Document background
The Offer Letter To Purchase Property is a crucial document in Philippine real estate transactions, serving as the initial formal step in property acquisition. It is typically used when a prospective buyer has identified a property of interest and wishes to formalize their purchase intention. The document must comply with Philippine Civil Code requirements and real estate regulations, including the Property Registration Decree (PD 1529) and relevant tax laws. The letter includes specific details about the property, proposed purchase price, payment terms, conditions precedent, due diligence period, and closing timeline. It forms the basis for subsequent negotiations and, if accepted, leads to the preparation of a formal Contract of Sale. The document is particularly important in both residential and commercial property transactions, providing a clear record of the buyer's intentions and proposed terms.
