Letter Of Intent To Purchase Property

Letter Of Intent To Purchase Property Template for Singapore

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Key Requirements PROMPT example:

"I need a Letter of Intent to Purchase Property for a commercial building in Singapore's Central Business District, with a purchase price of SGD 15 million and completion targeted for March 2025, including specific conditions about tenant transfers and building inspection requirements."

Document background

A Letter of Intent to Purchase Property is commonly used in Singapore's real estate market as an initial step in property transactions. It demonstrates the buyer's serious intention to purchase and typically precedes the formal Sale and Purchase Agreement. This document includes key details such as property identification, proposed purchase price, payment terms, due diligence period, and any specific conditions. While primarily non-binding, certain provisions may be explicitly made binding. The document must comply with Singapore property laws and regulations, including those related to stamp duty, foreign ownership restrictions, and property transfer requirements.

Suggested Sections

1. Sender and Recipient Details: Full legal names, addresses, and contact information of both the potential buyer and property owner

2. Date: Date of the letter of intent

3. Subject Line: Clear indication that this is a Letter of Intent to Purchase Property with reference to specific property

4. Property Description: Detailed description of the property including address, land title details, and property specifications

5. Purchase Price: Proposed purchase price and payment structure

6. Timeline: Proposed timeline for the transaction including due diligence period and expected closing date

7. Closing Statement: Expression of serious intent and request for response

8. Signature Block: Space for signatures of both parties with dates

Optional Sections

1. Financing Contingency: Details about financing requirements and conditions when purchase is subject to obtaining bank financing

2. Due Diligence Requirements: Specific requirements for property inspection, title search, and other due diligence activities when detailed investigation is needed

3. Special Conditions: Any special conditions such as existing tenancy, renovation requirements, or specific inclusions/exclusions in the sale

4. Foreign Ownership Declaration: Required when the potential buyer is a foreign person or entity, addressing compliance with Residential Property Act

Suggested Schedules

1. Property Details Schedule: Detailed description of the property including lot number, floor area, boundaries, and other relevant specifications

2. Payment Schedule: Breakdown of proposed payment terms including deposit, progressive payments, and completion payment

3. Due Diligence Checklist: List of required documents and inspections to be completed during the due diligence period

4. Property Floor Plan: Architectural drawings or floor plans of the property

5. Title Search Results: Recent title search results showing current ownership and any encumbrances

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Property Development
Banking and Finance
Investment

Relevant Teams

Legal
Real Estate
Finance
Compliance
Investment

Relevant Roles

Real Estate Manager
Property Director
Investment Manager
Legal Counsel
Chief Financial Officer

Industries

Land Titles Act (Cap. 157): Primary legislation governing the registration and transfer of land titles in Singapore, establishing the land titles system and procedures for property transactions

Residential Property Act (Cap. 274): Regulates the purchase of residential properties by foreign persons and entities, including restrictions and approval requirements

Housing and Development Act: Governs public housing (HDB) properties in Singapore, including rules for purchase, sale, and ownership of HDB flats

Conveyancing and Law of Property Act (Cap. 61): Regulates the law relating to property transactions, mortgages, and other interests in land

Sale of Goods Act (Cap. 393): Provides legal framework for sale transactions, including property sales

Singapore Land Authority Regulations: Administrative guidelines and requirements set by SLA for property transactions and land management

Urban Redevelopment Authority Guidelines: Planning regulations and development controls affecting property use and development

HDB Rules and Regulations: Specific rules governing HDB property transactions, including eligibility criteria and resale procedures

MAS Regulations: Financial regulations affecting property purchases, including loan limits and financing restrictions

Singapore Contract Law: General principles of contract law applicable to property transactions and agreements

Stamp Duties Act: Legislation governing stamp duty payments on property transactions, including BSD, ABSD, and SSD

Additional Buyer's Stamp Duty (ABSD) Rules: Additional tax duties imposed on certain categories of property buyers, particularly foreign buyers and entities

Seller's Stamp Duty (SSD) Regulations: Tax duties imposed on sellers who dispose of properties within certain holding periods

Property Tax Regulations: Rules governing the assessment and payment of property taxes in Singapore

Foreign Ownership Restrictions: Specific restrictions and requirements for foreign individuals and entities purchasing property in Singapore

Law Society's Conditions of Sale: Standard conditions of sale prescribed by the Singapore Law Society for property transactions

Legal Profession Act Requirements: Professional requirements and obligations for lawyers handling property transactions in Singapore

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Let's create your Letter Of Intent To Purchase Property

Authors

Alex Denne

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