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Deed Of Purchase

Deed Of Purchase Template for Philippines

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Key Requirements PROMPT example:

Deed Of Purchase

"I need a Deed of Purchase for a residential property in Manila, Philippines, with a mortgage financing clause, scheduled for completion on March 15, 2025; the purchase involves a condominium unit and should include provisions for parking space allocation."

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Document background
A Deed of Purchase is a crucial legal instrument in Philippine property transactions, used whenever there is a transfer of ownership of real property from one party to another. This document type is essential for compliance with the Civil Code of the Philippines and the Property Registration Decree (PD 1529). The deed must contain specific elements to be legally valid, including detailed property descriptions, consideration amount, and terms of transfer. It requires proper execution before a notary public and subsequent registration with the Register of Deeds. The document is particularly important as it serves as the primary evidence of ownership transfer and must meet strict legal requirements for registration and tax purposes. It's commonly used in both residential and commercial property transactions and must address various aspects of Philippine property law, including tax obligations and local government requirements.
Suggested Sections

1. Parties: Identification of the Vendor and Purchaser with complete legal names, civil status, citizenship, and addresses

2. Background: Context of the sale and brief description of the property being sold

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

4. Property Details: Comprehensive description of the property including lot number, location, boundaries, and title details

5. Consideration: Purchase price and payment terms including method and timing of payment

6. Warranties and Representations: Vendor's warranties regarding ownership, absence of encumbrances, and authority to sell

7. Vendor's Obligations: Responsibilities of the vendor including delivery of documents and property

8. Purchaser's Obligations: Responsibilities of the purchaser including payment and compliance with conditions

9. Completion: Details of the closing process and transfer of ownership

10. Tax Provisions: Allocation of tax responsibilities between parties

11. Execution: Formal execution clause and notarization requirements

Optional Sections

1. Conditions Precedent: Used when the sale is subject to specific conditions that must be met before completion

2. Broker's Commission: Include when a broker is involved in the transaction

3. Existing Tenancies: Required when the property is subject to ongoing lease agreements

4. Environmental Matters: Necessary for properties with potential environmental concerns or requirements

5. Planning and Zoning: Include when there are specific zoning requirements or restrictions

6. Improvements: Used when discussing existing or planned improvements to the property

7. Mortgage Details: Required when the property is being purchased with mortgage financing

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property including lot plans and boundaries

2. Title Documents: List of all title documents and certified true copies

3. Payment Schedule: Detailed breakdown of payment terms if not made in full

4. Encumbrances: List of existing encumbrances, if any

5. Inventory: List of fixtures and fittings included in the sale

6. Property Tax Certificates: Copies of updated tax declarations and tax clearances

7. Due Diligence Documents: Copies of relevant permits, licenses, and certificates

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



































Clauses






























Relevant Industries

Real Estate

Commercial Property

Residential Property

Industrial Property

Agricultural

Retail

Manufacturing

Hospitality

Banking and Finance

Construction

Property Development

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Corporate Secretariat

Risk Management

Finance

Operations

Business Development

Asset Management

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Compliance Officer

Real Estate Broker

Property Developer

Corporate Secretary

Land Registration Officer

Title Examiner

Property Acquisition Manager

Real Estate Director

Chief Legal Officer

Conveyancing Lawyer

Property Rights Specialist

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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