A Letter of Intent to Develop Property is commonly used in the Philippine real estate sector as an initial step in property development negotiations. This document is particularly relevant when parties have identified a potential development opportunity and need to formalize their preliminary understanding before proceeding with detailed due diligence and final agreements. It typically follows initial discussions and precedes more comprehensive development agreements, setting out key terms while maintaining flexibility. The document must comply with Philippine property laws, including the Civil Code, Urban Development and Housing Act, and local government regulations. It serves multiple purposes: documenting serious intent, securing initial commitments, outlining basic terms, and providing a framework for due diligence and further negotiations. While generally non-binding in nature (except for specific provisions like confidentiality), it plays a crucial role in establishing the foundation for the development project and subsequent legal agreements.
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1. Date and Parties: Identification of the date and all parties involved, including full legal names and addresses
2. Background/Recitals: Brief context of the proposed development project and the purpose of the LOI
3. Property Details: Clear identification and description of the subject property, including location, boundaries, and current legal status
4. Development Concept: Overview of the proposed development project, including intended use and preliminary scope
5. Basic Terms: Key commercial terms including preliminary financial arrangements, timeline, and basic responsibilities
6. Due Diligence: Outline of the preliminary investigation period and access rights for property assessment
7. Exclusivity: Terms of exclusive negotiation period if applicable
8. Confidentiality: Provisions regarding confidential information shared during negotiations
9. Timeline: Proposed schedule for negotiations, due diligence, and development of definitive agreements
10. Non-Binding Nature: Clear statement of which provisions are binding and non-binding
11. Execution: Signature blocks for all parties
1. Conditions Precedent: Specific conditions that must be met before proceeding with the development, used when there are crucial prerequisites
2. Cost Allocation: Distribution of preliminary costs and expenses, included when parties want to clarify financial responsibilities during the LOI phase
3. Regulatory Compliance: Reference to specific regulatory requirements, included when the development requires particular permits or approvals
4. Environmental Considerations: Preliminary environmental commitments or studies, included for projects with significant environmental impact
5. Community Relations: Approach to community engagement and social responsibilities, included for projects in sensitive community areas
6. Dispute Resolution: Basic framework for resolving disputes, included when parties want specific preliminary dispute mechanisms
1. Property Description Schedule: Detailed technical description of the property including lot numbers, boundaries, and technical specifications
2. Preliminary Development Plan: Basic concept drawings or initial development plans
3. Timeline Schedule: Detailed breakdown of proposed milestone dates and deadlines
4. Due Diligence Requirements: List of required documentation and investigations
5. Key Terms Sheet: Summary of principal commercial terms to be included in the definitive agreements
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