Conditional Sale Agreement Property Template for Singapore

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Key Requirements PROMPT example:

Conditional Sale Agreement Property

"I need a Conditional Sale Agreement Property for a Singapore condominium purchase at $2.5M, with completion conditional upon obtaining bank financing and regulatory approval by March 2025."

Document background
The Conditional Sale Agreement Property is a crucial document in Singapore's real estate transactions where certain conditions must be fulfilled before the sale can be completed. This agreement type is commonly used when the completion of sale depends on factors such as obtaining financing approval, satisfactory property inspection, or meeting regulatory requirements. It includes detailed terms about the property, payment structure, conditions precedent, and completion requirements, all while adhering to Singapore's property laws and regulations. The agreement provides security for both parties by clearly defining their rights and obligations throughout the transaction process.
Suggested Sections

1. Parties: Details of buyer and seller, including identification and contact information

2. Background: Context of the sale and property details

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property including address and specifications

5. Purchase Price: Amount and payment terms

6. Conditions Precedent: Conditions that must be met before completion

7. Completion: Terms and process for completion of sale

Optional Sections

1. Foreign Ownership Declaration: Required section when buyer is non-Singaporean, including relevant declarations and compliance with Residential Property Act

2. CPF Usage: Section detailing terms relating to use of CPF funds for property purchase, including withdrawal limits and requirements

3. Bank Financing: Section covering mortgage financing terms, conditions, and requirements from financial institutions

Suggested Schedules

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

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

3. Schedule 3 - Payment Schedule: Detailed breakdown of payment installments and timeline

4. Schedule 4 - Title Search Results: Results of property title search and encumbrances

5. Schedule 5 - Property Tax Statement: Current property tax assessment and payment status

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

Relevant legal definitions
Clauses
Industries

Housing and Development Act: Primary legislation governing public housing (HDB properties) in Singapore, including regulations on ownership, transfer, and usage of HDB flats

Residential Property Act: Controls foreign ownership of residential properties in Singapore and regulates residential property transactions

Civil Law Act: Fundamental legislation governing civil law matters including contract law principles applicable to property transactions

Sale of Goods Act: Although primarily for goods, certain principles apply to property transactions and conditional sales

Conveyancing and Law of Property Act: Regulates the transfer of property ownership and related legal procedures in Singapore

Land Titles Act: Governs the registration and transfer of land titles in Singapore's land registry system

Planning Act: Controls land use and property development in Singapore

Housing Developers Rules: Regulations governing housing developers' responsibilities and obligations in property development and sales

Housing Developers (Control & Licensing) Act: Regulates housing developers' activities and licensing requirements in Singapore

Executive Condominium Housing Scheme Act: Specific legislation governing Executive Condominiums, a hybrid of public and private housing

Property Tax Act: Governs property taxation matters and related obligations

ABSD Rules: Additional Buyer's Stamp Duty regulations affecting property purchase costs based on buyer profile

SSD Regulations: Seller's Stamp Duty rules affecting property sales within specific timeframes

TDSR Framework: Total Debt Servicing Ratio framework limiting borrowing based on income and total debt obligations

LTV Limits: Loan-to-Value limits set by Monetary Authority of Singapore controlling maximum property loan amounts

CEA Guidelines: Council for Estate Agencies guidelines governing property transactions and agent conduct

Singapore Law Society's Conditions of Sale: Standard conditions governing property sales as established by the Law Society

URA Guidelines: Urban Redevelopment Authority guidelines on property development and usage

CPF Rules: Central Provident Fund regulations governing the use of CPF funds for property purchase

Ethnic Integration Policy: Policy maintaining ethnic proportions in HDB estates to promote racial harmony

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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