Agreement Letter For Selling A Property Template for Singapore

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Key Requirements PROMPT example:

Agreement Letter For Selling A Property

"I need an Agreement Letter For Selling A Property for my 3-bedroom condominium in Singapore, which includes special provisions for existing tenants who have a lease until March 2025 and includes all current furniture in the sale."

Document background
The Agreement Letter For Selling A Property is a crucial document in Singapore's real estate transactions. It is used when transferring ownership of residential or commercial properties, ensuring compliance with Singapore's strict property regulations. The document captures essential details including property specifications, price, payment schedule, and completion terms. It must align with requirements set by the Singapore Land Authority and, where applicable, the Housing & Development Board. This agreement serves as the foundation for the property transfer process and is typically prepared after the Option to Purchase has been exercised but before the completion of the sale.
Suggested Sections

1. Parties: Details of seller and purchaser, including full names, identification numbers, and addresses

2. Background: Context of the sale and brief property details, including the intention to sell/purchase

3. Definitions: Key terms used in the agreement including Property, Purchase Price, Completion Date, etc.

4. Property Details: Comprehensive description of the property being sold, including address, lot number, and strata title details if applicable

5. Purchase Price: Agreed purchase price, payment terms, deposit requirements, and balance payment schedule

6. Completion: Timeline and requirements for completion, including handover procedures and key collection

Optional Sections

1. Conditions Precedent: Specific conditions that must be met before completion, such as bank loan approval or sale of existing property

2. Property Inspection: Terms for property viewing and inspection prior to completion, including defect reporting process

3. Tenant Rights: Details of existing tenancy agreements and handling of tenant deposits if property is currently tenanted

4. GST Provisions: Specific provisions relating to Goods and Services Tax where applicable

Suggested Schedules

1. Schedule 1 - Property Floor Plan: Detailed layout of the property including measurements and boundaries

2. Schedule 2 - Title Documents: Copies of relevant title documents and land registry information

3. Schedule 3 - Inventory List: Detailed list of fixtures, fittings, and furnishings included in the sale

4. Schedule 4 - Outstanding Payments: Schedule of any pending payments, mortgages, or encumbrances affecting the property

5. Schedule 5 - Proof of Ownership: Documents proving seller's ownership and right to sell the property

Authors

Alex Denne

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

Industries

Residential Property Act: Primary legislation governing residential property transactions in Singapore (Cap. 274), including restrictions on foreign ownership and property dealings

Sale of Goods Act: Legislation governing the sale of property and goods in Singapore (Cap. 393), outlining basic contractual obligations and rights

Housing and Development Act: Regulates transactions involving HDB properties, including eligibility criteria and transfer restrictions

Planning Act: Controls land use and property development in Singapore (Cap. 232), ensuring compliance with zoning regulations

Land Titles Act: Governs the registration and transfer of land titles in Singapore (Cap. 157), ensuring proper property ownership recording

Stamp Duties Act: Regulates stamp duties payable on property transactions (Cap. 312), including ABSD and SSD requirements

Property Tax Act: Governs property taxation matters in Singapore (Cap. 254), affecting both buyers and sellers

Real Estate Developers Act: Controls and licenses real estate developers, protecting buyers' interests in property transactions

COVID-19 Temporary Measures Act: Temporary legislation affecting property transactions during the pandemic period, including relief measures

Option to Purchase Requirements: Legal procedures for securing and exercising property purchase options, including payment terms and timelines

SLA Regulations: Singapore Land Authority requirements for property registration and transfer

URA Guidelines: Urban Redevelopment Authority regulations affecting property use and development

HDB Rules: Specific regulations governing HDB property transactions, including resale procedures and eligibility criteria

Title Verification Requirements: Legal requirements for verifying property ownership and checking for encumbrances

Property Transfer Requirements: Legal procedures and documentation needed for transferring property ownership

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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