Lease Contract Buy Out Agreement

Lease Contract Buy Out Agreement Template for Singapore

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Key Requirements PROMPT example:

"I need a Lease Contract Buy Out Agreement for our retail space in Singapore where we want to terminate our 5-year lease early on March 1, 2025, with a buyout payment of SGD 50,000 to be paid in two installments."

Document background

A Lease Contract Buy Out Agreement becomes necessary when a tenant needs to terminate their lease before its natural expiration date. This document, governed by Singapore law, provides a structured framework for early lease termination, protecting both landlord and tenant interests. It typically includes buyout fees, property restoration requirements, security deposit handling, and mutual releases from future obligations. The agreement ensures compliance with Singapore's property laws and regulations while providing clear documentation of the termination process and associated responsibilities.

Suggested Sections

1. Parties: Identification of all parties involved in the buyout agreement, including the current landlord and tenant

2. Background: Context of the original lease agreement and circumstances leading to the buyout arrangement

3. Definitions: Definitions of key terms used throughout the agreement including 'Lease', 'Premises', 'Buyout Date', and 'Buyout Amount'

4. Buyout Terms: Detailed terms of the buyout including the agreed buyout amount, payment method, and timing

5. Release Provisions: Mutual release of obligations under the original lease and waiver of future claims

6. Handover Requirements: Specific conditions for property handover, including inspection requirements and timeline

Optional Sections

1. Assignment of Rights: Provisions dealing with the assignment or transfer of rights under the original lease to third parties

2. Tax Provisions: Specific provisions dealing with tax implications of the buyout, including GST and stamp duty obligations

3. Broker Provisions: Terms relating to any broker involvement, including commission arrangements and obligations

Suggested Schedules

1. Schedule 1 - Original Lease Agreement: Copy of the original lease agreement being terminated through this buyout

2. Schedule 2 - Property Condition Report: Detailed report documenting the current condition of the property

3. Schedule 3 - Payment Schedule: Detailed schedule of buyout payments if to be paid in installments

4. Schedule 4 - Handover Checklist: Comprehensive list of items to be checked and actions to be completed during property handover

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
Industrial
Office

Relevant Teams

Legal
Finance
Real Estate
Operations
Compliance

Relevant Roles

Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Chief Financial Officer

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Let's create your Lease Contract Buy Out Agreement

Authors

Alex Denne

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