Residential Resale Condominium Property Purchase Contract

Residential Resale Condominium Property Purchase Contract Template for Singapore

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Key Requirements PROMPT example:

"I need a Residential Resale Condominium Property Purchase Contract for a 3-bedroom unit in Singapore where the buyer is using CPF funds and requires bank financing, with completion scheduled for March 2025, and the property is currently tenanted until completion date."

Document background

The Residential Resale Condominium Property Purchase Contract is a crucial document used in Singapore's real estate market for secondary market condominium transactions. This contract is essential when transferring ownership of strata-titled residential properties and must comply with Singapore's comprehensive property law framework. It includes detailed provisions covering property specifications, payment terms, completion requirements, and statutory obligations. The document is designed to protect both buyers' and sellers' interests while ensuring compliance with regulations such as the Residential Property Act, BMSMA, and relevant stamp duty requirements. It's particularly important for documenting agreed terms, protecting parties' rights, and ensuring a smooth property transfer process.

Suggested Sections

1. Parties: Details of vendor and purchaser, including identification and contact information

2. Background: Brief context of the transaction and property details

3. Definitions: Key terms used throughout the agreement

4. Property Details: Detailed description of the property, including strata lot number, floor area, and share value

5. Purchase Price: Agreement on purchase price and payment schedule

6. Payment Terms: Details of deposit, progress payments, and completion payment

7. Completion: Terms and conditions for completion of sale

8. Title and Transfer: Warranties regarding title and transfer process

9. Representations and Warranties: Standard warranties from both parties

Optional Sections

1. Foreign Ownership Approval: Required section detailing approval requirements and conditions under the Residential Property Act for foreign buyers

2. CPF Usage: Terms and conditions relating to the use of Central Provident Fund monies for property purchase

3. Mortgage Financing: Provisions relating to bank financing and mortgage requirements

4. En Bloc Sale Conditions: Specific provisions regarding ongoing or potential en bloc sale considerations

Suggested Schedules

1. Property Schedule: Detailed property specifications, floor plans, and boundaries

2. Inventory List: Comprehensive list of fixtures, fittings, and furnishings included in the sale

3. Payment Schedule: Detailed breakdown of payment milestones and amounts

4. Title Documents: Copies of relevant title documents and strata certificates

5. Defects List: Documentation of existing defects agreed between parties

6. MCST By-laws: Copy of current Management Corporation by-laws applicable to the property

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
Legal Services
Banking
Property Development

Relevant Teams

Legal
Real Estate
Finance
Compliance
Property Management

Relevant Roles

Property Lawyer
Real Estate Agent
Conveyancing Manager
Property Manager
Mortgage Advisor

Industries

Building Maintenance and Strata Management Act (BMSMA): Primary legislation governing the management and maintenance of strata properties, including condominiums, defining rights and obligations of property owners and management corporations

Land Titles (Strata) Act: Regulates the subdivision of buildings into strata units and registration of strata titles for individual units

Housing Developers (Control and Licensing) Act: Controls and licenses housing developers, protecting buyers' interests in property transactions

Residential Property Act: Regulates foreign ownership of residential properties in Singapore and outlines restrictions on foreign buyers

Conveyancing and Law of Property Act: Governs property transactions and transfer of real estate, including legal requirements for property conveyancing

Sale of Goods Act: Provides legal framework for sale transactions, applicable to fixtures and fittings in property sales

CEA Guidelines: Council for Estate Agencies regulations governing real estate transactions and agent conduct

URA Regulations: Urban Redevelopment Authority rules regarding property development, usage, and zoning requirements

BCA Requirements: Building and Construction Authority standards for building safety and construction quality

SLA Requirements: Singapore Land Authority regulations regarding land ownership and title registration

Stamp Duties Framework: Regulations governing Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD) applicable to property purchases

CPF Rules: Central Provident Fund regulations regarding the use of CPF savings for property purchase

MAS Regulations: Monetary Authority of Singapore rules regarding property financing and mortgage restrictions

Estate Agents Act: Legislation governing the conduct and responsibilities of real estate agents and agencies

Property Tax Regulations: Rules regarding property tax assessment and payment obligations for property owners

MCST By-laws: Management Corporation Strata Title specific rules governing the use and management of the condominium property

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Authors

Alex Denne

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