The Holding Deposit Contract serves as a crucial instrument in Singapore's property transaction process, providing security to both buyers and sellers during the preliminary stages of property purchase. This document is typically used when a potential buyer wishes to secure their interest in a property while conducting necessary due diligence, obtaining financing approval, or completing other pre-purchase requirements. The contract specifies the deposit amount, typically 1-5% of the purchase price, and outlines clear conditions for its refund or forfeiture. It must comply with Singapore's property laws, including the Civil Law Act and relevant HDB regulations for public housing transactions.
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1. Parties: Identifies and defines the contracting parties including their full legal names, addresses, and registration details where applicable
2. Background: Outlines the context and purpose of the holding deposit arrangement and the intention of the parties
3. Definitions: Defines key terms used throughout the agreement including 'Property', 'Deposit', 'Completion Date' and other relevant terms
4. Deposit Amount and Payment: Specifies the deposit amount, payment method, and timing of payment
5. Purpose of Deposit: States the purpose of the holding deposit and its role in securing the property transaction
6. Duration: Specifies the period for which the deposit will be held and key milestone dates
7. Refund Conditions: Details the circumstances under which the deposit will be refunded to the depositor
8. Forfeiture Conditions: Specifies conditions under which the deposit may be forfeited, including breach scenarios
9. Governing Law: Specifies that the agreement is governed by Singapore law and courts
1. HDB Compliance: Additional provisions required for HDB properties including relevant regulations and restrictions
2. Foreign Buyer Provisions: Special provisions applicable to foreign buyers including additional stamp duties and approval requirements
3. Developer Requirements: Specific provisions related to new development properties and developer conditions
4. GST Provisions: Required when the transaction is subject to Goods and Services Tax
1. Schedule 1 - Property Details: Detailed description of the property including address, lot number, and specifications
2. Schedule 2 - Payment Schedule: Breakdown of payment timeline, amounts, and payment instructions
3. Schedule 3 - Required Documents: List of documents required from both parties to complete the transaction
4. Schedule 4 - Due Diligence Checklist: Checklist of required verifications and checks to be completed
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