Preliminary Agreement For Sale And Purchase for Singapore

Preliminary Agreement For Sale And Purchase Template for Singapore

A legally binding document used in Singapore real estate transactions that outlines the initial agreement between a property seller and buyer. It sets out the essential terms of the property sale, including property details, purchase price, payment terms, and completion timeline. This document serves as a preliminary contract before the formal Sale and Purchase Agreement is executed, and is governed by Singapore property and contract law.

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What is a Preliminary Agreement For Sale And Purchase?

The Preliminary Agreement For Sale And Purchase is a crucial document in Singapore's property transaction process, serving as the first formal step in documenting the sale and purchase of real estate. This document is typically used when parties have reached an initial agreement on key terms but before the formal Sale and Purchase Agreement is prepared by lawyers. It includes essential details such as property identification, price, payment schedule, and completion date. Under Singapore law, while this agreement is binding, it is subject to the execution of a formal Sale and Purchase Agreement and usually includes provisions for the payment of an initial deposit. The document must comply with various Singapore regulations, including the Civil Law Act, Residential Property Act, and relevant property legislation.

What sections should be included in a Preliminary Agreement For Sale And Purchase?

1. Parties: Identification of vendor and purchaser with full details

2. Background: Context of the transaction and property details

3. Definitions: Key terms used in the agreement

4. Property Details: Specific description of the property being sold

5. Purchase Price: Amount and payment terms

6. Deposit: Amount and payment arrangements

7. Completion: Timeline and completion requirements

8. Representations and Warranties: Standard declarations by both parties

What sections are optional to include in a Preliminary Agreement For Sale And Purchase?

1. Conditions Precedent: Required when sale is subject to specific conditions such as regulatory approvals or financing requirements

2. Property Inspection: Terms for property inspection and condition assessment prior to completion

3. Existing Tenancies: Details of current tenants and handling of existing lease agreements

What schedules should be included in a Preliminary Agreement For Sale And Purchase?

1. Property Schedule: Detailed property description including floor plan

2. Inventory List: List of fixtures and fittings included in sale

3. Payment Schedule: Detailed breakdown of payment terms and timeline

4. Title Documents: Copies of relevant title documents

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

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Purchase Agreement

Cost

Free to use
Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships, including requirements for formation of valid contracts and rules regarding consideration and enforcement

Sale of Goods Act (Cap. 393): Regulates sale of goods transactions, defines rights and obligations of buyers and sellers, and establishes implied terms and conditions

Housing Developers (Control and Licensing) Act (Cap. 130): Regulates housing developers and prescribes mandatory contract terms for residential property transactions

Residential Property Act (Cap. 274): Governs restrictions on foreign ownership of residential property and approval requirements for foreign purchasers

Planning Act (Cap. 232): Controls zoning, land use restrictions, and development controls for properties

Land Titles Act (Cap. 157): Regulates property ownership registration, title transfers, and the handling of encumbrances and caveats

Conveyancing and Law of Property Act (Cap. 61): Establishes legal requirements for property transactions and defines rights and obligations in property dealings

Stamp Duties Act (Cap. 312): Governs stamp duty obligations, including Additional Buyer's Stamp Duty (ABSD) and Seller's Stamp Duty (SSD)

COVID-19 (Temporary Measures) Act 2020: Provides temporary relief measures affecting property transactions and force majeure considerations during the pandemic period

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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