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Option Agreement Property
"Need to draft an Option Agreement Property for a Singapore commercial property at 123 Orchard Road, with an option period of 21 days and purchase price of SGD 5.2 million, to be completed by March 2025."
1. Parties: Identification of Option Grantor (seller) and Grantee (potential buyer)
2. Background: Context of the option agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Grant of Option: Terms of the option, including duration and exercise conditions
5. Option Fee: Amount, payment terms, and status of option fee
6. Exercise of Option: Process and requirements for exercising the option
7. Purchase Price: Total consideration and payment terms
8. Property Details: Specific description and details of the property
9. Completion: Terms and timing of completion upon exercise
1. CPF Usage: Terms relating to Central Provident Fund usage for property purchase
2. Bank Financing: Conditions related to mortgage financing and bank loan requirements
3. HDB Approval: Conditions subject to Housing Development Board approval for HDB properties
4. Foreign Ownership: Additional requirements and conditions for foreign buyers under the Residential Property Act
1. Schedule 1 - Property Details: Detailed property description, boundaries, and floor plans
2. Schedule 2 - Payment Schedule: Breakdown of payment terms and timelines
3. Schedule 3 - Title Documents: List of title documents and encumbrances
4. Appendix A - Property Photos: Current photographs of the property
5. Appendix B - Inventory List: List of fixtures and fittings included in sale
Authors
Option
Option Fee
Option Period
Property
Purchase Price
Completion Date
Completion
Option Exercise Date
Option Exercise Notice
Deposit
Balance Purchase Price
Working Day
Business Day
Title Deeds
Encumbrances
Fixtures and Fittings
Vacant Possession
Sale and Purchase Agreement
Grantor
Grantee
Permitted Use
Land Area
Floor Area
Property Tax
Stamp Duty
Legal Costs
Requisitions
Certificate of Title
Strata Title
Common Property
Share Value
Management Corporation
Subsidiary Proprietor
CPF
Bank Loan
Solicitors
Estate Agent
Option Fee and Payment
Exercise of Option
Purchase Price
Property Description
Title and Ownership
Conditions Precedent
Completion Requirements
Representations and Warranties
Property Condition
Vacant Possession
Risk and Insurance
Encumbrances
Due Diligence
Default and Termination
Time of Essence
Assignment
Notices
Costs and Stamp Duty
Governing Law
Dispute Resolution
Force Majeure
Entire Agreement
Severability
Third Party Rights
Confidentiality
Property Tax Apportionment
Utilities and Outgoings
Further Assurance
Variation
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