The Land Purchase Option Agreement is a crucial document in Philippine real estate transactions, providing a potential buyer with the exclusive right to purchase property while allowing time for due diligence and financing arrangements. This agreement is particularly useful in complex property transactions where buyers need time to arrange funding, conduct thorough investigations, or obtain necessary permits and approvals. The document must comply with Philippine property laws, including the Civil Code, Property Registration Decree, and local government regulations. It's commonly used in commercial real estate transactions, development projects, and strategic land acquisitions. The agreement protects both parties by clearly defining the terms of the option, including the consideration paid for the option itself, the duration of the option period, and the agreed purchase price for the property.
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1. Parties: Identification of the Option Grantor (property owner) and Option Holder (potential buyer), including their complete legal names, addresses, and tax identification numbers
2. Background: Context of the agreement, including brief description of the property and the parties' intention to enter into an option arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including 'Option Period', 'Option Fee', 'Purchase Price', and 'Property'
4. Grant of Option: Express statement granting the exclusive right to purchase the property within the specified option period
5. Option Period: Specific duration of the option, including start and end dates, and any conditions for extension
6. Option Fee: Amount of the option fee, payment terms, and whether it will be applied to the purchase price
7. Exercise of Option: Process and requirements for exercising the option, including notice requirements and form of exercise
8. Purchase Price: Agreed purchase price for the property if the option is exercised, including any adjustment mechanisms
9. Property Details: Detailed description of the property, including lot number, title details, and boundaries
10. Representations and Warranties: Statements by the Option Grantor regarding property ownership, absence of encumbrances, and authority to sell
11. Covenants: Obligations of both parties during the option period, including maintenance of the property and restrictions on dealing with third parties
12. Default and Termination: Circumstances constituting default and consequences of termination
13. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
14. Notices: Method and addresses for serving notices under the agreement
15. Execution: Signature blocks and notarization requirements
1. Due Diligence: Terms for conducting property investigations and surveys during the option period - include when buyer requires specific investigation rights
2. Financing Conditions: Conditions related to the Option Holder's ability to secure financing - include when financing is a critical factor
3. Assignment Rights: Rights to assign the option to third parties - include when assignment might be desired
4. Environmental Matters: Specific provisions regarding environmental conditions - include for industrial or potentially contaminated properties
5. Development Conditions: Conditions related to zoning or development approvals - include for undeveloped land or properties requiring rezoning
6. Multiple Option Holders: Provisions governing relationship between multiple option holders - include when there are multiple buyers
7. Right of First Refusal: Additional rights if the property is not sold after option expiration - include when negotiated by parties
8. Force Majeure: Provisions for unexpected events affecting the agreement - include in areas prone to natural disasters
1. Property Description Schedule: Detailed technical description of the property, including metes and bounds, lot plan, and technical description
2. Title Documents: Copy of the current title and certified true copies of relevant title documents
3. Payment Schedule: Detailed breakdown of the option fee and purchase price payment terms
4. Form of Exercise Notice: Template notice for exercising the option
5. Due Diligence Documents: List of documents provided or to be provided for due diligence
6. Encumbrances Schedule: List of any existing encumbrances, easements, or restrictions on the property
7. Property Inspection Report: Current condition report of the property
8. Tax Certificates: Current real property tax certificates and clearances
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