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1. Date and Addresses: Current date and full addresses of both buyer and seller
2. Property Details: Complete description and address of the property subject to cancellation
3. Reference Details: Reference to the original Option to Purchase (OTP) or Sale & Purchase Agreement, including dates and reference numbers
4. Cancellation Statement: Clear and unambiguous statement of intention to cancel the property purchase
5. Reason for Cancellation: Detailed explanation of the grounds for cancellation
6. Financial Settlement: Terms of financial settlement including deposit refund or forfeiture details
7. Closing: Signature blocks for all parties and date of signing
1. Agent Details: Details of property agents involved, to be included if real estate agents were part of the transaction
2. Stamp Duty Reference: Details about stamp duty refund process, to be included if stamp duty was paid
3. Mutual Release Clause: Clause releasing both parties from further obligations, to be included if mutually agreed
4. Timeline for Settlement: Specific timeline for completing the cancellation process, to be included if parties want to specify completion timeframes
1. Original Option to Purchase: Copy of the original Option to Purchase agreement
2. Payment Records: Documentation of all payments made including deposit and stamp duties
3. Supporting Documentation: Any relevant documents supporting the reason for cancellation (e.g., bank rejection letter, valuation report)
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