Document background
The Letter Of Intent To Purchase Commercial (Real Estate) is a crucial initial step in Philippine commercial property transactions, serving as a formal expression of interest from a potential buyer to a property owner. This document is typically used when a serious buyer has identified a commercial property of interest but needs to conduct due diligence before proceeding with a binding purchase agreement. It outlines preliminary terms including property identification, proposed purchase price, payment structure, and timeline, while usually maintaining a non-binding nature except for specific provisions like confidentiality and exclusivity. The document must align with Philippine real estate laws and regulations, including the Civil Code, Property Registration Decree, and local government requirements. It's particularly important in complex commercial transactions where detailed due diligence and negotiations are necessary before finalizing a purchase agreement.
