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Lot Purchase Contract

Lot Purchase Contract Template for Singapore

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Key Requirements PROMPT example:

Lot Purchase Contract

"Need a Lot Purchase Contract for a 5000 square meter industrial land parcel in Singapore's Jurong area, with completion planned for March 2025 and specific environmental compliance clauses due to previous industrial use of the land."

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Document background
The Lot Purchase Contract is essential for any land transaction in Singapore, serving as the primary document governing the sale and transfer of land between parties. This contract type ensures compliance with Singapore's strict property regulations while protecting both buyer and seller interests. It includes crucial details about the property, payment terms, conditions precedent, and completion requirements. The document must adhere to Singapore's property laws, including the Residential Property Act, Land Titles Act, and relevant URA guidelines, making it a fundamental tool in Singapore's real estate transactions.
Suggested Sections

1. Parties: Identifies buyer and seller with full legal names and addresses

2. Background: Sets out context and purpose of the purchase agreement

3. Definitions: Defines key terms used throughout the contract

4. Property Description: Detailed description of the lot including lot number, boundaries, and title details

5. Purchase Price: States the agreed purchase price and payment terms

6. Completion: Details of completion date and process

7. Title and Transfer: Warranties regarding title and transfer process

8. Governing Law: Specifies Singapore law as governing law

Optional Sections

1. Foreign Ownership Declaration: Required when purchaser is not a Singapore citizen - includes necessary declarations under the Residential Property Act

2. Development Conditions: Specific conditions related to property development when lot is for development purposes

3. Environmental Matters: Environmental obligations and warranties when property has environmental considerations

4. Planning Permissions: Details of existing or required planning permissions when property requires specific planning approval

Suggested Schedules

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

2. Title Documents: Copies of relevant title documents

3. Payment Schedule: Detailed breakdown of payment timeline

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

5. Property Searches: Results of official property searches

6. Existing Encumbrances: Details of any existing easements or encumbrances

Authors

Alex Denne

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

alex.den.21@genieai.co
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Industries

Residential Property Act: Chapter 274 - Governs residential property ownership, particularly foreign ownership restrictions and eligibility criteria for purchasing residential property in Singapore

Sale of Goods Act: Chapter 393 - Provides the legal framework for sale and purchase transactions, including property transactions

Land Titles Act: Chapter 157 - Regulates the registration and transfer of land titles, ensuring clear ownership and title rights

Planning Act: Chapter 232 - Controls land use and development, including zoning regulations and development permissions

Housing and Development Act: Governs public housing (HDB) properties and related transactions in Singapore

Conveyancing and Law of Property Act: Chapter 61 - Regulates property transactions and transfers, including legal requirements for property conveyancing

SLA Regulations: Singapore Land Authority regulations governing land ownership, survey requirements, and property boundaries

URA Guidelines: Urban Redevelopment Authority guidelines on property development, usage, and planning restrictions

Building Control Act: Regulates building works and development restrictions to ensure safety and compliance

Property Tax Act: Governs property tax obligations and assessments for property owners

Stamp Duties Act: Regulates stamp duty payments including Additional Buyer's Stamp Duty (ABSD) and Seller's Stamp Duty (SSD)

Option to Purchase Requirements: Specific requirements for option agreements in property transactions, including validity period and exercise procedures

Title Search Requirements: mandatory procedures for conducting title searches to verify ownership and encumbrances

GST Implications: Goods and Services Tax considerations for property transactions, where applicable

Property Boundaries and Restrictions: Legal requirements regarding property boundaries, easements, and usage restrictions

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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