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Lot Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

Lot Purchase Agreement

"I need a Lot Purchase Agreement for buying an industrial lot in Singapore for $5.2 million, with completion scheduled for March 2025, including specific environmental warranties due to the lot's previous use as a chemical storage facility."

Document background
The Lot Purchase Agreement is a crucial legal document used in Singapore real estate transactions when transferring ownership of land lots. This agreement is essential when purchasing undeveloped land, industrial lots, or parcels for development. It includes detailed property descriptions, purchase terms, warranties, and conditions specific to Singapore's legal framework. The document must comply with local property laws and regulations, including the Land Titles Act and Planning Act. A properly drafted Lot Purchase Agreement protects both parties' interests and ensures a smooth transfer of property ownership.
Suggested Sections

1. Parties: Identification and details of the buyer and seller

2. Background: Context of the transaction and brief property description

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the lot including boundaries and specifications

5. Purchase Price: Amount and payment terms

6. Completion: Timing and process for completion of the sale

7. Title and Transfer: Provisions regarding transfer of ownership

8. Representations and Warranties: Standard warranties about the property and authority to sell

Optional Sections

1. Due Diligence: Buyer's right to conduct investigations - typically included for commercial properties or large transactions

2. Environmental Matters: Environmental conditions and obligations - included when property has potential environmental concerns

3. Planning Permissions: Current and future planning restrictions - included when development potential is material to the purchase

4. Tenant Rights: Existing tenancies and obligations - included when property is subject to existing tenancies

Suggested Schedules

1. Property Plan: Detailed plan showing lot boundaries and measurements

2. Title Documents: Copies of relevant title documents

3. Planning Permissions: Copies of relevant planning permissions and restrictions

4. Property Certificates: Relevant property certificates and searches

5. Inventory: List of included fixtures and fittings - included when sale includes specific items beyond the land

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

































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Industries

Sale of Goods Act (SOGA): Primary legislation governing the sale and purchase of goods, defining fundamental rights and obligations of buyers and sellers in Singapore

Land Titles Act: Legislation dealing with land ownership and registration in Singapore, essential for property transactions and title transfers

Planning Act: Regulates land use and development in Singapore, crucial for determining permitted usage of lots and development restrictions

Property Tax Act: Legislation governing property tax obligations and assessments for property owners in Singapore

Stamp Duties Act: Controls stamp duty payments and requirements for property transactions in Singapore, including additional buyer's stamp duty and seller's stamp duty

Contract Law (Common Law): Framework of common law principles governing contract formation, including offer, acceptance, consideration, and capacity to contract

Conveyancing and Law of Property Act: Regulates the legal requirements and procedures for transferring property ownership in Singapore

Environmental Protection and Management Act: Legislation covering environmental considerations and compliance requirements for property and land use

Building Control Act: Governs building works and structures, including safety requirements and construction standards

Goods and Services Tax Act: Legislation governing GST implications and requirements for property transactions in Singapore

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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