Partial Payment Agreement For House And Lot Template for Singapore

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Key Requirements PROMPT example:

Partial Payment Agreement For House And Lot

"I need a Partial Payment Agreement For House And Lot for a Singapore property valued at $850,000, with monthly installments over 24 months starting March 2025, and specific clauses for foreign buyer restrictions as the purchaser is from Australia."

Document background
The Partial Payment Agreement For House And Lot is a crucial document in Singapore's real estate transactions where buyers opt for installment-based property purchases. This agreement is particularly relevant in scenarios where full upfront payment isn't feasible or desired. It must comply with Singapore's strict property laws and regulations, including HDB guidelines where applicable. The document typically includes detailed payment schedules, property specifications, default provisions, and meets requirements set by the Monetary Authority of Singapore regarding property financing. It's especially important for both local and foreign buyers, as it provides legal protection for all parties involved in the transaction.
Suggested Sections

1. Parties: Details of buyer, seller, and any other relevant parties to the agreement

2. Background: Context of the agreement and general property details

3. Definitions: Key terms used throughout the agreement including property-specific terminology

4. Property Description: Detailed description of the house and lot including address, boundaries, and specifications

5. Purchase Price: Total purchase price and breakdown of payment components

6. Payment Terms: Schedule of payments, installment amounts, and payment due dates

7. Default Provisions: Consequences and remedies in case of payment default

8. Completion: Requirements and conditions for completion of the sale

9. Representations and Warranties: Statements and guarantees made by both parties regarding the property and transaction

10. Governing Law: Specification of Singapore law as governing law and jurisdiction

Optional Sections

1. Mortgage Provisions: Terms and conditions related to bank financing and mortgage requirements

2. Agent Provisions: Commission structure and responsibilities of real estate agents involved

3. Foreign Ownership Clause: Special requirements and restrictions for non-Singapore citizen buyers

4. Property Management: Arrangements for property management during the payment period

5. Insurance Requirements: Property insurance obligations during the payment period

Suggested Schedules

1. Schedule A - Property Details: Detailed property specifications, floor plans, and lot boundaries

2. Schedule B - Payment Schedule: Detailed breakdown of payment installments with specific dates and amounts

3. Schedule C - Property Documentation: Copies of title deeds, certificates, and other relevant property documents

4. Appendix 1 - Property Photos: Current photographs and documentation of property condition

5. Appendix 2 - Bank Details: Payment account information and banking instructions

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 (Chapter 129): Primary legislation governing public housing in Singapore, including regulations for HDB properties and their transactions

Residential Property Act (Chapter 274): Regulates the purchase and ownership of residential properties by foreign persons and entities in Singapore

Sale of Commercial Properties Act: Governs the sale and purchase of commercial properties in Singapore

Conveyancing and Law of Property Act (Chapter 61): Regulates property transactions and legal procedures for property transfer in Singapore

Planning Act (Chapter 232): Controls land use and property development in Singapore

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

Land Titles Act (Chapter 157): Governs the registration and transfer of land titles in Singapore

Property Tax Act (Chapter 254): Regulates taxation of properties in Singapore

Stamp Duties Act (Chapter 312): Governs stamp duties payable on property transactions including Additional Buyer's Stamp Duty (ABSD) and Seller's Stamp Duty (SSD)

COVID-19 (Temporary Measures) Act 2020: Temporary legislation providing relief measures for property transactions affected by COVID-19

HDB Regulations: Specific rules and guidelines set by Housing & Development Board for public housing transactions

MAS Property Loan Guidelines: Monetary Authority of Singapore's regulations on property financing and loan restrictions

Total Debt Servicing Ratio (TDSR) Framework: Regulatory framework limiting the portion of income that can be used for debt repayments including property loans

Singapore Land Authority Requirements: Guidelines and requirements set by SLA for property ownership and registration

Contract Law: Common law principles governing contract formation and enforcement 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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