The Letter of Agreement for Selling House is a crucial preliminary document in Singapore's property transactions. It establishes the initial understanding between parties before proceeding with the formal Sale and Purchase Agreement. This document is particularly important in Singapore's regulated property market, where transactions must comply with strict legal requirements and property ownership restrictions. It typically includes essential details such as property specifications, agreed price, payment schedule, and completion timeline, while adhering to relevant Singapore property laws and regulations.
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Key Requirements PROMPT example:
Letter Of Agreement For Selling House
"I need a Letter of Agreement for Selling House for my 3-bedroom private property in Singapore's East Coast area, with a planned completion date of March 15, 2025, and including specific clauses about existing tenant arrangements that will continue after the sale."
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1. Parties: Details of the seller and buyer, including identification and contact information
2. Background: Brief context of the transaction and property details
3. Definitions: Key terms used in the agreement
4. Property Details: Complete description of the property being sold, including address, land title particulars, and property type
5. Purchase Price: Agreed purchase price, payment terms, and deposit arrangements
6. Completion Date: Timeline for transaction completion and key milestones
1. Condition of Property: Details of property condition and any known defects or outstanding maintenance issues
2. Tenancy Details: Information about existing tenants, lease terms, and handover arrangements
3. Renovation Works: Details of ongoing or planned renovations and their impact on the sale
4. GST Provisions: Goods and Services Tax considerations if applicable to the transaction
5. Foreign Ownership Declaration: Required declarations under the Residential Property Act for foreign buyers
1. Schedule 1 - Property Floor Plan: Detailed layout and floor plan of the property
2. Schedule 2 - Inventory List: Comprehensive list of fixtures, fittings, and furnishings included in the sale
3. Schedule 3 - Title Documents: Copies of relevant property ownership documents and certificates
4. Schedule 4 - Property Tax Statements: Recent property tax assessments and payment records
5. Schedule 5 - Regulatory Approvals: Copies of relevant permits, certificates of title, and regulatory approvals
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