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Assignment Of Land Contract
"I need an Assignment of Land Contract for a residential property in Manila, Philippines, where I'm taking over the original buyer's rights and obligations, with the remaining balance to be financed through BPI Bank, targeted for completion by March 2025."
1. Parties: Identifies and provides full details of the Assignor, Assignee, and Original Seller (if still relevant to the contract)
2. Background: Describes the original land contract, its date of execution, and the intent to assign the contract rights and obligations
3. Definitions: Defines key terms used throughout the agreement, including Property, Original Contract, Assignment Date, etc.
4. Assignment: Core provision that transfers all rights, title, and interest in the land contract from Assignor to Assignee
5. Consideration: States the purchase price or other consideration for the assignment
6. Assignor's Representations and Warranties: Warranties regarding ownership, right to assign, no defaults, etc.
7. Assignee's Covenants: Assignee's commitment to perform all obligations under the original contract
8. Completion: Details of the completion process, including timing, location, and requirements
9. Notices: Specifies how and where formal notices between parties should be delivered
10. Governing Law: Confirms Philippine law as governing law and jurisdiction
11. Execution: Signature blocks and execution requirements
1. Consent of Original Seller: Required if the original contract requires consent for assignment
2. Conditions Precedent: Include if there are specific conditions that must be met before the assignment becomes effective
3. Tax Provisions: Detailed tax arrangements if complex tax implications exist
4. Further Assurance: Additional commitments to execute documents or perform actions to perfect the assignment
5. Assignment of Related Rights: If there are additional rights (such as warranties or permits) being assigned
6. Broker's Fees: Include if any broker or agent is involved in the transaction
7. Dispute Resolution: Alternative dispute resolution procedures if desired by parties
1. Schedule 1 - Property Description: Detailed description of the land, including lot number, boundaries, and technical description from title
2. Schedule 2 - Original Contract: Copy of the original land contract being assigned
3. Schedule 3 - Outstanding Payments: Details of any remaining payments under the original contract
4. Schedule 4 - Title Documents: Copy of relevant title documents and tax declarations
5. Appendix A - Required Consents: Copies of any required consents or approvals for the assignment
6. Appendix B - Property Tax Certificates: Current tax clearances and certificates
7. Appendix C - Power of Attorney: If any party is acting through an attorney-in-fact
Authors
Real Estate
Property Development
Construction
Agriculture
Industrial Development
Commercial Property
Residential Property
Tourism and Hospitality
Mining and Resources
Infrastructure Development
Banking and Finance
Legal Services
Legal
Real Estate
Property Development
Compliance
Corporate Affairs
Land Administration
Documentation
Investment
Operations
Risk Management
Real Estate Lawyer
Property Manager
Real Estate Developer
Land Registration Officer
Corporate Lawyer
Real Estate Broker
Property Development Manager
Legal Counsel
Compliance Officer
Land Administrator
Real Estate Investment Manager
Title Examiner
Conveyancing Manager
Real Estate Transaction Coordinator
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