Document background
The Letter of Agreement to Sell Property is a crucial document in Philippine real estate transactions, commonly used as a preliminary step in property sales. This document type is particularly relevant when parties need to formalize their intent to enter into a property sale transaction before proceeding with the more detailed Deed of Absolute Sale. It must comply with the Civil Code of the Philippines and related property laws, requiring proper notarization and witnessing. The document typically includes essential details such as property description, price, payment terms, and conditions of sale, while also incorporating specific requirements of local government units. This type of agreement is widely used in both residential and commercial property transactions, providing a clear framework for the intended property transfer while allowing flexibility for due diligence and financing arrangements.
