A Letter of Intent Buying Property is commonly used in Singapore's real estate market as an initial step in property acquisition. It serves as a formal expression of interest before proceeding with the Option to Purchase and final sale agreement. This document typically includes key terms such as proposed purchase price, payment structure, timeline for due diligence, and any specific conditions required by either party. While not legally binding for the main transaction, it helps establish clear communication between parties and can include binding provisions for certain aspects like confidentiality. It's particularly useful in complex property transactions or when dealing with commercial properties in Singapore.
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1. Property Details: Full address and description of the property including lot number, land area, and property type
2. Intended Purchase Price: Statement of the proposed purchase price and preliminary payment terms
3. Buyer Details: Full identification of the prospective buyer including citizenship status for regulatory compliance
4. Seller Details: Full identification of the current property owner/seller
5. Timeline and Key Dates: Proposed timeline for due diligence, option issuance, and completion of the purchase
1. Exclusivity Period: Period during which the seller agrees not to negotiate with other potential buyers
2. Financing Conditions: Conditions related to obtaining necessary financing and loans
3. Property Condition Requirements: Specific conditions regarding the state of the property at handover
4. Due Diligence Requirements: Specific requirements for property inspection, title searches, and other investigations
5. Regulatory Compliance: Specific mentions of compliance with Singapore property purchase restrictions and requirements
1. Property Floor Plan: Detailed layout and floor plan of the property
2. Title Search Results: Preliminary title search information and encumbrance details
3. List of Fixtures and Fittings: Inventory of items included or excluded from the sale
4. Property Photographs: Recent photographs of the property's current condition
5. Proposed Payment Schedule: Detailed breakdown of payment milestones and amounts
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