Residential Sales Contract for Singapore

Residential Sales Contract Template for Singapore

A Residential Sales Contract in Singapore is a legally binding agreement that governs the sale and purchase of residential property under Singapore law. It incorporates specific requirements under the Housing and Development Act, Residential Property Act, and other relevant Singapore legislation. The contract details the terms of sale, including property specifications, purchase price, payment terms, completion timeline, and obligations of both parties, while ensuring compliance with Singapore's strict property ownership and transfer regulations.

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What is a Residential Sales Contract?

The Residential Sales Contract is a fundamental legal document used in Singapore's property market for the sale and purchase of residential properties. It serves as the primary agreement between buyers and sellers, incorporating all essential terms and conditions required under Singapore law. This contract type is crucial for protecting both parties' interests and ensuring compliance with Singapore's stringent property regulations, including foreign ownership restrictions, stamp duty requirements, and property transfer procedures. The document includes detailed property specifications, payment terms, completion requirements, and various warranties and representations required for property transactions in Singapore.

What sections should be included in a Residential Sales Contract?

1. Parties: Identification of buyer and seller with full legal details

2. Background: Context of the sale and property background

3. Definitions: Key terms used throughout the contract

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: Warranty of title and transfer conditions

What sections are optional to include in a Residential Sales Contract?

1. Mortgage Conditions: Additional terms and conditions when the purchase involves bank financing

2. Foreign Ownership Declaration: Required approvals and declarations for non-Singaporean buyers

3. En Bloc Sale Conditions: Special conditions applicable for properties under collective sale

What schedules should be included in a Residential Sales Contract?

1. Property Floor Plan: Detailed floor plan with measurements

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

3. Title Search: Official property title search results

4. Payment Schedule: Detailed breakdown of payment timeline

5. Property Tax Certificate: Current property tax assessment

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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Real Estate
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Real Estate Agent
Property Lawyer
Mortgage Banker
Property Manager
Conveyancing Executive

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What is a Residential Sales Contract?

What sections should be included in a Residential Sales Contract?

What sections are optional to include in a Residential Sales Contract?

What schedules should be included in a Residential Sales Contract?

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