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.
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1. Sender and Recipient Details: Full names and addresses of both parties, including contact information
2. Date: Date of the Letter of Intent
3. Subject Line: Clear indication that this is a Letter of Intent for purchase of specified property
4. Property Details: Complete description of property including address, lot number, and size
5. Purchase Price: Proposed purchase price, payment terms, and deposit requirements
6. Timeline: Proposed timeline for completion of the sale, including key milestones
7. Non-Binding Statement: Clear statement that the LOI is non-binding except for specific provisions
8. Signature Block: Space for signatures of both parties and date
1. Exclusivity Period: Optional clause where seller agrees not to negotiate with other parties for a specific period
2. Due Diligence Terms: Details of property inspection and document review requirements, used for complex properties
3. Financing Conditions: Conditions related to obtaining financing, including timeline for securing mortgage approval
4. Property Condition Requirements: Specific conditions about the property state that must be met before sale completion
5. Confidentiality Clause: Terms regarding confidentiality of negotiations and property information
1. Property Floor Plan: Detailed layout and measurements of the property
2. Title Search Results: Preliminary title information showing ownership and encumbrances
3. Property Valuation Report: Recent property valuation report if available
4. Property Photographs: Current photographs showing the condition of the property
5. List of Fixtures and Fittings: Detailed inventory of items included in the sale
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