Commercial Property Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

Commercial Property Purchase Agreement

"Need a Commercial Property Purchase Agreement for acquiring a 5,000 square foot retail space in Singapore's Central Business District, with completion set for March 2025 and including provisions for existing tenant agreements and renovation permissions."

Document background

The Commercial Property Purchase Agreement is a crucial legal document used in Singapore for commercial real estate transactions. It serves as the primary contract between buyer and seller, documenting the terms and conditions of the property transfer. This agreement is essential for ensuring compliance with Singapore's strict property regulations, including URA guidelines, stamp duty requirements, and foreign ownership restrictions. It typically includes detailed property descriptions, payment terms, warranties, and completion conditions, while addressing specific commercial considerations such as existing tenancies, zoning requirements, and environmental compliance. The agreement must align with Singapore's property laws and regulations, including the Conveyancing and Law of Property Act and Land Titles Act.

Suggested Sections

1. Parties: Identification and details of buyer and seller, including registration numbers for companies and identification for individuals

2. Background: Context of the transaction and brief description of the property and intention of parties

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

4. Property Description: Detailed description of the property including address, lot number, floor area, and boundaries

5. Purchase Price: Amount, payment terms, deposit requirements, and payment schedule

6. Completion: Timeline, conditions for completion, and completion procedures

7. Title and Transfer: Provisions regarding property title transfer, encumbrances, and title guarantee

8. Representations and Warranties: Statements of fact by both parties regarding authority, ownership, and property condition

9. Conditions Precedent: Conditions that must be satisfied before completion can occur

10. Costs and Taxes: Allocation of stamp duty, legal fees, and other transaction costs

Optional Sections

1. Due Diligence: Buyer's investigation rights and procedures for property inspection and document review

2. Environmental Matters: Environmental compliance, issues, and warranties specifically for industrial properties

3. Tenant Rights: Existing tenant arrangements, assignments, and obligations

4. Foreign Investment Approval: Requirements and conditions for foreign buyers including necessary governmental approvals

5. Property Management: Interim management arrangements between exchange and completion

Suggested Schedules

1. Schedule 1 - Property Plans: Floor plans, site maps, and boundary plans of the property

2. Schedule 2 - Title Documents: Copies of title deeds, certificates, and other ownership documents

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

4. Schedule 4 - Due Diligence Reports: Technical, legal, and environmental investigation reports

5. Schedule 5 - Existing Tenancy Agreements: Copies of current lease agreements and tenant details

6. Schedule 6 - Property Certificates: Relevant certificates including Certificate of Title, tax clearance, and building permits

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
Retail
Office
Industrial
Hospitality

Relevant Teams

Legal
Finance
Real Estate
Corporate Development
Facilities Management

Relevant Roles

Chief Executive Officer
Chief Financial Officer
Real Estate Director
Legal Counsel
Property Manager
Real Estate Investment Manager
Commercial Property Analyst

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Commercial Property Purchase Agreement

Authors

Alex Denne

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