Management

Corporate Affairs

Tax

Operations

Administrative Services

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Broker

Legal Counsel

Compliance Officer

Real Estate Developer

Title Officer

Settlement Officer

Property Assessor

Real Estate Agent

Corporate Lawyer

Finance Manager

Tax Consultant

Property Administrator

Risk Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Fundamental law governing contracts, obligations, and property rights in the Philippines, particularly Book V on Obligations and Contracts, and Book II on Property
Property Registration Decree (Presidential Decree No. 1529): Governs the registration of real property and transactions affecting registered land, including the Torrens system of land registration
National Internal Revenue Code: Contains provisions on capital gains tax, documentary stamp tax, and other taxes applicable to real estate transactions
Local Government Code (Republic Act No. 7160): Provides framework for local government units' authority over real property matters, including zoning and land use
Real Estate Service Act (RESA) of 2009 (Republic Act No. 9646): Regulates real estate service practice and provides standards for real estate transactions
Maceda Law (Republic Act No. 6552): Provides protection to buyers in installment sales of real estate, including rights of redemption and minimum refund requirements
Alternative Dispute Resolution Act of 2004 (Republic Act No. 9285): Provides framework for settling disputes through alternative means, relevant for including dispute resolution clauses in settlement agreements
Electronic Commerce Act (Republic Act No. 8792): Relevant for electronic documentation and signatures in real estate transactions, if applicable
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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