Commercial Property Purchase And Sale Agreement Template for Singapore

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Key Requirements PROMPT example:

Commercial Property Purchase And Sale Agreement

"I need a Commercial Property Purchase And Sale Agreement for the acquisition of a 5-story office building in Singapore's Central Business District, with existing tenants that need to be retained, and completion scheduled for March 2025."

Document background
The Commercial Property Purchase And Sale Agreement is essential for any transaction involving the transfer of commercial real estate in Singapore. This document is used when parties wish to formalize the sale and purchase of commercial properties such as office buildings, retail spaces, industrial facilities, or mixed-use developments. It ensures compliance with Singapore's property laws and regulations, including stamp duty requirements, GST provisions, and zoning restrictions. The agreement covers crucial elements such as property description, purchase price, payment terms, conditions precedent, warranties, and completion requirements, while addressing specific local requirements for commercial property transactions.
Suggested Sections

1. Parties: Identification and details of the Vendor and Purchaser

2. Background: Context of the transaction and property details

3. Definitions: Key terms used throughout the agreement

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

5. Purchase Price: Agreement on price and payment terms

6. Completion: Terms and timeline for completing the transaction

7. Title and Transfer: Provisions regarding clean title and transfer procedures

8. Vendor's Warranties: Standard warranties regarding property ownership and condition

9. Default Provisions: Consequences and remedies for breach of agreement

Optional Sections

1. Conditions Precedent: Specific conditions that must be met before completion, used when there are specific requirements before completion (e.g., obtaining regulatory approvals)

2. Tenant Rights: Provisions regarding existing tenancies, used when property is sold with existing tenants

3. GST Provisions: Special provisions regarding GST treatment, used when the transaction is subject to GST

4. Environmental Warranties: Specific warranties regarding environmental condition, used for industrial properties or properties with potential environmental concerns

Suggested Schedules

1. Property Schedule: Detailed property information including floor plans and boundaries

2. Inventory Schedule: List of fixtures and fittings included in the sale

3. Title Documents: Copies of relevant title documents

4. Payment Schedule: Detailed breakdown of payment terms and timeline

5. Existing Tenancies: Details of current lease agreements, included when property is sold with existing tenants

6. Property Searches: Results of legal and regulatory searches

7. Building Inspection Report: Technical assessment of property condition

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

Clauses
Industries

Conveyancing and Law of Property Act (Cap. 61): Primary legislation governing property transactions, transfer of property rights, and real estate conveyancing procedures in Singapore

Land Titles Act (Cap. 157): Regulates the registration of land titles and establishes the system of indefeasible titles in Singapore

Sale of Commercial Properties Act: Governs the sale and purchase of commercial properties, including requirements for transactions and parties' obligations

Planning Act (Cap. 232): Controls land use and development, ensuring compliance with urban planning requirements and zoning regulations

Building Control Act (Cap. 29): Regulates building works and ensures compliance with building safety and construction standards

Stamp Duties Act (Cap. 312): Governs taxation aspects of property transactions, including Additional Buyer's Stamp Duty (ABSD) and Seller's Stamp Duty (SSD)

Environmental Protection and Management Act: Ensures environmental compliance and protection in relation to property development and usage

Environmental Public Health Act: Regulates public health aspects of commercial properties including waste management and environmental hygiene

Master Plan (URA): Urban Redevelopment Authority's statutory land use plan guiding Singapore's development over the next 10-15 years

Fire Safety Act: Establishes fire safety requirements and standards for commercial properties

Workplace Safety and Health Act: Ensures safety standards in commercial properties, particularly relevant during property handover and occupation

Contract Law Act: Provides the legal framework for contract formation, execution, and enforcement in Singapore

COVID-19 (Temporary Measures) Act: Temporary legislation affecting property transactions and contracts during the pandemic period

Property Tax Act: Governs the taxation of properties including assessment of property tax rates and payment obligations

Singapore Law Society's Conditions of Sale: Professional guidelines established by the Law Society for property transactions 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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