Document background
The Letter Of Intent To Purchase (Real Estate) is a crucial preliminary document in Philippine property transactions, typically used before entering into a formal Contract to Sell or Deed of Absolute Sale. This document is particularly important in the Philippine real estate market, where property transactions often involve multiple stages of documentation and negotiation. It serves as a formal expression of interest from a potential buyer to a property owner, outlining key terms such as the proposed purchase price, property details, and conditions for proceeding with the transaction. While not legally binding for the final purchase, it helps establish serious intent and good faith under Philippine law, and is often required by property developers, real estate agencies, and financial institutions as a first step in the property acquisition process. The document must comply with Philippine Civil Code requirements and real estate regulations, particularly considering local property laws and transaction practices.
