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A Letter of Intent For Selling Property is commonly used in Singapore's real estate market as an initial step in property transactions. It represents a buyer's serious interest in purchasing a property while allowing both parties to negotiate terms before entering into a binding agreement. The document typically includes property details, proposed purchase price, payment structure, timeline, and any conditions precedent. Under Singapore law, while most provisions are non-binding, certain clauses such as confidentiality and exclusivity may be explicitly made binding. This document is particularly important in complex transactions or when dealing with commercial properties, serving as a framework for subsequent negotiations.
