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.
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Key Requirements PROMPT example:
Notice Of Intent To Purchase (Real Estate)
"I need a Notice of Intent to Purchase (Real Estate) for a commercial property in Makati Business District, Philippines, with a proposed closing date of March 15, 2025, and including contingencies for obtaining commercial zoning permits and conducting environmental assessments."
1. Date and Address Block: Current date and complete contact information for both the sender (potential buyer) and recipient (property owner)
2. Subject Line: Clear identification of the document as a Notice of Intent to Purchase and reference to the specific property
3. Property Details: Complete and accurate description of the subject property, including address, lot number, title details, and tax declaration number
4. Purchase Intent Declaration: Clear statement of intention to purchase the specified property
5. Proposed Purchase Price: Statement of the offered purchase price in both numbers and words
6. Payment Terms: Outline of proposed payment structure, including any deposit or earnest money
7. Due Diligence Period: Requested timeframe for conducting property investigation and document verification
8. Closing Timeline: Proposed timeline for completing the transaction
9. Signature Block: Space for signature, printed name, and contact details of the potential buyer
1. Financing Contingency: Include when purchase is dependent on securing financing from a specific lender
2. Property Inspection Clause: Include when buyer requires specific inspection rights beyond standard due diligence
3. Existing Tenant Notice: Include when the property has existing tenants and buyer needs to address lease arrangements
4. Broker Information: Include when real estate brokers are involved in the transaction
5. Special Conditions: Include when there are specific requirements or conditions for the purchase
6. Expiration of Offer: Include when the buyer wants to set a specific deadline for response
1. Proof of Funds: Bank statement or financial certification demonstrating buyer's capability to purchase
2. Property Description Schedule: Detailed technical description of the property including lot area, boundaries, and improvements
3. Photo Documentation: Recent photographs of the property and its current condition
4. Preliminary Title Search Results: Initial findings from title search if already conducted
5. Proposed Purchase Timeline: Detailed timeline of proposed transaction milestones and deadlines
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