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Condo Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

Condo Purchase Agreement

"Need a Condo Purchase Agreement for a 3-bedroom unit at Marina Bay Residences in Singapore, where I'm the buyer and require specific terms about existing tenancy that runs until March 2025, plus inclusion of all current furniture and fittings."

Document background
The Condo Purchase Agreement is a crucial legal document used in Singapore's real estate market for transacting condominium properties. This agreement is essential whether purchasing from a developer or in the secondary market, and must comply with Singapore's strict property regulations. It typically includes detailed property specifications, payment schedules, completion requirements, and warranties. The agreement must adhere to the Housing Developers Act for new properties and the Residential Property Act for foreign buyers. Special considerations include the Building Maintenance and Strata Management Act requirements and various stamp duties applicable under Singapore law.
Suggested Sections

1. Parties: Identification of seller and purchaser with full legal names and addresses

2. Background: Context of the transaction and property details

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property including unit number, floor area, and share value

5. Purchase Price: Agreement on price and payment schedule

6. Payment Terms: Details of deposit, progress payments, and completion payment

7. Completion: Conditions and timing for completion of sale

8. Representations and Warranties: Statements of fact and promises by both parties

9. Title and Ownership: Confirmation of clear title and transfer of ownership

Optional Sections

1. Defects Liability: Developer's obligation to rectify defects - used for new or recently completed properties

2. Furniture and Fittings: List of items included in sale - used when property is sold furnished

3. Tenancy: Details of existing tenancy - used when property is sold with sitting tenant

4. Foreign Ownership Approval: Conditions related to foreign buyer approval - used when purchaser is foreign

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property specifications, floor plans, and share value certificate

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment instalments and timing

3. Schedule 3 - Inventory List: List of fixtures, fittings, and furnishings included in sale

4. Appendix A - Strata Title Plan: Copy of registered strata title plan

5. Appendix B - Property Tax Certificate: Current year's property tax assessment

6. Appendix C - Management Corporation Documents: By-laws and house rules of the condominium

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

Housing Developers (Control and Licensing) Act: Primary legislation that regulates housing developers and protects purchasers' interests. Prescribes mandatory contract terms for sale of uncompleted private properties.

Sale of Commercial Properties Act: Governs the sale of commercial properties, including mixed-use developments in Singapore.

Land Titles Act: Legislation dealing with land ownership and registration, including regulations for strata titles for condominiums.

Building Maintenance and Strata Management Act (BMSMA): Governs the management of strata-titled properties, defining common property and share value in condominiums.

Residential Property Act: Restricts and regulates foreign ownership of residential properties in Singapore, determining eligibility of foreign buyers.

Singapore Law of Contract: Fundamental contract law principles covering formation of contract, terms and conditions, and rights and obligations of parties.

Conveyancing and Law of Property Act: Regulates property transfer procedures and legal requirements for property transactions in Singapore.

Planning Act: Controls zoning regulations and property use restrictions in Singapore's urban planning framework.

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

COVID-19 (Temporary Measures) Act: Temporary legislation that may affect current property transactions during the pandemic period.

URA Guidelines: Regulatory guidelines from the Urban Redevelopment Authority affecting property development and usage.

SLA Guidelines: Guidelines from Singapore Land Authority regarding land ownership and administration.

CEA Guidelines: Regulatory guidelines from the Council for Estate Agencies governing real estate transactions and agency 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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