The Letter of Intent to Sell is a crucial preliminary document in Philippine business transactions, used when a party wishes to formally communicate their serious intention to sell property or assets to a potential buyer. This document serves as a stepping stone toward a final sale agreement, outlining key terms while typically maintaining a non-binding nature except for specific provisions. It's particularly important in the Philippine context where business relationships often require formal documentation of intentions before proceeding with detailed negotiations. The Letter of Intent to Sell helps establish clear communication between parties and can be used for various types of assets, from real estate to business assets, while adhering to Philippine legal requirements. It typically includes essential information such as the parties' details, property description, proposed price, and timeline, serving as a foundation for the subsequent formal sale agreement.
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1. Date and Parties: Identification of the seller and potential buyer with complete names, addresses, and legal capacity to enter into a transaction
2. Subject Matter: Clear identification and description of the property or asset intended to be sold
3. Purchase Price: Proposed purchase price and any preliminary payment terms
4. Transaction Timeline: Proposed timeline for completing the sale and major milestones
5. Due Diligence: Terms for conducting due diligence and property inspection
6. Confidentiality: Statement regarding the confidential nature of the negotiations and proposed transaction
7. Non-Binding Nature: Clear statement that the LOI is non-binding except for specific provisions like confidentiality
8. Expiration: Validity period of the LOI and conditions for extension
9. Signature Block: Space for signatures of both parties and witnesses as customary in Philippines practice
1. Exclusivity Period: Used when the seller agrees not to negotiate with other potential buyers for a specific period
2. Earnest Money: Include when there's an agreement for the buyer to provide earnest money as a show of good faith
3. Conditions Precedent: Used when there are specific conditions that must be met before proceeding with the sale
4. Broker Information: Include when a real estate broker is involved in the transaction
5. Government Approvals: Used when the sale requires specific government permits or approvals
6. Financing Contingency: Include when the buyer's intention to purchase is contingent on obtaining financing
1. Property Description Schedule: Detailed description of the property including boundaries, technical specifications, or serial numbers
2. Title Documents: List of relevant title documents and certificates
3. Existing Encumbrances: List of any existing liens, mortgages, or other encumbrances on the property
4. Photo Documentation: Photos or visual documentation of the property or asset being sold
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Manufacturing
Retail
Agriculture
Technology
Automotive
Industrial
Commercial Property
Construction
Hospitality
Mining
Energy
Transportation
Healthcare
Relevant Teams
Legal
Real Estate
Property Management
Business Development
Finance
Operations
Procurement
Sales
Corporate Affairs
Compliance
Asset Management
Relevant Roles
Chief Executive Officer
Managing Director
Business Development Manager
Real Estate Manager
Property Manager
Asset Manager
Legal Counsel
Corporate Secretary
Finance Director
Chief Financial Officer
Operations Manager
Investment Manager
Procurement Manager
Sales Director
Business Owner
Real Estate Agent
Property Developer
Facilities Manager
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