Building Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

Building Purchase Agreement

"Need a Building Purchase Agreement for acquiring a 4-story commercial property in Singapore's Central Business District, with completion planned for March 2025 and including provisions for existing tenants to remain in place for 12 months post-completion."

Document background

The Building Purchase Agreement is essential for any transaction involving the sale of building property in Singapore. This document is used when parties wish to formalize the purchase and sale of commercial, industrial, or residential buildings, ensuring compliance with Singapore's property laws and regulations. The agreement includes detailed provisions about the property, price, payment terms, warranties, and completion requirements. It must conform to Singapore's strict property ownership rules, especially regarding foreign ownership under the Residential Property Act. The document serves as the primary contract governing the relationship between buyer and seller throughout the property transfer process.

Suggested Sections

1. Parties: Identification of buyer and seller with full legal details

2. Background: Context of the sale and brief property description

3. Definitions: Key terms used throughout the agreement

4. Property Details: Comprehensive description of the property being sold

5. Purchase Price: Price and payment terms including deposit arrangements

6. Completion: Timeline and conditions for completion of sale

7. Title and Transfer: Provisions regarding property title transfer

8. Representations and Warranties: Seller's declarations about property condition and ownership

9. Termination: Conditions under which agreement can be terminated

Optional Sections

1. Foreign Ownership Compliance: Required section when buyer is non-Singaporean, detailing compliance with Residential Property Act requirements

2. Tenancy Provisions: Section detailing existing tenancies and their treatment post-sale

3. Mortgage Details: Section covering existing mortgages and their discharge requirements

Suggested Schedules

1. Schedule 1: Property Floor Plan: Detailed floor plan and measurements of the property

2. Schedule 2: Title Documents: Copies of relevant title documents and certificates

3. Schedule 3: Inventory List: Comprehensive list of fixtures and fittings included in the sale

4. Schedule 4: Property Tax Statements: Recent property tax assessments and payment records

5. Schedule 5: Building Inspection Report: Technical assessment of building condition and compliance

6. Schedule 6: Regulatory Approvals: Copies of relevant permits, certificates and regulatory approvals

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Property Development
Commercial Property
Industrial Property
Retail Property
Hospitality
Healthcare Facilities
Educational Institutions

Relevant Teams

Legal
Real Estate
Finance
Operations
Facilities Management
Compliance
Property Management
Asset Management
Investment
Risk Management

Relevant Roles

Real Estate Director
Property Manager
Facilities Manager
Chief Financial Officer
Legal Counsel
Property Development Manager
Asset Manager
Investment Manager
Real Estate Analyst
Compliance Officer

Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships and obligations in Singapore. Forms the fundamental basis for contract formation and enforcement.

Sale of Property Act: Regulates property transactions and provides legal framework for the sale and purchase of properties in Singapore.

Land Titles Act (Cap. 157): Legislation governing land ownership registration, title transfers, and encumbrances. Establishes the land titles system in Singapore.

Residential Property Act (Cap. 274): Controls and restricts foreign ownership of residential properties in Singapore, including special requirements and restrictions for foreign buyers.

Planning Act (Cap. 232): Establishes zoning requirements and property use restrictions, ensuring proper urban planning and development control.

Housing and Development Act: Governs public housing (HDB) properties, including ownership restrictions, usage guidelines, and transfer regulations.

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

Building Control Act: Sets standards for building safety, structural requirements, and regulations regarding renovation and alteration of properties.

Environmental Public Health Act: Establishes environmental compliance requirements for properties to ensure public health and safety standards.

Property Tax Act: Outlines property tax obligations and assessment procedures for property owners in Singapore.

Real Estate Developers' Rules: Guidelines and regulations specific to real estate development and developers' obligations in Singapore.

Singapore Land Authority Regulations: Regulatory framework established by SLA for land ownership, usage, and administration in Singapore.

Urban Redevelopment Authority Guidelines: Development and planning guidelines established by URA for property development and urban planning.

Building and Construction Authority Requirements: Technical requirements and standards for building construction, maintenance, and safety set by BCA.

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Authors

Alex Denne

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