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Assignment Of Land Contract Template for Philippines

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Key Requirements PROMPT example:

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."

Document background
The Assignment of Land Contract is a crucial legal instrument in Philippine property transactions, used when a party holding rights under a land contract wishes to transfer these rights to another party. This document type is particularly relevant in situations involving property development, investment transactions, or when original contract holders need to transfer their interests before the completion of a land purchase. The assignment must comply with Philippine property laws, including the Civil Code of the Philippines and the Property Registration Decree, and requires proper registration with the Register of Deeds. It's essential to consider local government requirements, tax implications, and potential restrictions on foreign ownership. The document typically includes detailed property descriptions, payment terms, and may require various governmental clearances and certifications.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

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

Relevant legal definitions



























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Real Estate

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