The Commercial Property Purchase Agreement is a crucial legal document used in Singapore for commercial real estate transactions. It serves as the primary contract between buyer and seller, documenting the terms and conditions of the property transfer. This agreement is essential for ensuring compliance with Singapore's strict property regulations, including URA guidelines, stamp duty requirements, and foreign ownership restrictions. It typically includes detailed property descriptions, payment terms, warranties, and completion conditions, while addressing specific commercial considerations such as existing tenancies, zoning requirements, and environmental compliance. The agreement must align with Singapore's property laws and regulations, including the Conveyancing and Law of Property Act and Land Titles Act.
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Key Requirements PROMPT example:
Commercial Property Purchase Agreement
"Need a Commercial Property Purchase Agreement for acquiring a 5,000 square foot retail space in Singapore's Central Business District, with completion set for March 2025 and including provisions for existing tenant agreements and renovation permissions."
1. Parties: Identification and details of buyer and seller, including registration numbers for companies and identification for individuals
2. Background: Context of the transaction and brief description of the property and intention of parties
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.
4. Property Description: Detailed description of the property including address, lot number, floor area, and boundaries
5. Purchase Price: Amount, payment terms, deposit requirements, and payment schedule
6. Completion: Timeline, conditions for completion, and completion procedures
7. Title and Transfer: Provisions regarding property title transfer, encumbrances, and title guarantee
8. Representations and Warranties: Statements of fact by both parties regarding authority, ownership, and property condition
9. Conditions Precedent: Conditions that must be satisfied before completion can occur
10. Costs and Taxes: Allocation of stamp duty, legal fees, and other transaction costs
1. Due Diligence: Buyer's investigation rights and procedures for property inspection and document review
2. Environmental Matters: Environmental compliance, issues, and warranties specifically for industrial properties
3. Tenant Rights: Existing tenant arrangements, assignments, and obligations
4. Foreign Investment Approval: Requirements and conditions for foreign buyers including necessary governmental approvals
5. Property Management: Interim management arrangements between exchange and completion
1. Schedule 1 - Property Plans: Floor plans, site maps, and boundary plans of the property
2. Schedule 2 - Title Documents: Copies of title deeds, certificates, and other ownership documents
3. Schedule 3 - Inventory: List of fixtures, fittings, and equipment included in the sale
4. Schedule 4 - Due Diligence Reports: Technical, legal, and environmental investigation reports
5. Schedule 5 - Existing Tenancy Agreements: Copies of current lease agreements and tenant details
6. Schedule 6 - Property Certificates: Relevant certificates including Certificate of Title, tax clearance, and building permits
Authors
Relevant legal definitions
Agreement
Acquisition Date
Approved Banks
Building
Business Day
Completion
Completion Date
Consideration
Deposit
Encumbrances
Existing Tenancies
Fixtures and Fittings
Floor Area
Land
Legal Requisitions
Option to Purchase
Party/Parties
Permitted Use
Planning Permission
Property
Property Tax
Purchase Price
Purchaser
Purchaser's Solicitors
Relevant Authority
Sale and Purchase Agreement
Seller
Seller's Solicitors
Singapore Dollar/SGD
Stamp Duty
Strata Title
Subsidiary Proprietor
Title Deeds
URA
Vacant Possession
Valuation
Working Day
Acquisition Date
Approved Banks
Building
Business Day
Completion
Completion Date
Consideration
Deposit
Encumbrances
Existing Tenancies
Fixtures and Fittings
Floor Area
Land
Legal Requisitions
Option to Purchase
Party/Parties
Permitted Use
Planning Permission
Property
Property Tax
Purchase Price
Purchaser
Purchaser's Solicitors
Relevant Authority
Sale and Purchase Agreement
Seller
Seller's Solicitors
Singapore Dollar/SGD
Stamp Duty
Strata Title
Subsidiary Proprietor
Title Deeds
URA
Vacant Possession
Valuation
Working Day
Clauses
Agreement to Sell and Purchase
Property Description
Purchase Price
Payment Terms
Deposit
Title and Ownership
Conditions Precedent
Due Diligence
Representations and Warranties
Vacant Possession
Existing Tenancies
Property Tax and Outgoings
Goods and Services Tax
Stamp Duty
Completion
Risk and Insurance
Default
Termination
Assignment
Environmental Compliance
Planning and Zoning
Building and Safety
Fixtures and Fittings
Legal Costs
Notices
Force Majeure
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Confidentiality
Third Party Rights
Counterparts
Property Description
Purchase Price
Payment Terms
Deposit
Title and Ownership
Conditions Precedent
Due Diligence
Representations and Warranties
Vacant Possession
Existing Tenancies
Property Tax and Outgoings
Goods and Services Tax
Stamp Duty
Completion
Risk and Insurance
Default
Termination
Assignment
Environmental Compliance
Planning and Zoning
Building and Safety
Fixtures and Fittings
Legal Costs
Notices
Force Majeure
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Confidentiality
Third Party Rights
Counterparts
Relevant Industries
Relevant Teams
Relevant Roles
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