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Real Estate Termination Agreement
"I need a Real Estate Termination Agreement for a residential property in Manila, Philippines, where both buyer and seller have mutually agreed to terminate the sale agreement dated January 15, 2025, with full refund of the 20% down payment."
1. Parties: Identification of all parties to the termination agreement, including complete legal names and addresses
2. Background: Details of the original agreement being terminated, including date, property description, and reason for termination
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination: Clear statement of termination and effective date
5. Settlement of Accounts: Details of any financial settlements, including refunds or payments required under Maceda Law
6. Mutual Release: Release of claims and liabilities between parties
7. Return of Property and Documents: Procedures for returning property documents and keys
8. Representations and Warranties: Statements confirming parties' authority and capacity to enter into termination
9. Governing Law: Confirmation of Philippine law as governing law
10. Execution: Signature blocks and notarization requirements
1. Broker Provisions: Include when real estate brokers were involved in the original transaction and commission issues need to be addressed
2. Third Party Rights: Include when there are affected third parties such as tenants or mortgagees
3. Tax Provisions: Include when there are specific tax implications that need to be addressed
4. Confidentiality: Include when parties wish to keep the terms of termination confidential
5. Survival Clauses: Include when certain provisions from the original agreement should survive termination
6. Dispute Resolution: Include when parties want to specify alternative dispute resolution methods
1. Schedule A - Property Details: Detailed description of the property including title details and certificates
2. Schedule B - Payment History: Record of all payments made under the original agreement
3. Schedule C - Settlement Calculations: Detailed calculations of refunds or payments due under Maceda Law
4. Appendix 1 - Original Agreement: Copy of the original real estate agreement being terminated
5. Appendix 2 - Property Documents: List of all property-related documents to be returned or transferred
6. Appendix 3 - Clearance Certificates: Copies of necessary clearances from relevant authorities
Authors
Real Estate
Construction
Property Development
Banking and Finance
Legal Services
Property Management
Urban Development
Residential Housing
Commercial Property
Land Development
Legal
Real Estate Operations
Property Management
Compliance
Documentation
Finance
Sales
Contract Administration
Risk Management
Corporate Affairs
Real Estate Lawyer
Property Manager
Real Estate Broker
Legal Counsel
Contract Administrator
Property Developer
Real Estate Agent
Compliance Officer
Title Officer
Real Estate Operations Manager
Property Documentation Specialist
Real Estate Transaction Coordinator
Legal Documentation Manager
Real Estate Finance Manager
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