Document background
The Transfer Of Land Ownership Agreement is a crucial legal instrument used in the Philippines when transferring real property ownership from one party to another. This document is essential for both private and commercial land transfers, ensuring compliance with Philippine property laws, including the Civil Code of the Philippines and the Property Registration Decree (PD 1529). The agreement becomes necessary whenever there is a sale, donation, or other forms of ownership transfer of land, whether for residential, commercial, or agricultural purposes. It must include specific provisions required by Philippine law, such as proper property description, price considerations, tax obligations, and registration requirements. The document serves as the foundation for the subsequent registration of the transfer with the Register of Deeds and supports other necessary procedures such as tax clearances and local government permits.
