A Real Estate Purchase Letter of Intent is commonly used in the Philippines as the initial formal step in property acquisition transactions. It serves as a preliminary document that communicates a serious interest in purchasing property while maintaining flexibility for both parties during negotiations. The document is particularly useful in complex real estate transactions where detailed due diligence is required before proceeding to a binding agreement. While governed by Philippine law, including the Civil Code and various real estate regulations, the LOI typically remains non-binding except for specific provisions such as confidentiality or exclusivity. It should include essential elements like property details, proposed purchase price, payment terms, due diligence requirements, and any special conditions, while clearly stating its non-binding nature to avoid unintended legal obligations.
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1. Date and Address Block: Current date and complete address of the property owner/seller
2. Proper Salutation: Formal greeting to the property owner/authorized representative
3. Introduction: Identifies the parties and states the purpose of the letter
4. Property Details: Complete description and address of the subject property, including lot area, improvements, and title details
5. Purchase Price: Proposed purchase price and basic payment terms
6. Basic Terms: Key transaction terms including proposed closing date and major conditions
7. Due Diligence: Request for access to conduct due diligence and timeline
8. Non-Binding Nature: Clear statement that this is not a binding offer except for specified provisions
9. Expiration Date: Validity period of the LOI
10. Closing: Professional closing, signature block, and contact information
1. Exclusivity Period: Request for exclusive negotiation rights for a specified period - include when seeking to prevent seller from entertaining other offers
2. Confidentiality: Include when sensitive information will be shared during due diligence
3. Broker Representation: Include when real estate brokers are involved in the transaction
4. Financing Contingency: Include when purchase is dependent on securing financing
5. Special Conditions: Include when there are specific requirements like zoning changes or permit acquisitions
1. Property Description Schedule: Detailed technical description of the property including lot number, boundaries, and technical specifications
2. Preliminary Terms Sheet: Basic terms and conditions of the proposed purchase in bullet point format
3. Due Diligence Checklist: List of documents and access requirements for due diligence
4. Proof of Capacity: Evidence of financial capacity to complete the purchase (bank statements, funding commitments, etc.)
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