The Real Estate Simple Letter Of Intent To Sell Property is a crucial preliminary document in Hong Kong's property transaction process. It is typically used when a potential buyer has identified a property of interest and wishes to formally communicate their purchase intention before proceeding with a full Sale and Purchase Agreement. The document, while generally non-binding except for specific provisions such as confidentiality and exclusivity, serves to outline key commercial terms including proposed purchase price, payment structure, due diligence requirements, and timeline. In the context of Hong Kong's dynamic real estate market, this document helps establish clear communication between parties and often forms the basis for subsequent negotiations. It is particularly important in commercial property transactions but is also commonly used in high-value residential sales, reflecting Hong Kong's sophisticated property market practices and legal framework.
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1. Sender's Details: Full name, address and contact information of the potential buyer
2. Date: Date of the letter
3. Recipient's Details: Full name, address and contact information of the property owner
4. Subject Line: Clear indication that this is a Letter of Intent to Purchase Property with reference to the specific property
5. Property Identification: Detailed description of the property including address, lot number, and registered details
6. Purchase Price: Proposed purchase price and payment terms
7. Key Terms: Essential terms including proposed closing date, deposit amount, and any major conditions
8. Due Diligence: Proposed timeline and requirements for due diligence period
9. Non-Binding Statement: Clear statement that this is a non-binding letter of intent except for any specifically binding provisions
10. Signature Block: Space for signature, name, and date for both parties
1. Exclusivity Period: Optional section requesting an exclusive negotiation period, typically 30-60 days
2. Contingencies: Specific conditions that must be met before proceeding with the transaction, such as financing or property inspection
3. Confidentiality: Terms regarding the confidential treatment of the negotiations and information shared
4. Broker Information: Details of any real estate brokers involved and commission arrangements
5. Existing Tenancies: Information about any existing tenants and proposed handling of leases
6. Timeline: Proposed timeline for negotiation, due diligence, and completion of the formal sale and purchase agreement
1. Property Details Schedule: Detailed description of the property including lot number, floor area, and any included fixtures or fittings
2. Proposed Payment Schedule: Breakdown of the payment structure including deposit, payment milestones, and completion payment
3. Due Diligence Checklist: List of required documents and information for due diligence review
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