The Apartment Letter of Intent is a crucial initial step in Singapore's property transaction process, whether for sale or rental. It is typically used when a prospective buyer or tenant has identified a suitable property and wishes to formally communicate their interest and proposed terms. This document helps establish clear communication between parties and typically includes property details, price/rental amount, payment terms, and timeline. While not a legally binding contract, the Letter of Intent serves as a foundation for the subsequent formal agreement and is standard practice in Singapore's property market. It helps prevent misunderstandings and provides a framework for moving forward with the transaction.
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1. Property Identification: Full details of the property including complete address, unit number, size and property type
2. Parties: Full names and identification details of the prospective buyer/tenant and seller/landlord
3. Purchase/Rental Terms: Proposed purchase price or rental amount and payment terms
4. Option Terms: Details of option fee, option period and exercise terms
5. Timeline: Expected dates for key milestones including option issue, exercise and completion
1. Conditions Precedent: Special conditions that must be met before proceeding, such as bank loan approval or en-bloc sale conditions
2. Furnishing Details: List of furniture and fittings included in the sale or rental
3. Special Terms: Any unique arrangements or conditions specific to this transaction
4. Due Diligence Requirements: Specific requirements for property inspection or documentation review
1. Floor Plan: Detailed layout drawing of the property
2. Property Photos: Current photographs showing the condition of the property
3. Inventory List: Detailed list of included furnishings, fittings and equipment, if applicable
4. Due Diligence Checklist: List of documents and verifications required before proceeding with the transaction
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