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Lease With Option To Buy Template for Singapore

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Key Requirements PROMPT example:

Lease With Option To Buy

"I need a Lease With Option to Buy agreement for my commercial property in Singapore CBD, with a 2-year lease term and an option to purchase that can be exercised after 18 months, with the purchase price to be determined by market valuation in January 2025."

Document background
The Lease With Option to Buy agreement is commonly used in Singapore's property market when parties want to combine rental arrangements with a future purchase opportunity. This document is particularly useful for buyers who need time to arrange financing or assess the property's suitability before committing to purchase. It provides detailed terms for both the lease period and the purchase option, ensuring compliance with Singapore's property laws and protecting both parties' interests. The agreement typically includes specific timeframes for exercising the purchase option, price determination methods, and conditions for maintaining the option's validity.
Suggested Sections

1. Parties: Identification and details of the lessor and lessee

2. Background: Context of the agreement and property details

3. Definitions: Key terms used tHRoughout the agreement

4. Lease Terms: Duration, rent, payment terms, and conditions of the lease

5. Option to Purchase: Terms and conditions of the purchase option including exercise period and purchase price

6. Property Usage: Permitted use and restrictions on the property

7. Maintenance and Repairs: Responsibilities for property upkeep and maintenance obligations

8. Insurance: Insurance requirements for both parties

9. Default and Remedies: Consequences of default and available remedies

10. Governing Law: Specification of Singapore law as governing law and jurisdiction

Optional Sections

1. Renovation Rights: Terms for property modifications and alterations by the tenant

2. Subletting Provisions: Terms and conditions for subletting the property

3. Early Termination: Conditions and process for early termination of the agreement

4. HDB Compliance: Specific provisions for compliance with HDB regulations if property is HDB

5. Utilities and Services: Responsibility for utilities and service connections

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including floor plans and bouNDAries

2. Schedule 2 - Inventory List: Comprehensive list of fixtures, fittings and furnishings included in the lease

3. Schedule 3 - Condition Report: Detailed documentation of the property's condition at commencement

4. Schedule 4 - Payment Schedule: Breakdown of rent payments, option fee, and purchase price structure

5. Schedule 5 - Option Exercise Form: Template form for exercising the option to purchase

6. Schedule 6 - Maintenance Schedule: Schedule of maintenance responsibilities and timeframes

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions



























Clauses




























Industries

Civil Law Act (Cap. 43): Primary legislation governing civil law matters in Singapore, including contract formation and enforcement

Conveyancing and Law of Property Act (Cap. 61): Regulates property transactions and transfers, including leases and property rights

Planning Act (Cap. 232): Controls land use and development in Singapore, ensuring property usage complies with zoning regulations

Housing and Development Act (Cap. 129): Governs HDB properties and related transactions, crucial if the property is public housing

Residential Property Act (Cap. 274): Regulates residential property ownership, particularly restrictions on foreign ownership

Land Titles Act (Cap. 157): Manages the registration and transfer of land titles in Singapore

Building Control Act: Regulates building works and ensures compliance with building standards for any modifications

Sale of Goods Act: Applies to the transfer of fixtures and fittings included in the property transaction

Unfair Contract Terms Act: Ensures fairness in contractual terms and protects against unreasonable contract provisions

Control of Rent Act: Regulates rental arrangements and provides framework for tenant-landlord relationships

COVID-19 (Temporary Measures) Act 2020: Provides temporary relief measures affecting property transactions during the pandemic period

Stamp Duties Act: Governs stamp duty obligations for both lease and potential purchase transactions

URA Guidelines: Urban Redevelopment Authority guidelines for private property usage and development

HDB Regulations: Specific rules and requirements for HDB properties, including resale and rental conditions

SLA Registration Requirements: Singapore Land Authority requirements for property registration and option registration

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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