Agreement For Purchase And Sale Of Real Property Template for Singapore

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Key Requirements PROMPT example:

Agreement For Purchase And Sale Of Real Property

"I need an Agreement For Purchase And Sale Of Real Property for a Singapore commercial property purchase between two corporate entities, with completion scheduled for March 2025, including provisions for existing tenancies and GST treatment."

What is a Agreement For Purchase And Sale Of Real Property?

The Agreement For Purchase And Sale Of Real Property is a fundamental legal document used in Singapore real estate transactions to formalize property transfers. It is essential for both residential and commercial property transactions, incorporating specific requirements under Singapore law including the Land Titles Act, Residential Property Act, and Conveyancing and Law of Property Act. This agreement is required whenever real property is bought or sold in Singapore, whether between private individuals, companies, or a combination thereof. It covers crucial elements such as property details, purchase price, payment terms, conditions precedent, warranties, and completion requirements. The document must comply with Singapore's strict property legislation, including provisions for CPF usage, foreign ownership restrictions, and stamp duty obligations. It serves as the primary evidence of the transaction terms and protects both parties' interests throughout the property transfer process.

What sections should be included in a Agreement For Purchase And Sale Of Real Property?

1. Parties: Identifies and provides full details of the seller and purchaser

2. Background: Sets out the context of the transaction, including brief property description and seller's ownership

3. Definitions: Defines key terms used throughout the agreement

4. Sale and Purchase: Core agreement to sell and purchase the property at the specified price

5. Property Description: Detailed description of the property including address, land area, and title details

6. Purchase Price: States the purchase price and payment structure including deposit and completion payment

7. Payment Terms: Details the payment schedule, method of payment, and treatment of deposit

8. Conditions Precedent: Lists conditions that must be satisfied before completion can occur

9. Due Diligence: Buyer's rights and timeline for property investigation and title review

10. Seller's Representations and Warranties: Seller's promises about the property's condition and legal status

11. Buyer's Representations and Warranties: Buyer's promises regarding capacity to purchase and financial ability

12. Completion: Details of the completion process, timing, and requirements

13. Title and Transfer: Provisions regarding transfer of title and property ownership

14. Property Condition: State of the property upon handover and any included/excluded items

15. Taxes and Costs: Allocation of stamp duties, legal fees, and other transaction costs

16. Default and Termination: Consequences of breach and termination rights

17. Notices: How formal communications between parties should be made

18. Governing Law and Jurisdiction: Confirms Singapore law governs and Singapore courts have jurisdiction

19. General Provisions: Standard contractual provisions including entire agreement, amendments, and severability

What sections are optional to include in a Agreement For Purchase And Sale Of Real Property?

1. Existing Tenancies: Required when the property is sold with sitting tenants, detailing treatment of rental deposits and existing lease agreements

2. Renovation Works: Needed when there are ongoing or planned renovation works that affect the transaction

3. CPF Usage: Required when buyer is using CPF funds for the purchase

4. Bank Financing: Include when purchase is conditional on obtaining bank financing

5. En Bloc Potential: Relevant for properties with collective sale potential

6. Property Tax Apportionment: Detailed tax prorating when specific arrangements are needed

7. Property Management: For properties in managed developments with specific rules or requirements

8. Foreign Ownership Approval: Required when buyer needs Land Dealings (Approval) Unit clearance

9. GST Treatment: Required for GST-registered sellers or commercial properties

10. Defects Liability: Important for new or recently completed properties

What schedules should be included in a Agreement For Purchase And Sale Of Real Property?

1. Property Details Schedule: Detailed property information including floor plan, boundaries, and fixtures

2. Inventory List: List of movable items included/excluded in the sale

3. Payment Schedule: Detailed breakdown of payment amounts and timing

4. Existing Tenancy Details: Copies of current lease agreements and tenant information

5. Title Documents: Copy of title search and relevant title documents

6. Property Tax Information: Recent property tax statements and assessments

7. Maintenance Fee Schedule: Details of maintenance fees for managed properties

8. Outstanding Works Schedule: List of any pending repairs or renovation works

9. Regulatory Approvals: Copies of relevant governmental approvals

10. Form of Transfer: Prescribed property transfer form

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

Relevant legal definitions
Clauses
Industries

Land Titles Act 1993: Governs the registration and transfer of land titles in Singapore, establishing the land titles system and procedures for property ownership transfer

Residential Property Act: Regulates the purchase of residential properties by foreign persons and entities, including restrictions and approval requirements

Stamp Duties Act: Sets out the stamp duty obligations for property transactions, including Buyer's Stamp Duty (BSD), Additional Buyer's Stamp Duty (ABSD), and Seller's Stamp Duty (SSD)

Conveyancing and Law of Property Act: Provides the legal framework for property transactions and transfers, including rules about contracts for sale of land

Contract Law (Amendment) Act: Governs the formation and enforcement of contracts, including property sale agreements

Estate Agents Act: Regulates real estate agencies and agents involved in property transactions

Housing Developers (Control and Licensing) Act: Regulates housing developers and provides protection for buyers of uncompleted private residential properties

Planning Act: Controls land use and property development, which may affect property transactions and usage rights

Misrepresentation Act: Provides remedies for misrepresentation in contracts, including property sale agreements

COVID-19 (Temporary Measures) Act 2020: Includes temporary measures affecting property transactions and contracts during the COVID-19 pandemic period

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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