The Holding Deposit Contract serves as a crucial instrument in Singapore's property transaction process, providing security to both buyers and sellers during the preliminary stages of property purchase. This document is typically used when a potential buyer wishes to secure their interest in a property while conducting necessary due diligence, obtaining financing approval, or completing other pre-purchase requirements. The contract specifies the deposit amount, typically 1-5% of the purchase price, and outlines clear conditions for its refund or forfeiture. It must comply with Singapore's property laws, including the Civil Law Act and relevant HDB regulations for public housing transactions.
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Key Requirements PROMPT example:
Holding Deposit Contract
"I need a Holding Deposit Contract for a Singapore condominium property purchase with a deposit amount of 5% of the purchase price, including specific conditions for deposit refund if financing isn't approved by March 2025."
1. Parties: Identifies and defines the contracting parties including their full legal names, addresses, and registration details where applicable
2. Background: Outlines the context and purpose of the holding deposit arrangement and the intention of the parties
3. Definitions: Defines key terms used throughout the agreement including 'Property', 'Deposit', 'Completion Date' and other relevant terms
4. Deposit Amount and Payment: Specifies the deposit amount, payment method, and timing of payment
5. Purpose of Deposit: States the purpose of the holding deposit and its role in securing the property transaction
6. Duration: Specifies the period for which the deposit will be held and key milestone dates
7. Refund Conditions: Details the circumstances under which the deposit will be refunded to the depositor
8. Forfeiture Conditions: Specifies conditions under which the deposit may be forfeited, including breach scenarios
9. Governing Law: Specifies that the agreement is governed by Singapore law and courts
1. HDB Compliance: Additional provisions required for HDB properties including relevant regulations and restrictions
2. Foreign Buyer Provisions: Special provisions applicable to foreign buyers including additional stamp duties and approval requirements
3. Developer Requirements: Specific provisions related to new development properties and developer conditions
4. GST Provisions: Required when the transaction is subject to Goods and Services Tax
1. Schedule 1 - Property Details: Detailed description of the property including address, lot number, and specifications
2. Schedule 2 - Payment Schedule: Breakdown of payment timeline, amounts, and payment instructions
3. Schedule 3 - Required Documents: List of documents required from both parties to complete the transaction
4. Schedule 4 - Due Diligence Checklist: Checklist of required verifications and checks to be completed
Authors
Relevant legal definitions
Agreement
Property
Holding Deposit
Deposit Amount
Completion Date
Option to Purchase
Sale and Purchase Agreement
Booking Fee
Business Day
Buyer
Seller
Completion Period
Due Diligence Period
Effective Date
Force Majeure Event
Interest Rate
Option Fee
Payment Date
Purchase Price
Refund
Forfeiture
Authorities
Applicable Laws
Bank
Conveyancing Lawyer
HDB
Permitted Use
Property Title
Stamp Duty
Termination Date
Transaction Documents
Valuation Report
Property
Holding Deposit
Deposit Amount
Completion Date
Option to Purchase
Sale and Purchase Agreement
Booking Fee
Business Day
Buyer
Seller
Completion Period
Due Diligence Period
Effective Date
Force Majeure Event
Interest Rate
Option Fee
Payment Date
Purchase Price
Refund
Forfeiture
Authorities
Applicable Laws
Bank
Conveyancing Lawyer
HDB
Permitted Use
Property Title
Stamp Duty
Termination Date
Transaction Documents
Valuation Report
Clauses
Deposit Payment
Deposit Amount
Payment Terms
Refund Conditions
Forfeiture Conditions
Due Diligence
Property Details
Representations and Warranties
Obligations of Parties
Completion Timeline
Title and Ownership
Termination
Force Majeure
Notices
Confidentiality
Assignment
Governing Law
Dispute Resolution
Entire Agreement
Severability
Amendments
Data Protection
Compliance with Laws
Time of Essence
Costs and Expenses
Further Assurance
Deposit Amount
Payment Terms
Refund Conditions
Forfeiture Conditions
Due Diligence
Property Details
Representations and Warranties
Obligations of Parties
Completion Timeline
Title and Ownership
Termination
Force Majeure
Notices
Confidentiality
Assignment
Governing Law
Dispute Resolution
Entire Agreement
Severability
Amendments
Data Protection
Compliance with Laws
Time of Essence
Costs and Expenses
Further Assurance
Relevant Industries
Relevant Teams
Relevant Roles
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