Scribd Logo
Upload

Welcome to Scribd!

  • 1K views

    LOI - Letter of Intent To Purchase Property

    Uploaded by

    Jennelyn Gan
    This letter of intent outlines the proposed terms for the purchase of a vacant lot by Buyer from Seller. The lot has a total area of __ sqm and is located at __________. The purchase price is PhP XX,000,000. The buyer will pay a 100,000 earnest money within 10 days, 40% of the purchase price within 30 days of signing, and finance the remaining balance. The letter of intent is non-binding and requires both parties' signatures to signify acceptance of the terms.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    LOI - Letter of Intent To Purchase Property

    Uploaded by

    Jennelyn Gan
    1K views2 pages
    This letter of intent outlines the proposed terms for the purchase of a vacant lot by Buyer from Seller. The lot has a total area of __ sqm and is located at __________. The purchase price is PhP XX,000,000. The buyer will pay a 100,000 earnest money within 10 days, 40% of the purchase price within 30 days of signing, and finance the remaining balance. The letter of intent is non-binding and requires both parties' signatures to signify acceptance of the terms.

    Original Description:

    Letter of Intent to Purchase Property

    Original Title

    LOI - Letter of Intent to Purchase Property

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This letter of intent outlines the proposed terms for the purchase of a vacant lot by Buyer from Seller. The lot has a total area of __ sqm and is located at __________. The purchase price is PhP XX,000,000. The buyer will pay a 100,000 earnest money within 10 days, 40% of the purchase price within 30 days of signing, and finance the remaining balance. The letter of intent is non-binding and requires both parties' signatures to signify acceptance of the terms.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    1K views2 pages

    LOI - Letter of Intent To Purchase Property

    Uploaded by

    Jennelyn Gan
    This letter of intent outlines the proposed terms for the purchase of a vacant lot by Buyer from Seller. The lot has a total area of __ sqm and is located at __________. The purchase price is PhP XX,000,000. The buyer will pay a 100,000 earnest money within 10 days, 40% of the purchase price within 30 days of signing, and finance the remaining balance. The letter of intent is non-binding and requires both parties' signatures to signify acceptance of the terms.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    7 September 2021

    To: XXX and XXX


    From: XXX and XXX
    RE: INTENT TO PURCHASE PROPERTY (TCT NO: )

    Dear Seller,

    This is to express our offer to buy the above-stated property through our authorized broker, .
     
    This residential vacant lot purchase letter of intent (the “Letter of Intent”) represents the basic terms for
    an agreement between the Buyer and Seller. After this Letter of Intent has been made, a formal agreement
    may be constructed to the benefit of the Parties involved.

    1. Seller. XXX

    2. Buyer. XXX

    3. Property. The property is a vacant lot with TCT no. with a total lot area of __sqm
    located at .

    4. Purchase Price. Php XX,000,000.00.

    5. Purchase Terms.

    a. Upon acceptance of this offer, earnest money in the amount of One Hundred Thousand
    Pesos (Php 100,000.00) shall be paid by buyer within 10 days and shall be credited as part of the
    purchase price.

    b. 40% cash payment, in the amount of XXX Pesos (Php XXX.00), shall be paid in full within 30
    days after signing a Contract to Sell and receipt of Letter of Guarantee (LOG) from the bank.

    c. Remaining balance, in the amount of XXX Pesos (Php XXX.00) shall be payable through bank
    financing.

    d. Capital Gains Tax and Broker's commission shall be for the account of the Seller, while the
    Documentary Stamps, Transfer Tax and Registration Fees shall be for the account of the Buyer. 

    6. Bank Financing. The buyer has made it known that their ability to purchase the Property is
    conditional on their ability to obtain financing. Buyer has obtained pre-approved home loan under
    BPI Family Savings Bank. BPI requires the following documents for immediate processing as
    follows:

    a. Clear copy of Owner’s Duplicate Copy of Title-complete pages


    b. Tax Declaration
    c. Signed Authorization Letter for Tax Mapping of the property
    d. Valid ID of Registered Owner/s
    e. Notarized Contract to Sell or Offer to Sell/Purchase
    7. Earnest money. In the event Seller fails to perform each and every covenant and condition required
    hereunder, Buyer may terminate this Agreement by giving Seller written notice and Seller shall return
    the Earnest Money to Buyer within three (3) days of Seller's receipt of such notice. In the event Buyer
    fails to perform each and every obligation hereunder, Seller may terminate this Agreement by giving
    Buyer written notice and Seller may retain 10% of the Earnest Money as liquidated damages. If
    closing fails to occur for any other reason, Seller shall immediately refund the Earnest Money in full
    to Buyer within three (3) days and Buyer shall be entitled to keep the same without limiting or
    affecting Buyer’s remedies.

    8. Binding Effect. This Letter of Intent shall be considered non-binding. Therefore, the Parties
    acknowledge that this Letter of Intent is not enforceable by any Party. The terms outlined herein are
    solely for the purposes of reaching an agreement in the future, of which the Buyer and Seller are not
    bound.

    If the above terms and conditions are acceptable to you, please signify your conformity by signing on the
    space provided below.
     
     
    Truly yours,
     
     
    ------------------------------------------------------

                 (Buyer)


     
     
    Conforme:

    ------------------------------------------------------

                 (Seller)

    You might also like