The Letter of Intent to Purchase Residential Property is commonly used in Singapore's real estate market as an initial step in the property acquisition process. It serves as a formal declaration of the buyer's interest and helps establish the fundamental terms of the proposed transaction before proceeding with a full Sale and Purchase Agreement. The document typically includes property details, proposed purchase price, payment terms, due diligence period, and any specific conditions that must be met. Under Singapore law, while most provisions are non-binding, certain clauses such as confidentiality and exclusivity may be explicitly made binding. The LOI helps protect both parties' interests during the preliminary stages of the transaction.
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1. Property Details: Complete description of the subject property including address, lot number, and property type
2. Purchase Price: Statement of the proposed purchase price and initial payment terms
3. Expression of Intent: Clear statement of intention to purchase the property subject to conditions
4. Deposit Details: Amount of earnest deposit, payment timeline, and handling conditions
5. Due Diligence Period: Specified timeframe for conducting property investigations and title searches
6. Timeline: Proposed timeline for key milestones including option issuance and completion
1. Financing Conditions: Include when purchase is subject to obtaining mortgage financing approval
2. Foreign Ownership Approval: Include when buyer is a foreign person requiring Land Dealings Unit approval
3. HDB Eligibility: Include for HDB properties to confirm buyer meets eligibility criteria
4. Property Inspection: Include when specific property inspection rights are requested
5. Exclusivity Period: Include when requesting exclusive negotiating rights for a specified period
1. Property Details Schedule: Detailed property information including floor plan and specifications
2. Proof of Funds: Evidence of buyer's financial capability to complete the purchase
3. Preliminary Title Search: Results of initial title search if already conducted
4. Buyer's Identification: Copies of identification documents and relevant status proof
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