The Real Estate Settlement Agreement is used in Singapore when finalizing property transactions between buyers and sellers. This document is crucial for ensuring all aspects of the property transfer are properly documented and legally binding under Singapore's property laws. It typically includes detailed terms of settlement, property specifications, payment arrangements, completion requirements, and addresses specific Singapore regulatory requirements such as stamp duty obligations and foreign ownership restrictions where applicable. The agreement serves as the definitive document for concluding property transactions and resolving any related disputes.
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Key Requirements PROMPT example:
Real Estate Settlement Agreement
"Need a Real Estate Settlement Agreement for the sale of a commercial property in Singapore's Central Business District, with completion scheduled for March 2025, including special provisions for existing tenants and renovation works in progress."
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1. Parties: Identification and details of all parties involved in the settlement
2. Background: Context of the settlement including property details and dispute background
3. Definitions: Key terms used tHRoughout the agreement
4. Settlement Terms: Core terms of the settlement including payment and transfer details
5. Completion Requirements: Steps required to complete the settlement
6. Representations and Warranties: Statements of fact and promises by both parties
7. Release Provisions: Mutual release of claims related to the settlement
1. Mortgage Provisions: Required if property has existing mortgage - includes terms for discharge and settlement of mortgage
2. Tenant Provisions: Addresses existing tenancy arrangements and transition of tenant rights and obligations
3. Foreign Ownership Provisions: Additional requirements and warranties for foreign buyers under Singapore law
4. HDB Specific Provisions: Special requirements and restrictions applicable to HDB properties
1. Property Description Schedule: Detailed description of property including lot number, address, and bouNDAries
2. Payment Schedule: Breakdown of payment terms, amounts, and deadlines
3. Title Documents: Copies of relevant title documents and certifications
4. Property Inspection Report: Condition report of property and list of any defects
5. Outstanding Works Schedule: List of any works or repairs to be completed before settlement
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