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Advance Agreement For Land Purchase Template for Singapore

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Key Requirements PROMPT example:

Advance Agreement For Land Purchase

"I need an Advance Agreement For Land Purchase for a 5,000 square meter industrial plot in Singapore's Jurong area, with completion scheduled for March 2025 and including specific environmental compliance provisions due to the previous manufacturing use of the site."

Document background
The Advance Agreement For Land Purchase is a crucial document in Singapore's property market, used when parties wish to formalize their commitment to a land transaction before the actual transfer occurs. It provides security for both parties by establishing clear terms, conditions, and timelines for the purchase. This document is particularly important given Singapore's strict property regulations and high-value land transactions. It typically includes provisions for due diligence, regulatory approvals, and detailed payment structures, while ensuring compliance with Singapore's Land Titles Act, Residential Property Act, and relevant stamp duty requirements.
Suggested Sections

1. Parties: Identification and details of the buyer and seller

2. Background: Context of the transaction and property details

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the land including lot number, location, and size

5. Purchase Price: Amount and payment terms

6. Completion Terms: Timeline and conditions for completion

7. Title and Transfer: Conditions regarding clear title and transfer process

Optional Sections

1. Due Diligence: Buyer's investigation rights and process for complex commercial properties or when specifically requested

2. Development Conditions: Specific requirements for property development when land is purchased for development purposes

3. Environmental Provisions: Environmental compliance and remediation requirements for industrial land or potentially contaminated sites

Suggested Schedules

1. Property Plans: Detailed plans and surveys of the land

2. Title Documents: Copies of relevant title documents and searches

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

4. Due Diligence Checklist: List of required documents and inspections

5. Regulatory Approvals: Copies of relevant governmental approvals and permits

Authors

Alex Denne

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

Relevant legal definitions



































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Industries

Land Titles Act (Chapter 157): Primary legislation governing land registration and transfer of titles in Singapore under the Torrens system. Establishes requirements for valid land transactions and title registration procedures.

Residential Property Act (Chapter 274): Regulates foreign ownership of residential property in Singapore, including approval requirements and eligibility criteria for land purchase by foreign buyers.

Planning Act (Chapter 232): Controls land use and development through zoning requirements, development controls, and Master Plan compliance regulations.

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

Sale of Land Act: Sets out fundamental requirements for valid land sale contracts and defines the basic rights and obligations of parties in land transactions.

Housing Developers (Control and Licensing) Act: Regulates residential property development, including licensing requirements for developers and protection of buyers' interests.

Environmental Protection and Management Act: Addresses environmental considerations in land transactions, including regulations on land contamination and environmental protection requirements.

Building Control Act: Establishes building restrictions, construction regulations, and safety requirements for land development.

Contracts Law (Chapter 53): Provides the legal framework for contract formation, including consideration requirements, terms and conditions, and general contractual principles.

REDAS Guidelines: Industry standards and practices established by the Real Estate Developers' Association of Singapore, including standard contract templates and best practices.

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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