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Property Split Agreement

Property Split Agreement Template for Philippines

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Key Requirements PROMPT example:

Property Split Agreement

"I need a Property Split Agreement for dividing three residential properties in Manila between two business partners, with one property having an existing mortgage, to be completed by March 2025."

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Document background
A Property Split Agreement is essential when two or more parties need to formally divide shared property interests in the Philippines. This document is commonly used in various scenarios, including separation of business partners, division of inherited property, or separation of marital assets (when recognized under Philippine law). The agreement must comply with Philippine property laws, including the Family Code, Civil Code, and relevant tax regulations. It typically includes detailed property inventories, valuation methods, allocation mechanisms, and specific procedures for transferring titles. The document addresses tax implications, registration requirements, and other obligations under Philippine law, making it crucial for ensuring a legally sound property division that can be properly registered and enforced.
Suggested Sections

1. Parties: Identification of all parties involved in the property split, including their full legal names, addresses, and civil status

2. Background: Context of the property split, including the relationship between parties and origin of joint ownership

3. Definitions: Definitions of key terms used throughout the agreement

4. Properties Subject to Division: Clear identification and description of all properties to be divided

5. Agreed Division: Detailed breakdown of how properties will be divided between parties

6. Transfer Mechanism: Process and timeline for executing the property transfers

7. Tax Obligations: Allocation of responsibility for transfer taxes, capital gains tax, and other applicable taxes

8. Representations and Warranties: Statements by each party regarding their authority to enter agreement and property ownership status

9. Costs and Expenses: Assignment of responsibility for legal fees, registration fees, and other costs

10. Governing Law: Specification of Philippine law as governing law and relevant jurisdiction

11. Execution Requirements: Formal requirements for signing, witnessing, and notarization

Optional Sections

1. Mortgage and Encumbrances: Section dealing with existing mortgages or liens on properties, used when properties are not free from encumbrances

2. Conjugal Property Provisions: Special provisions for married parties regarding conjugal property rights, used when parties are/were married

3. Third Party Consents: Requirements for obtaining consent from third parties, used when properties involve co-owners or require bank consent

4. Rental Income Allocation: Distribution of rental income from properties, used when properties generate rental income

5. Property Management During Transition: Temporary management arrangements until transfer completion, used for complex transfers

6. Dispute Resolution: Specific procedures for resolving disputes, used in high-value or complex splits

Suggested Schedules

1. Schedule A - Property Inventory: Detailed inventory of all properties subject to division, including legal descriptions and current market values

2. Schedule B - Property Documents: List of all property-related documents (titles, tax declarations, etc.) and their current holders

3. Schedule C - Allocation Matrix: Detailed breakdown of which properties (or shares thereof) are allocated to each party

4. Schedule D - Outstanding Obligations: List of all mortgages, liens, or other encumbrances affecting the properties

5. Appendix 1 - Property Valuations: Independent property valuations or appraisal reports

6. Appendix 2 - Tax Certificates: Current tax clearances and certificates for all properties

7. Appendix 3 - Title Documents: Copies of all relevant property titles and registration documents

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

alex.den.21@genieai.co
Relevant legal definitions








































Clauses






























Relevant Industries

Real Estate

Legal Services

Property Development

Banking and Finance

Construction

Property Management

Investment Management

Family Office Services

Wealth Management

Professional Services

Relevant Teams

Legal

Real Estate

Property Management

Finance

Tax

Wealth Management

Corporate Secretarial

Asset Management

Risk Management

Compliance

Relevant Roles

Legal Counsel

Property Manager

Real Estate Attorney

Wealth Manager

Estate Planner

Real Estate Broker

Property Valuer

Tax Advisor

Notary Public

Corporate Secretary

Finance Manager

Real Estate Developer

Asset Manager

Family Office Manager

Property Administrator

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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