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Cancellation Of Purchase Agreement

Cancellation Of Purchase Agreement Template for Philippines

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Key Requirements PROMPT example:

Cancellation Of Purchase Agreement

"I need a Cancellation of Purchase Agreement for a commercial property sale in Manila, where the buyer is unable to secure financing by March 2025, with provisions for the return of the 10% deposit minus administrative fees."

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Document background
The Cancellation of Purchase Agreement is a crucial legal document used in the Philippines when parties mutually agree to terminate an existing purchase contract. It is commonly utilized in situations where the original purchase cannot or should not proceed, whether due to changed circumstances, breach of conditions, or mutual agreement of the parties. The document must comply with the Civil Code of the Philippines, particularly Articles 1305-1422 governing contracts, and may need to incorporate specific provisions from the Consumer Act (RA 7394) or the Maceda Law (RA 6552) for real estate transactions. This agreement typically includes details about refund arrangements, property return procedures, mutual releases, and the effective date of cancellation. It serves as important protection for both parties by clearly documenting the termination terms and ensuring a legally sound exit from the original purchase commitment.
Suggested Sections

1. Parties: Identification of all parties involved in the cancellation, including complete legal names and addresses of both the seller and purchaser

2. Background: Details of the original purchase agreement including date, subject matter, and key terms that are being cancelled

3. Definitions: Clear definitions of key terms used in the cancellation agreement

4. Cancellation Statement: Clear and unequivocal statement of the mutual agreement to cancel the original purchase agreement

5. Effective Date: Specification of when the cancellation becomes effective

6. Refund Terms: Details of any refund to be provided, including amount, method, and timeline for payment

7. Mutual Release: Statement releasing both parties from their obligations under the original agreement

8. Return of Property: Procedures and timeline for returning any delivered goods or property

9. Governing Law: Confirmation that the agreement is governed by Philippine law

10. Execution: Formal signing requirements and signature blocks

Optional Sections

1. Partial Cancellation Terms: Include when only part of the original purchase agreement is being cancelled

2. Maceda Law Compliance: Include for real estate purchases on installment, detailing compliance with RA 6552

3. Confidentiality: Include when parties wish to keep the terms of cancellation confidential

4. Survival Clauses: Include when certain provisions of the original agreement should survive cancellation

5. Dispute Resolution: Include when parties want to specify method for resolving any future disputes

6. Tax Implications: Include when there are significant tax consequences to the cancellation

7. Third Party Rights: Include when the cancellation affects rights of third parties or requires third party consent

Suggested Schedules

1. Schedule A - Original Purchase Agreement: Copy or key details of the original purchase agreement being cancelled

2. Schedule B - Payment History: Record of all payments made under the original agreement

3. Schedule C - Refund Calculation: Detailed calculation of refund amount including any deductions

4. Schedule D - Property Return Checklist: List of items to be returned and their condition requirements

5. Appendix 1 - Required Notices: Copies of any required notices or demands made prior to cancellation

6. Appendix 2 - Consent Documents: Any third-party consents or regulatory approvals required for the cancellation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions





























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Relevant Industries

Real Estate

Retail

Manufacturing

Automotive

Consumer Goods

Technology

Construction

Agriculture

Industrial Equipment

E-commerce

Relevant Teams

Legal

Procurement

Sales

Compliance

Risk Management

Operations

Commercial

Business Development

Contract Administration

Property Management

Relevant Roles

Legal Counsel

Contract Manager

Procurement Manager

Sales Manager

Business Development Manager

Real Estate Agent

Compliance Officer

Risk Manager

Corporate Secretary

Operations Manager

Property Manager

Purchase Manager

Commercial Director

General Manager

Industries





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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