The Letter of Intent For Purchase Of Commercial Property is commonly used in Singapore's commercial real estate market as an initial step in property acquisition. It serves to document the buyer's serious interest and the preliminary agreement between parties on key commercial terms. This document is particularly important in Singapore's fast-moving property market, where it helps secure initial commitment while due diligence is conducted. While most provisions are non-binding, certain elements like exclusivity and confidentiality may be explicitly made binding. The document typically precedes the formal sale and purchase agreement and is essential for complex commercial property transactions in Singapore.
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1. Sender Details: Full legal name, address and registration details of the party making the offer
2. Recipient Details: Full legal name, address and registration details of the property owner/seller
3. Property Identification: Detailed description of the subject property including address, lot number, size and any relevant title details
4. Purchase Price: Proposed purchase price, payment structure and timeline for payments
5. Deposit Terms: Amount of deposit, when it should be paid, and conditions for refund or forfeiture
6. Timeline: Key dates including due diligence period, signing of sale and purchase agreement, and completion
7. Professional Fees: Allocation of legal fees, stamp duties, and other transaction costs
8. Signing and Acceptance: Signature blocks and acceptance terms
1. Exclusivity Period: Include when parties agree to exclusive negotiations for a specified period
2. Due Diligence Requirements: Include when specific investigation requirements or access arrangements need to be detailed
3. Conditions Precedent: Include when the transaction is subject to specific conditions such as board approval, financing, or regulatory clearances
4. Foreign Ownership Declaration: Include when the buyer is a foreign entity requiring additional approvals or declarations
5. Confidentiality Provisions: Include when parties wish to maintain confidentiality of negotiations and terms
1. Property Details Schedule: Detailed technical description of the property including floor area, specifications, and included fixtures
2. Title Search Results: Recent title search showing current ownership and any encumbrances
3. Floor Plans: Current floor plans and layout of the property
4. Payment Schedule: Detailed breakdown of payment milestones and amounts
5. Due Diligence Checklist: List of documents and information required for due diligence
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