Document background
The Notice of Intent to Purchase (Real Estate) is a crucial preliminary document in Philippine real estate transactions, serving as a formal expression of interest from a potential buyer to a property owner. This document is typically used when a buyer has identified a specific property and wants to formally communicate their serious intention to purchase, but before entering into a binding contract of sale. It provides essential information including property details, proposed purchase price, payment terms, and conditions for due diligence. While not legally binding, it often leads to exclusive negotiations and helps prevent miscommunication between parties. In the Philippine context, this document must comply with local property laws and real estate practices, and it's often used as a precursor to more formal legal documents such as the Contract to Sell or Deed of Absolute Sale.
