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A Letter Of Intent For Purchase Of Commercial Property is a crucial preliminary document used in Philippine commercial real estate transactions before proceeding with a full purchase agreement. It is typically used when a prospective buyer has identified a commercial property of interest and wishes to formally communicate their serious intention to purchase while establishing a framework for negotiations. The document outlines key terms such as the proposed purchase price, timeline, due diligence requirements, and any exclusivity periods, while considering Philippine property laws and local regulations. While mostly non-binding, it serves as an important stepping stone in the transaction process and helps parties align their expectations before investing significant time and resources in due diligence and final negotiations.

1. Date and Parties: Full legal names and addresses of both the prospective buyer and property owner

2. Property Details: Specific description and location of the commercial property, including lot number, street address, and registration details

3. Purchase Price: Proposed purchase price and any preliminary payment terms or structure

4. Transaction Timeline: Proposed timeline for due diligence, negotiations, and closing of the transaction

5. Due Diligence: Overview of the due diligence process and requirements

6. Exclusivity Period: Proposed period during which the seller agrees not to negotiate with other potential buyers

7. Confidentiality: Binding provisions regarding the confidentiality of negotiations and shared information

8. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions (such as confidentiality and exclusivity)

9. Closing Conditions: Key conditions that need to be satisfied before proceeding with the transaction

10. Signature Block: Space for signatures of authorized representatives from both parties