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A Letter Of Intent To Purchase Vacant Land is commonly used in Malaysian real estate transactions as an initial step before entering into a binding Sale and Purchase Agreement. This document is particularly important in Malaysia's property market, where land transactions are governed by strict regulations under the National Land Code 1965 and various state-specific requirements. It typically includes essential information such as property details, proposed purchase price, payment terms, due diligence period, and any specific conditions precedent. While generally non-binding, it demonstrates serious intent to purchase and can include binding provisions for certain aspects such as confidentiality or exclusivity. The document is crucial for both commercial and residential land acquisitions, helping to establish clear communication between parties and setting the framework for subsequent negotiations and formal agreements.
