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Purchase Money Deed Of Trust Template for Philippines

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Key Requirements PROMPT example:

Purchase Money Deed Of Trust

"I need a Purchase Money Deed of Trust for a residential property in Manila, Philippines, with a loan amount of 5 million pesos and standard residential use restrictions, to be executed by March 2025."

Document background
The Purchase Money Deed of Trust is a crucial document in Philippine real estate financing, used when a borrower requires funding to purchase property and the same property serves as collateral for the loan. This security instrument is particularly relevant in the Philippine jurisdiction, where it operates under the Civil Code, Property Registration Decree, and related property laws. The document is utilized when the loan is specifically for purchasing the property being used as security, distinguishing it from other types of real estate security instruments. It includes detailed provisions about the property, loan terms, rights and obligations of all parties, default remedies, and foreclosure procedures. The Purchase Money Deed of Trust must comply with Philippine notarial requirements and registration procedures to be legally enforceable.
Suggested Sections

1. Parties: Identifies the Borrower (Trustor), Lender (Beneficiary), and Trustee with their complete legal names and addresses

2. Background: Outlines the context of the transaction, including the purchase of the property and the loan arrangement

3. Definitions: Defines key terms used throughout the document

4. Property Description: Detailed legal description of the property being used as security

5. Loan Terms: Specifies the loan amount, interest rate, payment schedule, and maturity date

6. Security Grant: Formal conveyance of the property in trust as security for the loan

7. Borrower's Covenants: Obligations of the borrower including maintenance, insurance, taxes, and property use restrictions

8. Default Provisions: Defines events of default and their consequences

9. Remedies: Details the lender's rights and remedies upon default, including foreclosure process

10. Insurance and Tax Requirements: Specific requirements for property insurance and payment of taxes

11. Notice Requirements: Procedures for giving notice between parties

12. Governing Law: Specifies Philippine law as governing law and jurisdiction

Optional Sections

1. Due on Sale Clause: Optional provision preventing transfer of property without lender's consent

2. Acceleration Clause: Optional provision allowing lender to demand full payment under specified circumstances

3. Escrow Requirements: Optional section for when escrow arrangements are needed for taxes and insurance

4. Construction Provisions: Used when the property involves ongoing or future construction

5. Environmental Warranties: Important for commercial properties or properties with potential environmental concerns

6. Condominium Provisions: Required when the property is a condominium unit

7. Assignment and Substitution: Provisions for changing trustees or assigning beneficial interests

Suggested Schedules

1. Schedule A - Property Description: Detailed technical legal description of the property including boundaries, certificates of title, and tax declaration numbers

2. Schedule B - Payment Schedule: Amortization table showing payment dates, amounts, and interest calculations

3. Schedule C - Permitted Encumbrances: List of any existing liens or encumbrances allowed to remain on the property

4. Schedule D - Insurance Requirements: Detailed specifications for required insurance coverage

5. Appendix 1 - Property Documents: Copies of relevant property documents including tax certificates and title

6. Appendix 2 - Required Permits: Copies of necessary permits and certificates related to the property

7. Appendix 3 - Property Photos: Recent photographs of the property for documentation purposes

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




































Clauses






























Relevant Industries

Real Estate

Banking

Financial Services

Property Development

Construction

Housing

Commercial Property

Residential Property

Legal Services

Relevant Teams

Legal

Real Estate

Compliance

Risk Management

Credit

Documentation

Property Management

Mortgage Operations

Title and Escrow

Corporate Finance

Relevant Roles

Real Estate Attorney

Property Lawyer

Loan Officer

Mortgage Specialist

Real Estate Agent

Property Manager

Title Officer

Legal Counsel

Compliance Officer

Risk Manager

Real Estate Developer

Bank Manager

Credit Analyst

Property Appraiser

Notary Public

Documentation Specialist

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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