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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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