Agreement To Sell And Agreement For Sale for Singapore

Agreement To Sell And Agreement For Sale Template for Singapore

A legally binding document under Singapore law that combines both an agreement to sell (future commitment) and an agreement for sale (present binding contract). It outlines the terms and conditions of the sale, including property or goods description, purchase price, payment terms, and completion requirements. The document is governed by Singapore's Civil Law Act and Sale of Goods Act, incorporating specific local legal requirements and practices.

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What is a Agreement To Sell And Agreement For Sale?

An Agreement To Sell And Agreement For Sale is a comprehensive legal instrument used in Singapore when parties wish to formalize both their future commitment to sell and the immediate binding sale agreement. This dual-purpose document is particularly useful in complex transactions where certain conditions need to be met before final completion. It provides security to both parties by documenting the present agreement while setting out future obligations. The document must comply with Singapore's legal framework, including the Civil Law Act, Sale of Goods Act, and relevant property laws if real estate is involved. It typically includes detailed terms about the subject matter, pricing, warranties, and completion procedures.

What sections should be included in a Agreement To Sell And Agreement For Sale?

1. Parties: Identifies and defines the parties to the agreement (seller and purchaser)

2. Background: Sets out the context, circumstances leading to the agreement, and the intention of the parties to enter into a sale transaction

3. Definitions: Defines key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.

4. Subject Matter of Sale: Detailed description of the property/goods being sold including all relevant specifications and conditions

5. Purchase Price: States the agreed purchase price, payment terms, deposit requirements, and payment schedule

6. Completion: Details of the completion process, timeline, and obligations of both parties at completion

7. Representations and Warranties: Statements of fact and assurances by both parties regarding their capacity to enter into the agreement and the condition of the property/goods

8. Default and Remedies: Consequences of breach and available remedies to the non-defaulting party

9. Governing Law: Specifies Singapore law as the governing law and jurisdiction for dispute resolution

What sections are optional to include in a Agreement To Sell And Agreement For Sale?

1. Conditions Precedent: Conditions that must be fulfilled before completion, such as obtaining regulatory approvals or financing

2. Due Diligence: Buyer's right to investigate the property/goods and related documentation before completion

3. Financing: Details of any financing arrangements and conditions related to obtaining financing

4. Property Management: Arrangements for managing the property between signing and completion

5. Assignment: Rights and restrictions regarding the assignment of rights under the agreement

What schedules should be included in a Agreement To Sell And Agreement For Sale?

1. Property Description Schedule: Detailed description of the property including boundaries, fixtures, and fittings

2. Inventory List: Comprehensive list of items included in the sale

3. Payment Schedule: Breakdown of payment installments and timeline

4. Title Documents: Copies of relevant title documents, certificates, and permits

5. Form of Transfer: Template for the transfer document to be executed at completion

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

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Free to use

Relevant legal definitions

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Relevant Industries

Real Estate
Commercial Trading
Manufacturing
Retail

Relevant Teams

Legal
Finance
Operations
Procurement
Corporate Secretarial

Relevant Roles

Legal Counsel
Property Manager
Business Development Manager
Contract Manager
CEO
Managing Director

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What is a Agreement To Sell And Agreement For Sale?

What sections should be included in a Agreement To Sell And Agreement For Sale?

What sections are optional to include in a Agreement To Sell And Agreement For Sale?

What schedules should be included in a Agreement To Sell And Agreement For Sale?

Authors

Alex Denne

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