The Property Deposit Agreement is a crucial document used in Philippine real estate transactions when a prospective buyer wishes to secure their interest in a property by paying a deposit to the owner or seller. This agreement serves as an interim arrangement before the final sale, typically used when immediate completion of the purchase is not possible or when parties need time for due diligence, financing arrangements, or other prerequisites. The document must comply with Philippine property laws, including the Civil Code and the Maceda Law, which provides specific protections for property buyers. It includes essential details such as property description, deposit amount, holding period, conditions for refund or forfeiture, and the framework for proceeding to full purchase. This agreement is particularly important in the Philippine context where property transactions often involve extended periods between initial interest and final purchase.
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1. Parties: Identifies and provides full details of the property seller/owner and the prospective buyer/depositor
2. Background: Explains the context of the agreement, including the seller's ownership of the property and the buyer's interest in purchasing
3. Definitions: Defines key terms used throughout the agreement including 'Property', 'Deposit', 'Completion Date', etc.
4. Property Details: Specific description of the property including address, boundaries, and title details
5. Deposit Amount and Payment: Specifies the deposit amount, payment method, and timing of payment
6. Purpose of Deposit: Clarifies that the deposit is to secure the property and forms part of the purchase price
7. Duration and Exclusivity: Specifies the period during which the seller cannot sell the property to another party
8. Conditions for Purchase: Outlines the conditions that must be met for the sale to proceed
9. Refund Provisions: Details circumstances under which the deposit will be refunded, in compliance with Maceda Law
10. Completion of Sale: Describes the process and requirements for completing the full property purchase
11. Default and Remedies: Specifies what constitutes default by either party and the corresponding remedies
12. Governing Law: Confirms that the agreement is governed by Philippine law
13. Signatures: Space for parties to execute the agreement with witnesses
1. Due Diligence Period: Include when buyer requires time to conduct property investigations or title searches
2. Broker Involvement: Include when a real estate broker is involved in the transaction
3. Property Inspection: Include when specific inspection rights are granted during the deposit period
4. Mortgage Contingency: Include when the buyer's purchase is contingent on obtaining financing
5. Tax Provisions: Include detailed tax arrangements when complex tax implications exist
6. Assignment Rights: Include when either party may need to assign their rights under the agreement
7. Force Majeure: Include when specific provisions for unforeseen circumstances are needed
1. Property Description Schedule: Detailed technical description of the property, including lot area, boundaries, and improvements
2. Payment Schedule: Breakdown of deposit payment terms if paid in installments
3. Title Documents: Copies of relevant property title documents and certificates
4. Property Condition Report: Current condition of the property if relevant to the deposit agreement
5. Due Diligence Requirements: List of documents and investigations required during due diligence
6. Broker Details: Details of broker involvement and commission arrangements if applicable
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