Offer of Intent to Purchase Premises __________________________________________________.
We refer to the above subject matter, whereby we agree to offer our conditional purchase of the said property at the selling price of Ringgit Malaysia ________________ (RM __________________) only. (“Purchase price”) subject to the following conditions:
1. The vendor is the beneficial and registered owner of the said property;
2. The Said Property is under residential use/title without any restriction in interest;
3. The said property shall be free from encumbrances with vacant possession;
4. The conditional purchase is subject to 100% satisfactory viewing of the said property by us, the proposed purchasers before the signing of the formal sales and purchase agreement;
5. The State Authority consent and all relevant consents (if any) being obtained;
6. The Vendor furnish full disclosure of any outstanding work orders, approval from local authority on renovation works (if any), legal issues, liens, fines, or similar relating to the said property prior to the signing of the formal sales and purchase agreement;
7. The bank/financial institution’s approval of loan for the sum of RM ________ to finance the purchase of the said Property
Provided that in the event if for any reason whatsoever we are not satisfied with the said Property after the physical viewing or in the event that any of the above conditions are not satisfied, any deposits paid by us shall be refunded in full and this Letter of Intent becomes null and void.
In the event that the above conditions are fulfilled, it shall become unconditional and we shall:-
1. execute the formal Sales and Purchase Agreement on or before _________, 20__ provided that the terms and conditions therein are agreed by both parties;
2. the balance deposit (9%) of the selling price shall be paid upon signing of the Sales and Purchase Agreement;
3. The balance of 90% of the Selling Price shall be paid within three (3) months from the date of receipt of the State Authority Consent or any other consent (if applicable) and an extension of one (1) month with interest
4. Time, wherever possible shall be of the essence; and
5. Each party shall bear their own solicitors fees and expenses
We enclosed herewith the earnest deposit made in favor of the Vendors solicitors as an acceptance of this option letter.