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Lot Installment Agreement

Lot Installment Agreement Template for Singapore

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Key Requirements PROMPT example:

Lot Installment Agreement

"Need a Lot Installment Agreement for the purchase of an industrial land parcel in Singapore's Jurong area, with monthly installments over 24 months starting March 2025, including specific development conditions for warehouse construction."

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Document background
The Lot Installment Agreement is essential for property transactions in Singapore where buyers prefer or require staged payments for lot purchases. This contract type is particularly relevant in Singapore's highly regulated property market, where strict compliance with planning laws and foreign ownership restrictions is mandatory. The agreement typically includes detailed payment schedules, property specifications, development conditions (if applicable), and transfer terms. It protects both parties' interests while ensuring adherence to Singapore's property laws and regulations.
Suggested Sections

1. Parties: Identification and details of the seller 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 lot including boundaries and specifications

5. Purchase Price: Total consideration and payment structure

6. Payment Terms: Installment schedule, amounts, and payment methods

7. Title and Ownership: Terms regarding transfer of title and ownership rights

8. Default Provisions: Consequences of default and remedies

9. Completion: Terms for completion of the sale and transfer

Optional Sections

1. Foreign Ownership Compliance: Required when purchaser is non-Singaporean, includes compliance with Residential Property Act requirements

2. Development Conditions: Specific conditions for property development, applicable for undeveloped lots

3. Financing Provisions: Terms related to external financing, included when bank financing is involved

Suggested Schedules

1. Schedule 1 - Property Plan: Detailed plan showing lot boundaries and measurements

2. Schedule 2 - Payment Schedule: Detailed breakdown of installment amounts and due dates

3. Schedule 3 - Title Documents: Copies of relevant title documents and certificates

4. Schedule 4 - Planning Permissions: Copies of relevant planning permissions and approvals

5. Schedule 5 - Property Specifications: Detailed specifications of the property or development plans

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

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alex.den.21@genieai.co
Clauses
Purchase Price and Payment
Title and Ownership
Property Description
Conditions Precedent
Due Diligence
Installment Schedule
Default and Remedies
Property Handover
Representations and Warranties
Development Conditions
Compliance with Laws
Registration and Stamp Duty
Force Majeure
Termination
Assignment
Notices
Governing Law
Dispute Resolution
Indemnification
Insurance
Property Access
Maintenance Obligations
Transfer Restrictions
Foreign Ownership Compliance
Completion Requirements
Breach and Consequences
Amendment and Modification
Severability
Entire Agreement
Time of Essence
Industries

Planning Act (Chapter 232): Primary legislation governing land use and development in Singapore, including lot subdivision requirements and planning permissions

Land Titles Act (Chapter 157): Regulates property ownership registration, title transfer procedures, and the handling of encumbrances and caveats

Residential Property Act (Chapter 274): Sets out restrictions on foreign ownership and requirements for residential property transactions in Singapore

Housing Developers (Control and Licensing) Act: Controls housing developer activities, provides purchaser protection, and regulates payment schedules for property transactions

Contracts Act (Chapter 53): Governs contract formation, validity, terms and conditions, and remedies for breach in Singapore

Conveyancing and Law of Property Act (Chapter 61): Specifies property transfer requirements and legal obligations of parties in property transactions

Stamp Duties Act: Regulates stamp duty obligations, payment timelines, and applicable rates for property transactions

Rules of Court: Provides framework for enforcement procedures and legal remedies in property-related disputes

Consumer Protection (Fair Trading) Act: Protects consumer rights, addresses unfair practices, and provides dispute resolution mechanisms in property transactions

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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