Document background
The Real Estate Development Joint Venture Term Sheet is a crucial preliminary document used in the Philippine real estate sector when two or more parties intend to collaborate on a property development project. It serves as a roadmap for negotiating and finalizing the detailed joint venture agreement, capturing essential commercial terms while ensuring compliance with Philippine legal requirements, particularly regarding foreign ownership restrictions and land use regulations. This document is typically used during the initial stages of project planning, after preliminary feasibility studies but before detailed due diligence and final documentation. It addresses key aspects such as capital contributions, profit sharing, management structure, and development responsibilities, while considering specific Philippine regulatory requirements including environmental compliance, zoning regulations, and necessary governmental approvals.
