The Property Purchase Agreement serves as the primary legal instrument for real estate transactions in Singapore. It is essential when transferring property ownership, whether for residential or commercial properties, and must comply with Singapore's comprehensive property legislation. This agreement includes crucial details such as property specifications, purchase price, payment schedule, completion dates, and both parties' obligations. The document ensures compliance with Singapore's strict property regulations, including foreign ownership restrictions, stamp duties, and specific requirements for different property types (HDB, private residential, commercial). A Property Purchase Agreement must be carefully drafted to protect both parties' interests and ensure a smooth property transfer process.
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1. Parties: Identification and details of buyer and seller
2. Background: Context of the transaction and property details
3. Definitions: Key terms used throughout the agreement
4. Property Details: Comprehensive description of the property being sold
5. Purchase Price: Amount and payment terms
6. Completion: Timeline and conditions for completion
7. Title and Transfer: Provisions regarding property title transfer
8. Representations and Warranties: Seller's declarations about the property
1. Foreign Ownership Compliance: Required section when buyer is foreign, including compliance with Residential Property Act requirements
2. HDB Compliance: Specific HDB requirements and restrictions for HDB property transactions
3. Financing Conditions: Terms related to mortgage financing when purchase involves bank financing
4. En Bloc Provisions: Terms related to collective sales for properties under potential en bloc sale
1. Property Description Schedule: Detailed property specifications and floor plans
2. Inventory List: List of fixtures and fittings included in sale
3. Title Documents: Copies of relevant title documents
4. Payment Schedule: Breakdown of payment installments and timing
5. Defects List: Known defects and repair obligations
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