Commercial Real Estate Purchase Agreement

Commercial Real Estate Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

"Need a Commercial Real Estate Purchase Agreement for acquiring a 50,000 sq ft industrial warehouse in Singapore's Jurong area, with existing tenants and completion scheduled for March 2025, including specific environmental compliance clauses due to chemical storage history."

Document background

The Commercial Real Estate Purchase Agreement serves as the primary document for commercial property transactions in Singapore. It is essential when purchasing or selling any commercial real estate, including office buildings, retail spaces, industrial properties, or mixed-use developments. The agreement ensures compliance with Singapore's strict property laws and regulations, including stamp duty requirements, GST considerations, and foreign ownership restrictions. It typically includes detailed property descriptions, payment terms, conditions precedent, warranties, and completion requirements. This document is crucial for protecting both parties' interests and ensuring a smooth property transfer process.

Suggested Sections

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

2. Background: Context and purpose of the transaction

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property including address and lot number

5. Purchase Price: Amount and payment terms

6. Completion: Timeline and conditions for completing the transaction

7. Title and Transfer: Provisions regarding clean title and transfer process

8. Representations and Warranties: Standard assurances from both parties

Optional Sections

1. Due Diligence: Terms for property inspection and verification when buyer requires specific inspection rights

2. Financing Contingency: Conditions related to buyer's financing when purchase depends on securing financing

3. Tenant Rights: Existing lease agreements and tenant obligations when property has existing tenants

4. Environmental Matters: Environmental compliance and responsibilities for industrial or potentially contaminated properties

Suggested Schedules

1. Property Plans: Floor plans and site maps

2. Title Documents: Copies of title deeds and certificates

3. Existing Tenancies: List of current tenants and lease agreements

4. Property Inventory: List of fixtures and fittings included in sale

5. Due Diligence Reports: Technical and legal inspection reports

6. Regulatory Approvals: Copies of relevant permits and certificates

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Retail
Hospitality
Office
Industrial

Relevant Teams

Legal
Finance
Real Estate
Operations
Compliance
Business Development

Relevant Roles

Chief Executive Officer
Chief Financial Officer
Real Estate Director
Property Manager
Legal Counsel
Investment Manager

Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships and obligations in Singapore, providing the fundamental legal framework for commercial transactions

Conveyancing and Law of Property Act (Cap. 61): Regulates the transfer of property rights and interests, including provisions for real estate transactions and property dealings

Land Titles Act (Cap. 157): Establishes the land registration system and governs how property ownership is recorded and transferred in Singapore

Planning Act (Cap. 232): Controls land use and development in Singapore, including zoning regulations and development permissions

Sale of Commercial Properties Act: Specific legislation governing the sale and purchase of commercial properties in Singapore

Stamp Duties Act (Cap. 312): Regulates the taxation aspects of property transactions, including Additional Buyer's Stamp Duty (ABSD) and Seller's Stamp Duty (SSD)

Singapore Land Authority Regulations: Regulatory framework by SLA governing land ownership, registration, and administration

Urban Redevelopment Authority Guidelines: URA guidelines controlling urban planning, land use, and development standards for commercial properties

Building and Construction Authority Requirements: BCA standards and regulations for building safety, accessibility, and construction quality

Environmental Regulations: Environmental protection requirements and sustainability standards applicable to commercial properties

GST Regulations: Goods and Services Tax implications for commercial property transactions in Singapore

Property Tax Regulations: Rules governing the taxation of commercial properties, including annual property tax assessments

Legal Profession Act: Governs the conduct and requirements for legal practitioners handling property transactions

Estate Agents Act: Regulates real estate agents and their involvement in commercial property transactions

Foreign Ownership Restrictions: Regulations controlling foreign ownership of properties in Singapore under the Residential Property Act

Zoning and Land Use Restrictions: Specific restrictions and requirements regarding permitted usage and development of commercial properties

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Authors

Alex Denne

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