The Earnest Money Agreement Template is essential for Singapore property transactions where buyers provide a good faith deposit to demonstrate serious intent to purchase. This document establishes the terms for handling the earnest money deposit, outlines the conditions for its release or forfeiture, and protects both parties' interests during the transaction period. It complies with Singapore's property laws, including the Civil Law Act and Conveyancing and Law of Property Act, and is typically used between property offer acceptance and final closing.
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1. Parties: Identification of buyer and seller 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 being purchased
5. Purchase Price: Total purchase price and payment terms
6. Earnest Money Details: Amount, payment method, and handling of earnest money deposit
7. Closing Terms: Conditions and timeline for closing the transaction
8. Default Provisions: Consequences of default by either party
9. Governing Law: Specification of Singapore law as governing law
1. Property Inspection: Terms for property inspection rights - include when buyer requests inspection period
2. Financing Contingency: Conditions related to buyer obtaining financing - include when purchase depends on buyer securing mortgage
3. Foreign Ownership Declaration: Declarations regarding foreign ownership restrictions - include when buyer is foreign national
4. Property Management: Interim property management arrangements - include when significant time between agreement and completion
1. Property Details Schedule: Detailed property specifications and included items
2. Payment Schedule: Breakdown of payment timeline and amounts
3. Property Title Documents: Copies of relevant title documents
4. Property Plans: Floor plans and property boundaries
Relevant legal definitions
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