Legal Templates
Option To Lease Agreement

Option To Lease Agreement Template for Singapore

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Key Requirements PROMPT example:

Option To Lease Agreement

"I need an Option To Lease Agreement for a retail space in Singapore's Central Business District, with a 14-day option period and potential lease commencement in March 2025, including specific fit-out requirements and shared facility provisions."

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What is a Option To Lease Agreement?

The Option To Lease Agreement is a crucial document in Singapore's property market that provides potential tenants with the exclusive right to lease a property within a defined period. It is commonly used when parties have agreed on principal terms but require time for due diligence or other preparations before committing to a full lease. The agreement typically includes details of the option fee, exercise period, proposed lease terms, and property specifications. Under Singapore law, this document creates legally binding obligations and must comply with relevant property and contract legislation, including the Civil Law Act and Conveyancing and Law of Property Act.

What sections should be included in a Option To Lease Agreement?

1. Parties: Details of the option grantor (landlord) and grantee (potential tenant)

2. Background: Context of the option agreement and property details

3. Definitions: Key terms used tHRoughout the agreement

4. Option Grant: Terms of the option, including consideration amount and exercise period

5. Property Details: Specific description of the property including address and lot number

6. Option Exercise: Procedure and requirements for exercising the option

7. Terms of Lease: Key terms of the lease that will come into effect upon exercise

What sections are optional to include in a Option To Lease Agreement?

1. Due Diligence: Property inspection and verification rights (for commercial properties or high-value transactions)

2. Conditions Precedent: Prerequisites before option can be exercised (when specific conditions must be met before lease execution)

3. Agent Commission: Details of property agent fees (when property agents are involved)

What schedules should be included in a Option To Lease Agreement?

1. Property Floor Plan: Detailed layout of the property

2. Draft Tenancy Agreement: Form of lease agreement to be executed upon option exercise

3. Inventory List: List of fixtures and fittings included in the lease (for furnished properties)

4. Title Search: Recent title search results showing ownership details

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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alex.den.21@genieai.co
Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships, including requirements for valid contracts and provisions regarding property transactions in Singapore

Conveyancing and Law of Property Act (Cap. 61): Core legislation governing real property transactions, including requirements for property dealings and legal formalities for property transactions

Land Titles Act (Cap. 157): Legislation covering registration requirements, land ownership rights, and title system requirements for property transactions

Planning Act (Cap. 232): Regulates zoning requirements, permitted land use, and development controls that may affect the property being leased

Stamp Duties Act (Cap. 312): Governs stamp duty obligations, payment timelines, and tax implications related to property transactions

Housing and Development Act (Cap. 129): Specific legislation for HDB properties, including restrictions on transactions and eligibility requirements for public housing

Real Estate Developers (Control and Licensing) Act: Legislation governing developer obligations and buyer protections for properties under development

Council of Estate Agencies Act: Regulates real estate agent involvement, responsibilities, and commission structures in property transactions

Common Law Principles: Relevant common law principles regarding property law and contract formation that supplement statutory requirements

Case Law Precedents: Relevant Singapore court decisions and precedents specifically related to option agreements and property transactions

Singapore Law Society Guidelines: Professional guidelines and requirements issued by the Law Society of Singapore for property transactions

MAS Regulations: Monetary Authority of Singapore regulations that may affect property transactions and related financial matters

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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