The Letter of Intent for Property Sale is a crucial preliminary document in Singapore's property transaction process, typically used before entering into a binding Sale and Purchase Agreement. It is employed when a prospective buyer wishes to formally express their interest in purchasing a property and outline the key commercial terms of the proposed transaction. The document, while generally non-binding, helps establish the framework for negotiations and can include binding provisions for certain aspects such as confidentiality and exclusivity periods. Under Singapore law, this document should be carefully drafted to reflect the intended non-binding nature while protecting both parties' interests during the negotiation phase. It typically includes details such as the proposed purchase price, payment terms, due diligence period, and any specific conditions precedent to the final sale. The LOI is particularly important in complex property transactions, commercial real estate deals, or when dealing with foreign buyers subject to additional regulatory requirements.
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Key Requirements PROMPT example:
Letter Of Intent For Property Sale
"I need a Letter of Intent for Property Sale for a luxury condominium unit in Singapore's District 10, with a planned completion date of March 2025 and an exclusivity period of 30 days; the document should include specific provisions about the existing tenant's lease which expires in June 2025."
1. Date: Current date of the letter
2. Addressee Details: Full name and address of the property owner/seller
3. Subject Line: Clear indication that this is a Letter of Intent for the purchase of the specified property
4. Introduction: Brief introduction of the potential buyer and statement of interest in purchasing the property
5. Property Details: Complete address and description of the property, including unit number if applicable
6. Purchase Price: Proposed purchase price and payment terms
7. Timeline: Proposed timeline for the transaction, including due diligence period and expected completion date
8. Key Terms: Essential terms and conditions of the proposed purchase
9. Due Diligence: Statement regarding the buyer's right to conduct property and legal due diligence
10. Confidentiality: Statement regarding the confidential nature of the negotiations and proposed transaction
11. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified clauses
12. Closing: Standard letter closing with signature block for both parties
1. Exclusivity Period: Optional clause requesting exclusive negotiating rights for a specified period - used when buyer wants to prevent seller from entertaining other offers
2. Financing Contingency: Statement regarding the buyer's need to secure financing - included when purchase is dependent on obtaining a mortgage
3. Property Condition: Specific conditions regarding the state of the property - included when there are particular concerns or requirements
4. Existing Tenancy: Details about current tenancy if property is tenanted - included for investment properties
5. Special Requirements: Any specific requirements for HDB properties or conditions related to foreign ownership - included when applicable
6. Broker Details: Information about real estate agents involved - included when transaction involves brokers
7. Good Faith Deposit: Terms regarding any initial deposit - included when parties agree to a good faith deposit
1. Property Details Schedule: Detailed description of the property including floor plan, size, and fixtures included in the sale
2. Payment Schedule: Breakdown of the payment structure and timeline
3. Due Diligence Checklist: List of documents and information required for due diligence
4. Current Tenancy Details: If applicable, details of existing lease agreements and tenant information
5. Property Photographs: Recent photographs of the property's interior and exterior
6. Title Search Results: Preliminary title search results if already conducted
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