A Letter Of Intent For Purchase Of Commercial Property is a crucial preliminary document used in Philippine commercial real estate transactions before proceeding with a full purchase agreement. It is typically used when a prospective buyer has identified a commercial property of interest and wishes to formally communicate their serious intention to purchase while establishing a framework for negotiations. The document outlines key terms such as the proposed purchase price, timeline, due diligence requirements, and any exclusivity periods, while considering Philippine property laws and local regulations. While mostly non-binding, it serves as an important stepping stone in the transaction process and helps parties align their expectations before investing significant time and resources in due diligence and final negotiations.
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1. Date and Parties: Full legal names and addresses of both the prospective buyer and property owner
2. Property Details: Specific description and location of the commercial property, including lot number, street address, and registration details
3. Purchase Price: Proposed purchase price and any preliminary payment terms or structure
4. Transaction Timeline: Proposed timeline for due diligence, negotiations, and closing of the transaction
5. Due Diligence: Overview of the due diligence process and requirements
6. Exclusivity Period: Proposed period during which the seller agrees not to negotiate with other potential buyers
7. Confidentiality: Binding provisions regarding the confidentiality of negotiations and shared information
8. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions (such as confidentiality and exclusivity)
9. Closing Conditions: Key conditions that need to be satisfied before proceeding with the transaction
10. Signature Block: Space for signatures of authorized representatives from both parties
1. Earnest Money: Terms for any initial deposit or earnest money, if applicable
2. Broker Information: Details of any real estate brokers involved and commission arrangements
3. Financial Capability: Statement of buyer's financial capability and funding sources
4. Property Access: Terms for accessing the property during due diligence period
5. Existing Tenancies: Address handling of existing lease agreements or tenancies
6. Local Requirements: Any specific local government or zoning requirements that need to be addressed
7. Cost Allocation: Proposed allocation of transaction costs and taxes
1. Property Description Schedule: Detailed technical description of the property, including boundaries and technical specifications
2. Initial Due Diligence Checklist: List of required documents and information for preliminary due diligence
3. Proposed Timeline: Detailed breakdown of proposed dates and deadlines for various stages of the transaction
4. Existing Encumbrances: List of known encumbrances, liens, or other restrictions on the property
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