Agreement To Assign Contract For Sale And Purchase for Singapore

Agreement To Assign Contract For Sale And Purchase Template for Singapore

This document is a legally binding agreement under Singapore law that facilitates the transfer of rights and obligations under an existing Sale and Purchase Agreement from one party to another. It outlines the terms and conditions of the assignment, including consideration, representations and warranties, and completion requirements, while ensuring compliance with Singapore's property and contract laws.

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What is a Agreement To Assign Contract For Sale And Purchase?

The Agreement To Assign Contract For Sale And Purchase is commonly used in Singapore when a purchaser wishes to transfer their rights and obligations under a property sale agreement to another party before completion. This typically occurs in property transactions where the original purchaser is unable or unwilling to complete the purchase, or wishes to transfer their interest for commercial reasons. The document must comply with Singapore's property laws and typically requires the consent of the original vendor. It includes detailed provisions about the assignment process, payment terms, and respective obligations of all parties involved.

What sections should be included in a Agreement To Assign Contract For Sale And Purchase?

1. Parties: Identifies and defines all parties to the assignment agreement including the assignor, assignee, and original contracting parties

2. Background: Sets out the context of the original sale and purchase agreement, its key terms, and the intention to assign

3. Definitions: Defines key terms used throughout the agreement including 'Original Agreement', 'Assignment Date', and 'Completion'

4. Assignment: Core provisions detailing the assignment of rights and obligations under the original sale and purchase agreement

5. Consideration: Details of payment or other consideration for the assignment, including payment terms and method

6. Representations and Warranties: Statements of fact and assurances from both parties regarding their capacity and authority to enter into the assignment

7. Completion: Terms and conditions for completing the assignment, including timing and deliverables

8. Governing Law and Jurisdiction: Specifies Singapore law as governing law and Singapore courts' jurisdiction

What sections are optional to include in a Agreement To Assign Contract For Sale And Purchase?

1. Conditions Precedent: Conditions that must be satisfied before assignment becomes effective, such as obtaining necessary consents or approvals

2. Consent Requirements: Details of required third-party consents and process for obtaining them

3. Tax Provisions: Allocation of tax liabilities and stamp duty responsibilities between parties

4. Further Assurance: Obligations to execute further documents or perform additional acts to perfect the assignment

What schedules should be included in a Agreement To Assign Contract For Sale And Purchase?

1. Schedule 1 - Original Sale and Purchase Agreement: Copy of the agreement being assigned

2. Schedule 2 - Property Details: Detailed description of the property including title particulars and encumbrances

3. Schedule 3 - Payment Schedule: Details of payment terms, timelines, and any outstanding payments under the original agreement

4. Schedule 4 - Form of Consent Letters: Template consent letters and copies of any third-party consents obtained

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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Construction
Property Development
Banking and Finance

Relevant Teams

Legal
Real Estate
Operations
Finance
Compliance

Relevant Roles

Property Manager
Real Estate Agent
Legal Counsel
Contract Manager
Property Developer

Industries

Civil Law Act (Cap. 43): Primary legislation governing civil law matters in Singapore, including contract law principles and remedies

Contracts (Rights of Third Parties) Act: Legislation governing the rights of third parties in contractual relationships, crucial for assignment agreements

Sale of Goods Act (Cap. 393): Regulates the sale of goods and related transactions in Singapore

Property Law Act (Cap. 254): Fundamental legislation governing property rights and transactions in Singapore

Conveyancing and Law of Property Act (Cap. 61): Regulates the conveyancing of property and related matters in Singapore

Housing and Development Act: Governs matters relating to public housing (HDB properties) in Singapore

Residential Property Act: Controls the purchase and ownership of private residential properties in Singapore

Housing Developers (Control and Licensing) Act: Regulates housing developers and protects purchasers' interests in property developments

Stamp Duties Act (Cap. 312): Governs the imposition of stamp duties on various documents and transactions

Legal Profession Act (Cap. 161): Regulates legal practice and professional conduct in Singapore

Misrepresentation Act (Cap. 390): Provides remedies for parties who have entered into contracts based on misrepresentation

Singapore Law Society's Conveyancing Practice Rules: Professional guidelines for lawyers handling property transactions in Singapore

Council for Estate Agencies (CEA) Guidelines: Regulatory framework for real estate agents and agencies in Singapore

Monetary Authority of Singapore (MAS) Guidelines: Financial regulations affecting property transactions, particularly regarding financing

Common Law Contract Principles: Fundamental principles including offer, acceptance, consideration, and intention to create legal relations

Assignment Law Principles: Legal principles governing the transfer of rights and obligations between parties

Doctrine of Privity of Contract: Legal principle that generally only parties to a contract can enforce its terms

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What is a Agreement To Assign Contract For Sale And Purchase?

What sections should be included in a Agreement To Assign Contract For Sale And Purchase?

What sections are optional to include in a Agreement To Assign Contract For Sale And Purchase?

What schedules should be included in a Agreement To Assign Contract For Sale And Purchase?

Authors

Alex Denne

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