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.
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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
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
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
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