The Property Purchase Letter of Intent is a crucial preliminary step in Singapore's property acquisition process. It is typically used when a prospective buyer wishes to formally communicate their serious interest in purchasing a property before proceeding with the binding Option to Purchase. The document outlines essential terms including the proposed purchase price, payment structure, timeline for completion, and any specific conditions or requirements. While primarily non-binding, it demonstrates commitment and often includes provisions for exclusivity periods and due diligence requirements. This document is particularly relevant in Singapore's structured property market, where clear documentation of intentions and terms is valued by all parties.
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Key Requirements PROMPT example:
Property Purchase Letter Of Intent
"I need a Property Purchase Letter of Intent for a three-bedroom condominium in Singapore's District 10, with a purchase price of SGD 2.8 million and completion date of March 15, 2025, including an exclusivity period of 14 days."
1. Sender and Recipient Details: Full names, addresses and contact information of both the potential buyer and seller
2. Date: Date of the letter of intent
3. Property Details: Comprehensive description of the property including address, lot number, size, and title details
4. Purchase Price: Proposed purchase price, payment structure, and deposit amount
5. Timeline: Key dates including deposit payment, due diligence period, and proposed completion date
6. Governing Law: Statement that the LOI is governed by Singapore law
7. Signature Block: Space for signatures of both parties and dates
1. Exclusivity Period: Used when seller agrees to not negotiate with other parties for a specified period
2. Due Diligence Requirements: Details of required property inspections, title searches, and other investigations
3. Conditions Precedent: Any conditions that must be met before proceeding with the purchase
4. Financing Conditions: Terms related to obtaining mortgage or other financing
5. Property Vacant Possession: Terms regarding current tenancy and handover conditions
1. Property Details Schedule: Detailed description of the property including floor plans and specifications
2. Payment Schedule: Breakdown of payment terms and milestone dates
3. Title Search Results: Recent title search showing ownership and encumbrances
4. Property Valuation Report: Independent valuation report if available
5. Property Tax Statement: Current property tax assessment and payment status
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