Question 1

What is an Intent To Sell Agreement

Accepted Answer

The Intent To Sell Agreement is a crucial preliminary document used in Philippine business and real estate transactions when parties have reached initial agreement on key terms but need time before executing the final sale. This document type is particularly important in the Philippine context where property and business transactions often require various clearances, permits, or financing arrangements before completion. The Intent To Sell Agreement typically includes detailed information about the property or goods being sold, price terms, conditions precedent, and timeframes, while complying with local legal requirements under the Civil Code of the Philippines and related commercial laws. It serves as a binding intermediate step that protects both parties' interests during the period between initial agreement and final sale, often used in conjunction with the payment of earnest money or reservation fees.

Question 2

What sections should be included in an Intent To Sell Agreement

Accepted Answer

1. Parties: Identification and details of the prospective seller and buyer, including complete names, addresses, and tax identification numbers. 2. Background: Context of the transaction, establishing the seller's ownership of the property/goods and the buyer's interest in purchasing. 3. Definitions: Key terms used throughout the agreement, ensuring clear interpretation. 4. Subject Matter: Detailed description of the property or goods intended to be sold, including all relevant specifications or identifying details. 5. Purchase Price: The agreed-upon price and payment terms, including any deposits or earnest money. 6. Period of Intent: Duration for which the intent to sell remains valid and binding. 7. Terms and Conditions: Core conditions that must be met before proceeding with the final sale. 8. Rights and Obligations: Specific responsibilities of both parties during the intent period. 9. Exclusivity: Commitment from seller not to offer the property/goods to other parties during the intent period. 10. Good Faith Deposit: Details of any earnest money or reservation fee to be paid. 11. Governing Law: Specification that Philippine law governs the agreement. 12. Execution: Signature blocks and execution requirements.

Question 3

What sections are optional to include in an Intent To Sell Agreement

Accepted Answer

1. Due Diligence: Terms allowing buyer to conduct investigations or inspections, typically used for real estate or business assets. 2. Conditions Precedent: Specific conditions that must be fulfilled before proceeding to final sale, such as obtaining permits or clearances. 3. Broker Involvement: Details of any broker or agent involved in the transaction and their role. 4. Financing Contingency: Terms related to the buyer's need to secure financing, typically used in high-value transactions. 5. Assignment Rights: Whether and how the rights under the agreement can be assigned to other parties. 6. Force Majeure: Provisions for unforeseen circumstances that might affect the intended sale. 7. Confidentiality: Terms regarding confidential information shared during the transaction process.

Question 4

What schedules should be included in an Intent To Sell Agreement

Accepted Answer

1. Property Details: Comprehensive description of the property/goods, including technical specifications, conditions, or property details. 2. Payment Schedule: Detailed breakdown of payment terms, including amounts and due dates. 3. Due Diligence Requirements: List of documents and information to be provided for buyer's review. 4. Title Documents: Copies or details of ownership documentation, particularly relevant for real estate. 5. Property Images: Photographs or visual documentation of the property/goods being sold. 6. Permits and Licenses: Copies of relevant permits, licenses, or certificates related to the property/goods.

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