The MOU Between Buyer And Seller Of Property serves as an essential preliminary step in Singapore property transactions, establishing mutual understanding between parties before proceeding to a formal sale and purchase agreement. This document is particularly useful in complex property transactions where parties need to document their initial understanding while conducting due diligence or securing financing. It includes key transaction details such as property specifications, pricing, payment terms, and conditions precedent, while accounting for Singapore's strict property regulations and stamp duty requirements.
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1. Parties: Identification and details of the buyer and seller
2. Background: Context of the transaction and property details
3. Definitions: Key terms used in the MOU
4. Property Details: Specific description of the property being transacted including address, land title details, and property type
5. Purchase Price: Agreed purchase price and payment terms including deposit requirements
6. Timeline: Key dates and milestones for the transaction including completion date
7. Conditions Precedent: Conditions that must be met before proceeding with the sale
1. Due Diligence: Terms for property inspection and verification of property condition and documentation
2. Financing Conditions: Terms related to mortgage or financing arrangements including loan approval requirements
3. Foreign Buyer Provisions: Additional requirements and conditions for foreign buyers under Singapore law
4. Property Management: Terms regarding maintenance and management of the property until completion
5. GST Provisions: Special provisions relating to Goods and Services Tax if applicable
1. Schedule 1 - Property Details: Detailed description of property including floor plans and boundaries
2. Schedule 2 - Payment Schedule: Breakdown of payment milestones, amounts and payment methods
3. Schedule 3 - Inventory List: List of fixtures, fittings and furnishings included in the sale
4. Schedule 4 - Due Diligence Checklist: List of required documents and verifications for the transaction
5. Schedule 5 - Stamp Duty Declaration: Declaration of applicable stamp duties including ABSD if relevant
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