The Option To Buy Agreement is a crucial document in Singapore's commercial and property transactions, providing a structured framework for potential purchases while protecting both parties' interests. It gives the grantee an exclusive right to purchase within a defined timeframe, typically used in real estate transactions, business asset sales, and strategic acquisitions. The agreement must comply with Singapore's legal requirements, including proper consideration, clear exercise terms, and specific execution formalities. This document type is particularly important in Singapore's dynamic property market, where option agreements are standard practice in both residential and commercial transactions.
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1. Parties: Identification and details of the option grantor and grantee
2. Background: Context and purpose of the option agreement
3. Definitions: Key terms used throughout the agreement
4. Grant of Option: Core terms of the option, including subject matter and strike price
5. Option Period: Duration and exercise period of the option
6. Consideration: Option fee and payment terms
7. Exercise Procedure: Process and requirements for exercising the option
8. Completion: Terms regarding the completion of the sale upon exercise
1. Due Diligence: Terms regarding property/asset inspection and review process for complex assets or real property
2. Representations and Warranties: Statements about the condition and ownership of the subject matter, typically included for high-value transactions
3. Conditions Precedent: Conditions that must be met before exercise, used when specific requirements must be met before sale
1. Schedule 1 - Property Details: Detailed description of the property or asset
2. Schedule 2 - Option Exercise Form: Template form for exercising the option
3. Schedule 3 - Payment Schedule: Detailed breakdown of payments and timelines
4. Appendix A - Property Documents: Relevant title documents or certificates
Relevant legal definitions
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