Full Payment Agreement Of Property for Singapore

Full Payment Agreement Of Property Template for Singapore

A Full Payment Agreement of Property is a legally binding document used in Singapore that outlines the terms and conditions for the complete purchase of a property. This agreement is governed by Singapore law and complies with the requirements set forth by the Singapore Land Authority and relevant property legislation. It details the full payment terms, property specifications, warranties, and obligations of both parties, ensuring a clear framework for the property transaction.

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What is a Full Payment Agreement Of Property?

The Full Payment Agreement of Property is essential for property transactions in Singapore where the purchaser intends to make complete payment for the property. This document is used when both parties have agreed on the property's sale price and payment terms, typically after the Option to Purchase has been exercised. It includes comprehensive details about the property, payment schedule, completion date, and both parties' obligations under Singapore law. The agreement ensures compliance with Singapore's property regulations, including stamp duty requirements and foreign ownership restrictions where applicable.

What sections should be included in a Full Payment Agreement Of Property?

1. Parties: Details of the seller and purchaser, including full legal names and addresses

2. Background: Context of the transaction and property details

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property including address and title details

5. Purchase Price: Agreed purchase price and payment terms

6. Completion: Terms and conditions for completion of the sale

7. Representations and Warranties: Standard warranties from both parties

What sections are optional to include in a Full Payment Agreement Of Property?

1. Foreign Ownership Declaration: Required when purchaser is not a Singapore citizen - includes necessary declarations and approvals

2. GST Provisions: Details of GST treatment for the transaction - required for commercial properties or GST-registered sellers

3. Financing Conditions: Terms related to mortgage or financing arrangements - included when buyer requires financing

What schedules should be included in a Full Payment Agreement Of Property?

1. Schedule 1 - Property Details: Detailed property specifications and included fixtures

2. Schedule 2 - Payment Schedule: Breakdown of payment installments and timing

3. Appendix A - Title Documents: Copies of relevant title documents and certifications

4. Appendix B - Property Plans: Floor plans, property boundaries, and technical specifications

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

Clauses

Relevant Industries

Real Estate
Banking
Legal Services
Construction

Relevant Teams

Legal
Real Estate
Finance
Compliance
Property Management

Relevant Roles

Property Lawyer
Real Estate Agent
Property Manager
Conveyancing Officer
Mortgage Officer

Industries

Residential Property Act: Chapter 274 - Governs residential property ownership and transactions, particularly important for foreign ownership restrictions and residential property regulations

Sale of Goods Act: Chapter 393 - Provides legal framework for property transactions and transfer of ownership

Property Tax Act: Chapter 254 - Outlines property tax obligations and requirements for property owners

Conveyancing and Law of Property Act: Chapter 61 - Regulates the transfer of property ownership and related legal procedures

Land Titles Act: Chapter 157 - Governs the registration and transfer of land titles in Singapore

Stamp Duties Act: Chapter 312 - Determines stamp duty obligations for property transactions, including Additional Buyer's Stamp Duty (ABSD) and Seller's Stamp Duty (SSD)

Housing and Development Act: Regulates public housing (HDB) properties and their transactions

Planning Act: Controls land use, zoning requirements, and development regulations

Building Control Act: Regulates building works and ensures compliance with building safety standards

Civil Law Act: Provides general framework for civil matters including contract law principles

SLA Regulations: Singapore Land Authority regulations governing land ownership and administration

URA Guidelines: Urban Redevelopment Authority guidelines for property development and usage

MAS Regulations: Monetary Authority of Singapore regulations pertaining to property financing and transactions

Title Search Requirements: Legal requirement to verify property ownership and encumbrances through proper title searches

Payment Terms Protocol: Legal requirements for structuring and documenting payment terms and conditions in property transactions

Property Handover Protocol: Legal requirements for property handover procedures and documentation

Dispute Resolution Framework: Legal framework for handling disputes in property transactions, including mediation and arbitration options

GST Requirements: Goods and Services Tax implications and requirements for property transactions

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What is a Full Payment Agreement Of Property?

What sections should be included in a Full Payment Agreement Of Property?

What sections are optional to include in a Full Payment Agreement Of Property?

What schedules should be included in a Full Payment Agreement Of Property?

Authors

Alex Denne

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