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Property Purchase Agreement

Property Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

Property Purchase Agreement

"I need a Property Purchase Agreement for a freehold residential apartment in Singapore's District 10, with a purchase price of SGD 2.5 million and completion date set for March 15, 2025; the buyer is a foreign national so we need to include relevant foreign ownership compliance clauses."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships and obligations, including specific requirements for contracts involving immovable property

Residential Property Act (Cap. 274): Regulates foreign ownership of residential property and establishes specific requirements for foreign buyers in Singapore

Housing and Development Act (Cap. 129): Contains specific rules for HDB properties, including eligibility criteria for buyers and resale regulations

Planning Act (Cap. 232): Establishes land use and zoning requirements, along with property development restrictions

Land Titles Act (Cap. 157): Governs property ownership registration, title transfer procedures, and management of caveats and encumbrances

Stamp Duties Act (Cap. 312): Regulates various property-related duties including Buyer's Stamp Duty (BSD), Additional Buyer's Stamp Duty (ABSD), and Seller's Stamp Duty (SSD)

Conveyancing and Law of Property Act (Cap. 61): Sets out legal requirements for property transfers and defines rights and obligations of parties in property transactions

Goods and Services Tax Act: Addresses GST implications for commercial property transactions

Singapore Land Authority Guidelines: Regulatory guidelines issued by SLA governing land ownership and usage in Singapore

Urban Redevelopment Authority Regulations: Regulatory framework for urban planning and property development in Singapore

Council for Estate Agencies Guidelines: Professional guidelines and regulations for real estate transactions and agency practices in Singapore

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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