A Letter of Intent to Sell Property serves as a crucial preliminary step in Singapore property transactions, establishing the framework for negotiations between parties. This document is typically used when parties have reached initial agreement on key terms but before proceeding with a formal sale and purchase agreement. The LOI includes essential details such as property description, proposed price, payment terms, and timeline for completion. While most provisions are non-binding, it demonstrates serious intent and can include certain binding elements such as confidentiality and exclusivity periods. Under Singapore's property law framework, this document helps streamline the subsequent legal process and provides clarity on the parties' intentions.
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1. Property Details: Full address and description of the property being sold, including land title particulars and property type
2. Parties Information: Complete details of both seller and potential buyer, including full names, identification numbers, and addresses
3. Purchase Price: Proposed purchase price and payment terms, including any deposit requirements
4. Timeline: Proposed timeline for the transaction completion, including key milestones and deadlines
5. Due Diligence Period: Timeframe for buyer to conduct property investigations and verify property information
1. Exclusivity Period: Terms and duration of exclusive negotiation rights between the parties
2. Conditions Precedent: Specific conditions that must be met before proceeding with the sale, such as bank approval or regulatory clearance
3. Deposit Terms: Details of any good faith deposit, including amount, payment timeline, and refund conditions
4. Property Condition: Current state of the property and any specific inclusions or exclusions in the sale
5. Regulatory Compliance: Specific requirements related to Singapore property regulations, including foreign ownership restrictions if applicable
1. Property Information Schedule: Detailed property specifications, floor plans, and title documents
2. Due Diligence Checklist: Comprehensive list of documents and information required for verification
3. Property Valuation Report: Recent property valuation details and supporting documentation
4. Stamp Duty Schedule: Calculation and breakdown of applicable stamp duties (ABSD/SSD)
5. Timeline Schedule: Detailed timeline of key dates and milestones for the transaction
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