Real Estate Reservation Agreement

Real Estate Reservation Agreement Template for Singapore

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Key Requirements PROMPT example:

"I need a Real Estate Reservation Agreement for a luxury condominium unit in Singapore's District 10, with a six-month reservation period and special provisions for foreign buyer approval, to be completed by March 2025."

Document background

The Real Estate Reservation Agreement serves as a preliminary contract in Singapore's property market, allowing prospective buyers to secure their interest in a property before proceeding with the full purchase. This document is particularly crucial in new development sales or off-plan purchases, where buyers need time to arrange financing or conduct due diligence. It outlines the reservation fee, typically 1-5% of the purchase price, the reservation period, and conditions for proceeding to an Option to Purchase. The agreement provides protection for both parties under Singapore law and is commonly used in both residential and commercial property transactions.

Suggested Sections

1. Parties: Details of the developer/seller and prospective purchaser

2. Background: Context of the property reservation and transaction including applicable laws

3. Definitions: Key terms used throughout the agreement including statutory references

4. Property Details: Specific description and details of the property being reserved

5. Reservation Fee: Amount, payment terms, and conditions of the reservation fee

6. Reservation Period: Duration of the reservation and related terms

7. Option to Purchase Terms: Terms relating to the subsequent Option to Purchase

8. Representations and Warranties: Standard representations and warranties from both parties

9. Termination: Circumstances under which the reservation agreement may be terminated

10. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction

Optional Sections

1. Foreign Buyer Approval: Required when purchaser is a foreign person under the Residential Property Act

2. Additional Property Schemes: Details of any applicable government schemes or special conditions

3. Financing Conditions: Specific financing requirements or conditions including compliance with MAS guidelines

4. COVID-19 Measures: Special provisions related to COVID-19 temporary measures if applicable

Suggested Schedules

1. Schedule 1 - Property Floor Plan: Detailed floor plan of the property with specifications

2. Schedule 2 - Payment Schedule: Breakdown of payment milestones and amounts

3. Schedule 3 - Property Specifications: Detailed specifications of the property including finishes and fittings

4. Schedule 4 - Required Documents Checklist: List of documents required for completion of the purchase

5. Schedule 5 - Applicable Laws and Regulations: List of relevant legislation and regulatory requirements

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 Development
Property Investment
Real Estate Agency
Legal Services

Relevant Teams

Legal
Sales
Operations
Finance
Compliance

Relevant Roles

Property Developer
Real Estate Agent
Legal Counsel
Property Manager
Sales Director
Compliance Officer
Real Estate Transaction Manager

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Let's create your Real Estate Reservation Agreement

Authors

Alex Denne

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