A Land Option Contract is essential in Philippine real estate transactions where parties wish to secure future purchase rights while conducting due diligence or arranging financing. This document is commonly used by developers, investors, and businesses looking to acquire land without immediate commitment to purchase. The contract must strictly comply with Philippine property laws, including the Civil Code, Property Registration Decree, and Constitutional provisions on land ownership. It typically includes detailed property descriptions, option terms, payment provisions, and exercise conditions. The document is particularly important in the Philippine context due to specific local requirements regarding land ownership, transfer restrictions, and registration procedures. Special consideration must be given to restrictions on foreign ownership of land and, where applicable, agricultural land reform laws.
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1. Parties: Identifies and provides full details of the Option Grantor (landowner) and Option Holder, including their legal capacity to enter into the agreement
2. Background: Explains the context of the agreement, including brief description of the property and parties' intention to enter into an option arrangement
3. Definitions: Defines key terms used throughout the agreement, including 'Option Period', 'Option Fee', 'Purchase Price', and other relevant terms
4. Grant of Option: Specifies the exclusive right being granted to purchase the property, including any restrictions or conditions
5. Option Period: Defines the duration of the option, including start and end dates, and any extension provisions
6. Option Fee: Details the amount of the option fee, payment terms, and whether it's applicable to the purchase price
7. Exercise of Option: Specifies the process and requirements for exercising the option, including notice requirements
8. Purchase Price: States the agreed purchase price for the property if the option is exercised
9. Property Description: Provides detailed legal description of the property subject to the option
10. Representations and Warranties: Lists the parties' representations regarding the property and their authority to enter into the agreement
11. Title and Documentation: Specifies requirements regarding property title and necessary documentation
12. Taxes and Expenses: Allocates responsibility for various taxes, fees, and expenses
13. Governing Law: Specifies that Philippine law governs the agreement
14. Execution: Formal closing section with signature blocks and notarial requirements
1. Due Diligence: Includes when the Option Holder requires specific rights to conduct property investigations during the option period
2. Property Access: Added when the Option Holder needs specific rights to access the property during the option period
3. Environmental Matters: Included when environmental concerns need to be specifically addressed
4. Agricultural Land Provisions: Required when the property is agricultural land subject to CARL restrictions
5. Foreign Ownership Compliance: Included when either party is a foreign entity to ensure compliance with Constitutional restrictions
6. Broker Provisions: Added when real estate brokers are involved in the transaction
7. Assignment Rights: Included when the Option Holder wants the right to assign the option
8. Force Majeure: Added when parties want specific provisions for unforeseen circumstances
9. Mortgage/Encumbrance Provisions: Required when the property has existing encumbrances that need to be addressed
1. Property Details Schedule: Detailed technical description of the property, including boundaries, technical description, and TCT number
2. Title Documents: Copies of relevant title documents and certificates
3. Payment Schedule: Detailed breakdown of payment terms and schedules if payment is to be made in installments
4. Due Diligence Documents: List of documents provided or to be provided for due diligence
5. Form of Option Exercise Notice: Template notice for exercising the option
6. Property Survey: Recent survey plans and technical descriptions
7. Tax Certificates: Current tax declarations and certificates of payment
8. Authorization Documents: Corporate or board resolutions authorizing the transaction
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