Earnest Money Agreement Generator for Singapore

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Key Requirements PROMPT example:

Earnest Money Agreement Template

Need an Earnest Money Agreement Template for a commercial property purchase in Singapore with a foreign buyer, including specific clauses about currency exchange rates and a completion date of March 15, 2025.

Document background

The Earnest Money Agreement Template is essential for Singapore property transactions where buyers provide a good faith deposit to demonstrate serious intent to purchase. This document establishes the terms for handling the earnest money deposit, outlines the conditions for its release or forfeiture, and protects both parties' interests during the transaction period. It complies with Singapore's property laws, including the Civil Law Act and Conveyancing and Law of Property Act, and is typically used between property offer acceptance and final closing.

Suggested Sections

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

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 being purchased

5. Purchase Price: Total purchase price and payment terms

6. Earnest Money Details: Amount, payment method, and handling of earnest money deposit

7. Closing Terms: Conditions and timeline for closing the transaction

8. Default Provisions: Consequences of default by either party

9. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Property Inspection: Terms for property inspection rights - include when buyer requests inspection period

2. Financing Contingency: Conditions related to buyer obtaining financing - include when purchase depends on buyer securing mortgage

3. Foreign Ownership Declaration: Declarations regarding foreign ownership restrictions - include when buyer is foreign national

4. Property Management: Interim property management arrangements - include when significant time between agreement and completion

Suggested Schedules

1. Property Details Schedule: Detailed property specifications and included items

2. Payment Schedule: Breakdown of payment timeline and amounts

3. Property Title Documents: Copies of relevant title documents

4. Property Plans: Floor plans and property boundaries

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

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Real Estate
Banking
Property Development
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Real Estate
Finance
Compliance
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Relevant Roles

Real Estate Agent
Property Manager
Legal Counsel
Conveyancing Lawyer
Property Developer
Escrow Officer

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Authors

Alex Denne

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