Purchase Agreement For Commercial Property

Purchase Agreement For Commercial Property Template for Singapore

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Key Requirements PROMPT example:

"I need a Purchase Agreement for Commercial Property for our company's acquisition of a 50,000 square foot industrial warehouse in Singapore's Jurong area, with completion scheduled for March 2025 and including provisions for existing tenancies to be maintained."

Document background

The Purchase Agreement For Commercial Property is a crucial document used when transferring ownership of commercial real estate in Singapore. It serves as the primary contract between the seller and buyer, detailing all aspects of the transaction including property specifications, pricing, payment terms, and conditions. This agreement must comply with Singapore's robust property laws and regulations, including requirements from the Singapore Land Authority (SLA) and Urban Redevelopment Authority (URA). It's particularly important for ensuring clear title transfer, managing tax implications, and addressing specific commercial property considerations such as existing tenancies, zoning requirements, and development restrictions.

Suggested Sections

1. Parties: Identifies and details all parties to the agreement, including their registration numbers, registered addresses, and authorized representatives

2. Background/Recitals: Sets out the context and intention of the parties in entering into this agreement

3. Definitions: Defines key terms used throughout the agreement

4. Property Details: Specific description of the property including address, lot number, strata title details, and floor area

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

6. Payment Terms: Details the payment schedule, deposit requirements, and completion payment

7. Completion: Specifies completion date and procedures

8. Title and Transfer: Provisions regarding clean title and transfer procedures

9. Representations and Warranties: Standard warranties about property ownership, condition, and authority to sell

10. Governing Law: Specifies Singapore law as governing law

Optional Sections

1. Conditions Precedent: Required when completion is subject to certain conditions being met

2. Due Diligence: Buyer's right to conduct investigations and due diligence period provisions

3. Existing Tenancies: Details of any existing leases or tenancies and their handling

4. Property Management: Provisions for managing the property between exchange and completion

5. Foreign Ownership: Special provisions and requirements for foreign buyers

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property including floor plans and boundaries

2. Title Documents Schedule: List of all relevant title documents

3. Inventory Schedule: List of fixtures, fittings, and other items included in the sale

4. Existing Tenancies Schedule: Details of all existing leases and tenancies

5. Planning Permissions Schedule: Copies of relevant planning permissions and certificates

6. Property Condition Report: Detailed report on the current condition of the property

7. Form of Transfer: Standard transfer document as required by Singapore Land Authority

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Retail
Manufacturing
Hospitality
Office
Logistics

Relevant Teams

Legal
Finance
Real Estate
Operations
Compliance
Corporate Development

Relevant Roles

Chief Executive Officer
Chief Financial Officer
Real Estate Director
Corporate Counsel
Property Manager
Facilities Manager

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Let's create your Purchase Agreement For Commercial Property

Authors

Alex Denne

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