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Lot Installment Agreement

Lot Installment Agreement Template for Philippines

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Key Requirements PROMPT example:

Lot Installment Agreement

"I need a Lot Installment Agreement for a 150-square-meter residential lot in Manila, with a total purchase price of 2.5M PHP to be paid over 5 years starting March 2025, including standard Maceda Law protections."

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Document background
The Lot Installment Agreement is a crucial document in Philippine real estate transactions where buyers opt to purchase land through periodic payments rather than a full upfront payment. This agreement type is specifically regulated under Philippine law, particularly the Maceda Law (RA 6552), which provides significant protections for buyers in installment purchases. The document is commonly used by property developers, individual sellers, and buyers for vacant lots, subdivision lots, or undeveloped land parcels. It must include specific provisions required by Philippine law regarding payment terms, default remedies, and property transfer conditions. The agreement becomes especially relevant in the context of Philippines' growing real estate market where installment purchases are a popular financing option for property acquisition.
Suggested Sections

1. Parties: Identifies and provides complete details of the Seller and Buyer, including their legal capacity to enter into the agreement

2. Background: Establishes the context of the agreement, including the Seller's ownership and authority to sell the property

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Property Description: Detailed description of the lot, including exact measurements, boundaries, and technical description as per title

5. Purchase Price: States the total purchase price, computation, and breakdown of payments

6. Payment Terms: Specifies the down payment, monthly installments, due dates, and payment methods

7. Default and Remedies: Outlines consequences of payment defaults and remedies available to both parties, incorporating Maceda Law provisions

8. Property Delivery and Transfer: Details when and how possession and title will be transferred to the Buyer

9. Representations and Warranties: Statements of fact and promises by both parties regarding the property and their capacity

10. Taxes and Expenses: Allocation of responsibility for various taxes, registration fees, and other transaction costs

11. Term and Termination: Duration of the agreement and circumstances under which it may be terminated

12. Governing Law: Confirms Philippine law governance and jurisdiction

13. Miscellaneous Provisions: Standard contract provisions including notices, amendments, and severability

Optional Sections

1. Co-Buyer Provisions: Additional terms when there are multiple buyers, defining their rights and obligations

2. Construction Requirements: If the lot is in a subdivision with building requirements or restrictions

3. Property Maintenance: Terms for maintaining the property during the installment period

4. Association Dues: If the property is part of a subdivision or development with homeowners' association

5. Insurance Requirements: Terms requiring property insurance during the installment period

6. Special Payment Arrangements: For cases with non-standard payment terms or schedules

7. Developer's Warranties: If the seller is a developer, including specific warranties about the development

8. Force Majeure: Provisions for handling natural disasters or other unforeseen circumstances

Suggested Schedules

1. Schedule A - Property Details: Technical description of the property, including lot plan and boundaries

2. Schedule B - Payment Schedule: Detailed amortization table showing all installment payments

3. Schedule C - Property Documents: List of all relevant property documents (title, tax declarations, etc.)

4. Schedule D - Development Plans: If applicable, plans showing subdivision layout and facilities

5. Appendix 1 - Buyer's Requirements: List of documents required from the buyer

6. Appendix 2 - Property Restrictions: Deed restrictions, zoning requirements, and usage limitations

7. Appendix 3 - Homeowners' Association Rules: If applicable, copy of association rules and regulations

8. Appendix 4 - Required Permits: List of necessary permits and certificates for property development

Authors

Alex Denne

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

alex.den.21@genieai.co
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Clauses




























Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Urban Planning

Land Development

Property Management

Real Estate Investment

Relevant Teams

Legal

Real Estate

Compliance

Sales

Property Management

Documentation

Land Acquisition

Property Development

Contract Administration

Relevant Roles

Real Estate Lawyer

Property Developer

Real Estate Broker

Land Registration Officer

Compliance Officer

Legal Counsel

Property Manager

Sales Director

Contract Administrator

Real Estate Manager

Title Examiner

Development Project Manager

Real Estate Documentation Specialist

Property Acquisition 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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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