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Real Estate Letter of Intent

This letter of intent outlines the proposed sale of a residential property located in Coral na Bato, San Rafael, Bulacan, Philippines from Luzviminda Jonsay/Momarco Import Co. Incorporated to Jeffrey Ojeda. The buyer intends to purchase the property for 2100 pesos per square meter, totaling approximately 26,575,500 pesos. The letter specifies closing procedures and conditions, including costs, possession date, property inspections, disclosure reports, and standstill agreements. It concludes by requesting both parties' signatures to finalize the agreement by a specified date.

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468 views2 pages

Real Estate Letter of Intent

This letter of intent outlines the proposed sale of a residential property located in Coral na Bato, San Rafael, Bulacan, Philippines from Luzviminda Jonsay/Momarco Import Co. Incorporated to Jeffrey Ojeda. The buyer intends to purchase the property for 2100 pesos per square meter, totaling approximately 26,575,500 pesos. The letter specifies closing procedures and conditions, including costs, possession date, property inspections, disclosure reports, and standstill agreements. It concludes by requesting both parties' signatures to finalize the agreement by a specified date.

Uploaded by

Tegnap Nehj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

LETTER OF INTENT

Effective Date: SEPTEMBER 01, 2022

RE: Intent to LUZVIMINDA JONSAY/MOMARCO IMPORT CO. INCORPORATED

This real estate letter of intent (the “Letter of Intent”) represents the basic terms for an agreement
between a ☐ Buyer and Seller ☐ Lessee and Lessor. After this Letter of Intent has been made, a
formal agreement may be constructed to the benefit of the Parties involved.

A. The Buyer : JEFFREY OJEDA

B. The Seller: LUZVIMINDA JONSAY/MOMARCO IMPORT CO. INCORPORATED

C. Property Address: CORAL NA BATO, SAN RAFAEL, BULACAN

Additional Description: WITH TITLE NUMBER: 039-2022016773


039-2014000502
039-2014000501

D. Property Type: The Property is defined as a ☐ agricultural ☐ residential space.

E. Real Estate Transaction: This Letter of Intent is for the ☐ purchase ☐ lease of the Property

F. Financial Terms: The Buyer or Lessee intends to:

☐ - Purchase the Property for 2100/per sqm (P 26,575,500.00 )

G. Purchase Conditions: If the Real Estate Transaction is for the purchase of the Property, the
following conditions shall apply:

a) Closing. The Closing shall occur on _______________________, 20____, or earlier by


mutual agreement (the “Closing”). Any extension to the Closing must be agreed upon in
writing by the Buyer and Seller.

b) Closing Costs. All costs associated with the Closing shall be the responsibility of
☐ the Buyer ☐ the Seller ☐ both Parties bearing their own expenses.

c) Possession. Possession of the Property shall be given on _______________________,


20____, or earlier by mutual agreement (the “Possession”). Any extension to the Possession
must be agreed upon in writing by the Buyer and Seller.

d) Property Inspection. After a binding Purchase Agreement has been made, the Buyer shall
hold the right to have the condition of the Property inspected by a person of their choosing.
The inspection shall occur no later than ____ days after a Purchase Agreement has been
made.
e) Disclosure Report. After the Property has been inspected, the Buyer shall have an
additional ____ days to report any new disclosures to the Seller in writing. If the Buyer and

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Seller cannot reach a mutual agreement within ____ days after delivery of the written
disclosures, the Purchase Agreement shall be terminated with any earnest money being
returned to the Buyer.

f) Standstill Agreement. Following the execution of this Letter of Intent, and until the Closing,
the Seller shall not negotiate for the sale of the Property with any other party unless either
the Buyer and Seller agree in writing to terminate this Letter of Intent, or the Buyer and Seller
fail to sign a Purchase Agreement by _______________________, 20____.

VIII. Expenses: If the Real Estate Transaction is for the Purchase of the Property, the Purchaser
shall be required to pay the following Bir expenses and all the transferring fees.

XVIII. Acceptance: If you are agreeable to the aforementioned terms, please sign and return a
duplicate copy of this Letter of Intent by no later than _______________________, 20____.

BUYER: JEFFREY OJEDA

Buyer Signature _______________________ Date _______________________

Print Name _______________________

SELLER:

Seller Signature _______________________ Date _______________________

Print Name _______________________

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