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Letter Of Intent To Sale Property Template for Singapore

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Key Requirements PROMPT example:

Letter Of Intent To Sale Property

"I need a Letter of Intent to Sale Property for a residential condo in Singapore, where I'm the buyer offering SGD 2.5 million with a proposed completion date of March 2025, and the property has existing tenants that need to be addressed."

Document background
A Letter of Intent to Sale Property is commonly used in Singapore's real estate transactions as a preliminary step before the formal Option to Purchase. This document is particularly useful when parties wish to document their initial understanding and key terms before proceeding with detailed due diligence and formal agreements. It typically includes property details, proposed purchase price, payment terms, timeline for completion, and any specific conditions. While not legally binding for the sale itself, it serves as an important reference document and demonstrates serious intent from both parties. The document must comply with Singapore property laws and regulations, including those governed by the Singapore Land Authority and relevant property Acts.
Suggested Sections

1. Property Details: Full description and address of the property being sold, including lot number, strata title details if applicable

2. Parties Information: Complete details of intended buyer and seller, including identification/registration numbers

3. Purchase Price: Agreed purchase price, payment terms, and deposit amount

4. Timeline: Expected completion date, option period, and key transaction milestones

5. Option Terms: Terms for Option to Purchase, including validity period and exercise conditions

Optional Sections

1. Conditions Precedent: Specific conditions that must be met before proceeding with the sale (e.g., bank approval, property inspection)

2. Property Inspection: Terms and conditions for property inspection, including timing and scope

3. Existing Tenancy: Details of existing tenancy arrangements and how they will be handled

4. Foreign Buyer Requirements: Additional requirements if the buyer is a foreigner, including LDAU approval requirements

5. HDB Requirements: Specific requirements if property is HDB, including eligibility conditions

Suggested Schedules

1. Property Floor Plan: Detailed layout and floor plan of the property

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

3. Property Tax Statement: Current property tax assessment and payment status

4. Inventory List: Detailed list of furnishings or fixtures included in the sale

5. Regulatory Compliance Checklist: List of regulatory requirements and their status (e.g., stamp duty, ABSD requirements)

Authors

Alex Denne

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

Relevant legal definitions















Clauses


















Industries

Land Titles Act: Chapter 157 of Singapore laws governing the registration and transfer of land titles, establishing the land titles system and ensuring secure property ownership

Sale of Land Act: Legislation governing the procedures and requirements for land sales transactions in Singapore

Residential Property Act: 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, including sales, transfers, and eligibility requirements

Civil Law Act: Provides the general framework for civil law matters including contract law principles applicable to property transactions

Conveyancing and Law of Property Act: Regulates the legal aspects of property transfer and real estate transactions

CEA Guidelines: Council for Estate Agencies regulatory guidelines for property transactions and real estate agency practices

MAS Regulations: Monetary Authority of Singapore rules affecting property financing and banking requirements for property purchases

SLA Requirements: Singapore Land Authority requirements for land ownership, transfer, and registration

Stamp Duties Act: Governs stamp duty payments including Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD)

Anti-Money Laundering Regulations: Requirements for preventing money laundering through property transactions

Property Cooling Measures: Government policies and restrictions designed to maintain stability in the property market

TDSR Framework: Total Debt Servicing Ratio framework limiting the portion of income that can be used for debt repayments

LTV Limits: Loan-to-Value limits determining the maximum amount that can be borrowed for property purchase

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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