Letter Of Intent To Sell Property To Tenant Template for Singapore

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Key Requirements PROMPT example:

Letter Of Intent To Sell Property To Tenant

"I need a Letter Of Intent To Sell Property To Tenant for my three-bedroom condominium in Singapore which my current tenant wants to purchase for $1.2 million, with completion planned for March 2025."

Document background
A Letter of Intent To Sell Property To Tenant serves as a crucial preliminary step in property transactions where the current tenant wishes to purchase the property they are occupying. This document is commonly used in Singapore's real estate market to establish the basic terms of the proposed transaction, including purchase price, timeline, and key conditions. While not fully binding, it demonstrates serious intent and typically includes provisions for due diligence, exclusivity periods, and good faith deposits. The document helps parties move forward with confidence while formal sale documentation is prepared, and is particularly useful in Singapore's structured property market where clear documentation of intentions is valued.
Suggested Sections

1. Identification of Parties: Details of current property owner and tenant intending to purchase, including full names, addresses, and identification numbers

2. Property Details: Complete description and address of the subject property, including lot number, floor area, and property type

3. Purchase Price: Proposed purchase price, payment terms, and any deposit requirements

4. Timeline: Proposed timeline for completion of the sale, including key milestones and deadlines

5. Due Diligence: Timeframe and requirements for conducting necessary checks and verifications

Optional Sections

1. Good Faith Deposit: Terms and conditions of the initial deposit, including amount, payment method, and refund conditions

2. Exclusivity Period: Duration and terms during which the seller agrees not to entertain other offers

3. Conditions Precedent: Specific conditions that must be met before proceeding with the sale, such as financing approval or property inspection

4. Confidentiality: Terms regarding the confidentiality of the transaction and related information

Suggested Schedules

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

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

3. Property Valuation Report: Professional valuation report of the property if available

4. List of Fixtures and Fittings: Detailed inventory of items included in the sale

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

Residential Property Act: Chapter 274 - Primary legislation governing residential property transactions in Singapore, including restrictions on foreign ownership and property dealings

Sale of Goods Act: Chapter 393 - Provides legal framework for sale transactions, including property sales

Property Law Act: Chapter 242 - Covers fundamental aspects of property law and transactions in Singapore

Conveyancing and Law of Property Act: Chapter 61 - Regulates the conveyancing process and property rights transfer in Singapore

HDB Regulations: Housing and Development Board regulations governing the sale and purchase of public housing in Singapore

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

CEA Regulations: Council for Estate Agencies regulations governing real estate transactions and agency practices

Stamp Duties Act: Legislation governing stamp duty payments on property transactions, including Buyer's Stamp Duty and Additional Buyer's Stamp Duty

Income Tax Act: Tax implications and obligations related to property transactions and capital gains

Foreign Ownership Rules: Residential Property (Restriction on Foreign Ownership) rules restricting and regulating foreign ownership of residential properties

Civil Law Act: Singapore Civil Law Act providing general legal framework for civil matters including contract law

Property Ownership Verification: Legal requirement to verify current ownership and encumbrances on the property

Tenant Eligibility: Legal requirements and restrictions regarding tenant's eligibility to purchase property

Transaction Timeline: Legal considerations for establishing and maintaining transaction schedules

Due Diligence Requirements: Legal obligations for proper investigation and verification of property status and documentation

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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