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.
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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."
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
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
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
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