Letter Of Intent For Purchase Of Commercial Property Template for Singapore

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Key Requirements PROMPT example:

Letter Of Intent For Purchase Of Commercial Property

"I need a Letter Of Intent For Purchase Of Commercial Property to acquire a 5-story office building in Singapore's Central Business District, with a purchase price of SGD 25 million and a planned completion date of March 2025."

Document background
The Letter of Intent For Purchase Of Commercial Property is commonly used in Singapore's commercial real estate market as an initial step in property acquisition. It serves to document the buyer's serious interest and the preliminary agreement between parties on key commercial terms. This document is particularly important in Singapore's fast-moving property market, where it helps secure initial commitment while due diligence is conducted. While most provisions are non-binding, certain elements like exclusivity and confidentiality may be explicitly made binding. The document typically precedes the formal sale and purchase agreement and is essential for complex commercial property transactions in Singapore.
Suggested Sections

1. Sender Details: Full legal name, address and registration details of the party making the offer

2. Recipient Details: Full legal name, address and registration details of the property owner/seller

3. Property Identification: Detailed description of the subject property including address, lot number, size and any relevant title details

4. Purchase Price: Proposed purchase price, payment structure and timeline for payments

5. Deposit Terms: Amount of deposit, when it should be paid, and conditions for refund or forfeiture

6. Timeline: Key dates including due diligence period, signing of sale and purchase agreement, and completion

7. Professional Fees: Allocation of legal fees, stamp duties, and other transaction costs

8. Signing and Acceptance: Signature blocks and acceptance terms

Optional Sections

1. Exclusivity Period: Include when parties agree to exclusive negotiations for a specified period

2. Due Diligence Requirements: Include when specific investigation requirements or access arrangements need to be detailed

3. Conditions Precedent: Include when the transaction is subject to specific conditions such as board approval, financing, or regulatory clearances

4. Foreign Ownership Declaration: Include when the buyer is a foreign entity requiring additional approvals or declarations

5. Confidentiality Provisions: Include when parties wish to maintain confidentiality of negotiations and terms

Suggested Schedules

1. Property Details Schedule: Detailed technical description of the property including floor area, specifications, and included fixtures

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

3. Floor Plans: Current floor plans and layout of the property

4. Payment Schedule: Detailed breakdown of payment milestones and amounts

5. Due Diligence Checklist: List of documents and information required for due diligence

Authors

Alex Denne

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

Industries

Conveyancing and Law of Property Act: Primary legislation governing property transactions and real estate conveyancing in Singapore

Land Titles Act: Legislation governing the registration and transfer of land titles in Singapore

Sale of Commercial Properties Act: Regulations specific to commercial property transactions in Singapore

Planning Act: Controls land use and development in Singapore

Building Control Act: Regulates building works and ensures building safety standards

SLA Regulations: Singapore Land Authority regulations governing land ownership and administration

URA Guidelines: Urban Redevelopment Authority guidelines for property development and usage

BCA Requirements: Building and Construction Authority standards for commercial properties

Stamp Duties: Additional Buyer's Stamp Duty and Seller's Stamp Duty requirements for property transactions

GST Act: Goods and Services Tax implications for commercial property transactions

Environmental Regulations: Environmental protection and compliance requirements for commercial properties

Zoning Restrictions: Land use zoning and permitted usage regulations for commercial properties

Foreign Ownership Restrictions: Regulations governing foreign ownership of commercial properties in Singapore

Contract Act: General contract law principles applicable to property transactions

Misrepresentation Act: Laws governing false or misleading statements in property transactions

Electronic Transactions Act: Regulations for electronic contracts and digital signatures if applicable

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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