The Letter of Intent to Buy Property is a crucial preliminary document in Philippine real estate transactions, serving as a formal expression of interest before entering into a binding contract. It is typically used when a potential buyer has identified a property of interest and wants to formally communicate their intention to purchase, while still maintaining flexibility for negotiation and due diligence. The document includes essential terms such as property details, proposed purchase price, and basic conditions, while adhering to Philippine property laws and regulations. While not legally binding for the final purchase, it demonstrates serious intent and often serves as the basis for preparing the final Sale and Purchase Agreement. This document is particularly important in the Philippine context where property transactions often involve multiple stages of negotiation and various regulatory considerations.
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1. Date and Address Block: Current date and complete address of the property owner/seller
2. Subject Line: Clear indication that this is a Letter of Intent to Purchase Property with reference to the specific property
3. Introduction: Identifies the writer (potential buyer) and expresses formal interest in purchasing the specified property
4. Property Details: Complete description and address of the subject property, including lot number, street address, and title details
5. Purchase Price: Proposed purchase price and general terms of payment
6. Payment Terms: Overview of how and when payments will be made, including any deposits or earnest money
7. Timeline: Proposed timeline for the transaction, including due diligence period and target closing date
8. Basic Conditions: Fundamental conditions that must be met for the transaction to proceed
9. Expression of Serious Intent: Statement confirming serious intention to purchase and good faith
10. Request for Response: Timeline for expected response and next steps
11. Closing and Signature: Formal closing, signature block, and contact information
1. Due Diligence Requirements: Specific requirements for property inspection, title search, and other investigations - include when buyer needs to specify these conditions upfront
2. Financing Contingency: Details about financing arrangements or contingencies - include when purchase depends on securing specific financing
3. Exclusivity Period: Request for exclusive negotiation period - include when buyer wants to prevent seller from entertaining other offers
4. Existing Tenancies: Acknowledgment of existing tenants and proposed handling - include when property is currently leased
5. Property Access: Request for access to conduct inspections - include when immediate access for inspection is needed
6. Broker Information: Details of any real estate brokers involved - include when transaction involves brokers
1. Property Description Schedule: Detailed description of the property including lot size, boundaries, and improvements
2. Proof of Capacity: Evidence of financial capacity to purchase, such as bank statements or financing pre-approval
3. Property Photos: Recent photographs of the property for clear identification
4. Title Information: Copy of latest title or tax declaration documents
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