Loi Commercial (Real Estate)

Loi Commercial (Real Estate) Template for Philippines

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Key Requirements PROMPT example:

"I need a Commercial Real Estate LOI for the purchase of a 5,000 square meter industrial property in Manila's Calabarzon region, with a proposed purchase price of 250M PHP and a due diligence period extending to March 2025."

Document background

The Commercial Real Estate Letter of Intent (LOI) is a crucial preliminary document in Philippine real estate transactions, typically used before entering into a formal contract for the purchase, lease, or development of commercial property. This document type is essential in the Philippine market where commercial real estate transactions require careful consideration of local laws, including the Civil Code of the Philippines, the Real Estate Service Act, and various local government regulations. The LOI Commercial (Real Estate) serves to outline key terms and conditions while allowing parties to conduct due diligence and further negotiations before committing to a binding agreement. It includes essential elements such as property details, commercial terms, timelines, and conditions precedent, while clearly distinguishing which provisions are binding and non-binding. This document is particularly important in the Philippine context where property transactions often involve multiple stakeholders and require various regulatory approvals.

Suggested Sections

1. Parties: Full legal names and addresses of all parties involved in the transaction

2. Background/Recitals: Context of the transaction and relationship between the parties

3. Definitions: Key terms used throughout the document

4. Property Description: Detailed description of the subject property, including address, boundaries, and title details

5. Transaction Overview: Brief summary of the proposed transaction (purchase, lease, development, etc.)

6. Commercial Terms: Key financial terms including price/rent, payment terms, and timeline

7. Due Diligence: Timeline and scope of due diligence investigation

8. Conditions Precedent: Conditions that must be satisfied before proceeding with the transaction

9. Exclusivity Period: Duration during which the seller/lessor cannot negotiate with other parties

10. Confidentiality: Obligations regarding confidential information exchange

11. Binding Effect: Clear statement of which provisions are binding and non-binding

12. Governing Law: Specification of Philippine law as governing law

13. Expiration: Validity period of the LOI and conditions for extension

Optional Sections

1. Broker Representation: Include when real estate brokers are involved in the transaction

2. Environmental Matters: Include for properties requiring environmental assessment or with known environmental issues

3. Development Requirements: Include when the transaction involves future development of the property

4. Existing Tenancies: Include when the property has existing tenants and their rights need to be addressed

5. Local Authority Requirements: Include when specific local government approvals are required

6. Foreign Ownership Provisions: Include when any party is foreign-owned, addressing restrictions under Philippine law

7. Construction/Renovation Terms: Include when the transaction involves significant construction or renovation work

Suggested Schedules

1. Property Details Schedule: Detailed technical description of the property, including lot area, floor area, and improvements

2. Payment Schedule: Detailed breakdown of payment terms and milestone dates

3. Due Diligence Requirements: List of required documents and investigations

4. Existing Encumbrances: List of current liens, mortgages, or other encumbrances on the property

5. Required Permits and Licenses: List of governmental approvals needed for the transaction

6. Property Plans and Drawings: Basic architectural plans or property layout if relevant

7. Timeline of Key Dates: Schedule of critical dates and deadlines for the transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Commercial Property

Retail

Office Space

Industrial

Hospitality

Mixed-Use Development

Healthcare

Education

Logistics

Manufacturing

Banking and Finance

Relevant Teams

Legal

Real Estate

Property Management

Business Development

Finance

Operations

Risk and Compliance

Investment

Project Management

Facilities Management

Asset Management

Acquisitions

Corporate Strategy

Relevant Roles

Real Estate Director

Property Development Manager

Commercial Property Manager

Real Estate Investment Manager

Legal Counsel

Corporate Lawyer

Chief Financial Officer

Business Development Director

Facility Manager

Asset Manager

Acquisitions Manager

Real Estate Broker

Property Consultant

Risk Manager

Compliance Officer

Real Estate Analyst

Investment Analyst

Project Manager

Commercial Director

Operations Manager

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