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Assignment Of Purchase And Sale Agreement Template for Singapore

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Key Requirements PROMPT example:

Assignment Of Purchase And Sale Agreement

"I need an Assignment Of Purchase And Sale Agreement to transfer my rights as purchaser of a commercial property in Singapore to my subsidiary company, with completion planned for March 2025 and including specific warranties about existing tenancies."

Document background
An Assignment Of Purchase And Sale Agreement is essential when a party wishes to transfer their rights and obligations under an existing purchase agreement to another party in Singapore. This document is commonly used in real estate transactions, asset purchases, and commercial deals where the original purchaser cannot or chooses not to complete the transaction. The agreement must comply with Singapore's legal requirements, including proper execution, stamping, and registration where applicable. It typically includes details of the original agreement, the parties involved, consideration for the assignment, and any conditions or warranties.
Suggested Sections

1. Parties: Identifies all parties to the assignment including assignor, assignee, and other relevant parties

2. Background: Sets out the context of the original purchase agreement and reasons for assignment

3. Definitions: Defines key terms used throughout the agreement including the Original Purchase Agreement, Property, Assignment Date, etc.

4. Assignment: Core provisions detailing the assignment of rights and obligations under the Original Purchase Agreement

5. Consideration: Details of payment or other consideration for the assignment

6. Representations and Warranties: Statements of fact and assurances from parties regarding their capacity, authority, and the status of the Original Purchase Agreement

7. Governing Law: Specifies Singapore law as governing law and jurisdiction

Optional Sections

1. Conditions Precedent: Required if assignment is subject to specific conditions being met before becoming effective

2. Tax Provisions: Addresses stamp duty, GST, and other tax implications and responsibilities between parties

3. Regulatory Compliance: Specific provisions addressing compliance with relevant Singapore regulations and obtaining necessary approvals

4. Notice Requirements: Procedures for serving notices to relevant parties including the original seller

Suggested Schedules

1. Schedule 1 - Original Purchase Agreement: Copy of the purchase and sale agreement being assigned

2. Schedule 2 - Property Details: Detailed description of the property or asset subject to the assignment

3. Schedule 3 - Payment Schedule: Details of any installment payments or conditional payments

4. Schedule 4 - Required Consents: Forms and copies of third-party consents required for the assignment

5. Schedule 5 - Outstanding Obligations: List of any remaining obligations under the Original Purchase Agreement

Authors

Alex Denne

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

Relevant legal definitions




























Clauses






























Industries

Civil Law Act (Cap. 43): Primary legislation governing civil law matters and contractual relationships in Singapore

Contracts (Rights of Third Parties) Act: Regulates the rights of third parties to enforce terms of a contract that benefits them

Property Law Act (Cap. 242): Governs property rights and transactions in Singapore

Sale of Goods Act (Cap. 393): Regulates contracts relating to the sale of goods and associated transactions

Conveyancing and Law of Property Act (Cap. 61): Governs the transfer of property rights and interests in Singapore

Land Titles Act (Cap. 157): Regulates the registration and transfer of land titles in Singapore

Residential Property Act (Cap. 274): Controls the purchase of residential properties by foreign persons

Housing and Development Act (Cap. 129): Governs matters relating to public housing (HDB properties) in Singapore

Planning Act (Cap. 232): Controls the development and use of land and buildings in Singapore

Stamp Duties Act (Cap. 312): Regulates the imposition of stamp duties on instruments and transactions

Income Tax Act: Governs taxation matters including property-related income and capital gains

Goods and Services Tax Act: Regulates the application of GST to property transactions and services

Common Law Principles: Legal principles established through case law regarding assignment of rights and obligations

Singapore Law Society's Conditions of Sale: Standard conditions governing property transactions in Singapore

MAS Guidelines: Regulatory guidelines from the Monetary Authority of Singapore for financial institution involvement

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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