Document background
The Property Offer Letter is a crucial document in Philippine real estate transactions, serving as the initial formal communication between a potential buyer and property owner. It is typically used when a serious buyer wishes to express their intent to purchase a property after preliminary viewings and discussions. The document includes specific details about the property, the offered purchase price, payment terms, conditions of the offer, and any contingencies. Under Philippine law, while not legally binding as a sale contract, it forms the basis for negotiations and can be referenced in subsequent legal documents. The letter must comply with local real estate practices and regulations, including the Real Estate Service Act (RESA) and relevant provisions of the Civil Code of the Philippines. It's particularly important in both residential and commercial property transactions, where it helps establish clear communication and prevent misunderstandings between parties.
