Document background
The Preliminary Agreement For Sale And Purchase is a crucial document in Singapore's property transaction process, serving as the first formal step in documenting the sale and purchase of real estate. This document is typically used when parties have reached an initial agreement on key terms but before the formal Sale and Purchase Agreement is prepared by lawyers. It includes essential details such as property identification, price, payment schedule, and completion date. Under Singapore law, while this agreement is binding, it is subject to the execution of a formal Sale and Purchase Agreement and usually includes provisions for the payment of an initial deposit. The document must comply with various Singapore regulations, including the Civil Law Act, Residential Property Act, and relevant property legislation.
