The Contract of Sale Condominium Unit is a crucial document in Singapore real estate transactions, used when transferring ownership of strata-titled residential properties. This agreement, governed by Singapore law, ensures compliance with the Building Maintenance and Strata Management Act and related regulations. It provides comprehensive documentation of the sale terms, including property details, payment schedule, completion requirements, and both parties' obligations. The contract is essential for protecting both buyer and seller interests in condominium transactions and serves as the primary reference document for the conveyancing process.
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1. Parties: Details of the vendor and purchaser, including identification and contact information
2. Background: Context of the sale, including property details and transaction basis
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the condominium unit, including unit number, floor area, and share value
5. Purchase Price: Agreement on purchase price and payment schedule
6. Payment Terms: Details of payment method, installments, and completion date
7. Completion: Requirements and procedures for completion of sale
8. Title and Transfer: Provisions regarding transfer of title and ownership
1. Foreign Ownership: Required when purchaser is foreign buyer - includes specific provisions and requirements under the Residential Property Act
2. Mortgage Provisions: Terms related to mortgage financing, including conditions precedent and bank requirements
3. En Bloc Provisions: Terms related to collective sale possibilities and implications for the transaction
4. Tenancy Provisions: Terms relating to existing tenancy, including handover conditions and tenant rights
1. Property Schedule: Detailed description of property including floor plans and specifications
2. Payment Schedule: Breakdown of payment installments and due dates
3. Inventory List: List of fixtures, fittings, and furnishings included in sale
4. Strata Title Documents: Copy of strata title and related documents
5. Due Diligence Documents: Property tax statements, maintenance fee records, and other relevant documents
6. Certificates: TOP, CSC, and other relevant certificates
Relevant legal definitions
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