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The Commercial Contract for Unimproved Property is a specialized agreement used in the Philippines for transactions involving undeveloped land intended for commercial use. This document is essential when businesses or investors seek to acquire raw land for future development, ensuring compliance with Philippine property laws, local zoning regulations, and environmental requirements. It's particularly relevant in scenarios where the land will be developed for commercial, industrial, or mixed-use purposes. The contract includes comprehensive provisions addressing due diligence requirements, title verification, environmental considerations, and development restrictions specific to Philippine jurisdiction. It's structured to protect both buyer and seller interests while facilitating smooth property transfer in accordance with local registration requirements and tax regulations.

1. Parties: Identifies and provides full details of all parties to the contract, including their legal capacity to enter into the agreement

2. Background: Provides context for the agreement and briefly describes the property and intended transaction

3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent ambiguity

4. Property Description: Detailed description of the unimproved property including boundaries, lot number, title details, and total area

5. Purchase Price and Payment Terms: Specifies the agreed purchase price, payment schedule, and method of payment

6. Conditions Precedent: Lists conditions that must be satisfied before the contract becomes fully effective

7. Representations and Warranties: Statements of fact by both parties regarding their capacity, the property's status, and other material facts

8. Due Diligence: Outlines the buyer's right to investigate the property and related documentation

9. Title and Transfer: Details the process and requirements for transferring title to the property

10. Taxes and Expenses: Allocates responsibility for various taxes and transaction costs

11. Risk and Insurance: Addresses when risk passes to the buyer and any insurance requirements

12. Default and Remedies: Specifies what constitutes default and the remedies available to each party

13. Governing Law and Jurisdiction: Specifies Philippine law as governing law and designates jurisdiction for disputes

14. Notices: Specifies how formal notices between parties should be given

15. Execution: Formal signing section including space for witnesses and notarization