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Residential Lease Agreement With Option To Purchase Template for Singapore

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Key Requirements PROMPT example:

Residential Lease Agreement With Option To Purchase

"I need a Residential Lease Agreement with Option to Purchase for my Singapore condominium unit, with a 2-year lease term starting March 2025 and an option to purchase at a fixed price of SGD 1.8 million exercisable after 18 months."

Document background
The Residential Lease Agreement With Option to Purchase is utilized in Singapore when property owners wish to lease their residential property while giving tenants the exclusive right to purchase it. This arrangement is particularly valuable in Singapore's dynamic property market, allowing tenants to secure a future purchase price while testing the property through occupation. The document must strictly comply with Singapore's regulatory framework, including the Residential Property Act, Housing and Development Act, and relevant property regulations. It includes detailed provisions for both the lease period and the purchase option, covering aspects such as rental terms, maintenance obligations, option exercise procedures, and purchase conditions.
Suggested Sections

1. Parties: Identification and details of landlord and tenant

2. Background: Context of the agreement and property details

3. Definitions: Key terms used throughout the agreement

4. Lease Terms: Duration, rent, payment terms, and security deposit

5. Option to Purchase Terms: Purchase price, option period, and exercise conditions

6. Property Use and Maintenance: Permitted use, maintenance responsibilities

7. Termination Provisions: Conditions for early termination

8. Governing Law: Jurisdiction and applicable law

Optional Sections

1. Renovation Clause: Terms for property modifications when renovations are anticipated

2. Subletting Provisions: Terms for subletting the property if permitted

3. Pet Clause: Rules regarding keeping pets in the property

4. En Bloc Sale Provisions: Rights and procedures in case of collective sale for older developments

Suggested Schedules

1. Schedule 1: Property Inventory: List of furniture, appliances, and fittings included

2. Schedule 2: Property Condition Report: Detailed condition of property at commencement

3. Schedule 3: House Rules: Specific rules and regulations for the property

4. Appendix A: Option to Purchase Form: Standard form for exercising purchase option

5. Appendix B: Floor Plan: Detailed layout of the property

Authors

Alex Denne

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

Relevant legal definitions




























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Industries

Residential Property Act (Cap. 274): Primary legislation governing restrictions on foreign ownership of residential property and requirements for foreign buyers in Singapore

Housing and Development Act (Cap. 129): Governs HDB properties, including specific rules, eligibility criteria for buyers and tenants of public housing

Planning Act (Cap. 232): Regulates zoning, permitted use of property, and development restrictions in Singapore

Conveyancing and Law of Property Act (Cap. 61): Sets out legal requirements for property transactions, rights and obligations of parties in property dealings

Civil Law Act (Cap. 43): Governs contract formation, validity, and requirements for writing and signatures in legal agreements

Stamp Duties Act: Regulates various property-related duties including Buyer's Stamp Duty (BSD), Additional Buyer's Stamp Duty (ABSD), and Seller's Stamp Duty (SSD)

COVID-19 (Temporary Measures) Act 2020: Contains temporary measures affecting property transactions during and after the COVID-19 pandemic

Personal Data Protection Act 2012: Governs the handling and protection of personal information in property transactions and agreements

Singapore Land Authority (SLA): Key regulatory body overseeing land ownership and registration in Singapore

Urban Redevelopment Authority (URA): Regulatory body responsible for land use planning and conservation in Singapore

Housing & Development Board (HDB): Statutory board responsible for public housing and related regulations in Singapore

Council for Estate Agencies (CEA): Regulatory body for real estate agencies and agents in Singapore

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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