Preliminary Contract Of Sale Template for Singapore

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Key Requirements PROMPT example:

Preliminary Contract Of Sale

"I need a Preliminary Contract of Sale for a commercial property transaction in Singapore, where the buyer requires a 60-day due diligence period and the property is currently tenanted with leases expiring in March 2025."

Document background
The Preliminary Contract of Sale is a crucial document in Singapore's property transaction process, serving as an initial binding agreement between parties before the formal Sale and Purchase Agreement. It's commonly used when parties have reached general agreement on key terms but require time for due diligence, financing arrangements, or other conditions to be met. The document typically includes essential details such as property description, purchase price, payment terms, and option period, while adhering to Singapore's property laws and regulations. It provides both parties with security and clarity during the preliminary stages of the transaction.
Suggested Sections

1. Parties: Identification of buyer and seller with full details

2. Background: Context of the transaction and property details

3. Definitions: Key terms used throughout the document

4. Property Description: Detailed description of property being sold

5. Purchase Price: Amount and payment terms

6. Option Period: Duration for which the offer is valid

7. Payment Terms: Schedule and method of payment

Optional Sections

1. Conditions Precedent: Optional section for specific conditions that must be met before completion of the sale

2. Due Diligence: Optional section detailing buyer's right to investigate property, typically used for complex property transactions

3. Property Maintenance: Optional section covering responsibilities before completion when there's a significant period before completion

4. Existing Tenancies: Optional section detailing current tenants and lease arrangements when property is tenanted

Suggested Schedules

1. Property Details Schedule: Detailed property specifications and inventory

2. Payment Schedule: Detailed breakdown of payment terms and dates

3. Property Plans: Floor plans and location maps

4. Existing Defects List: Known property defects acknowledged by both parties

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

Civil Law Act (Cap. 43): Primary legislation governing contract formation and validity in Singapore, including basic contractual principles and property transaction requirements

Sale of Goods Act (Cap. 393): Legislation governing transactions involving the sale of goods, defining rights and obligations of buyers and sellers

Residential Property Act: Regulates the purchase of residential properties in Singapore, particularly restrictions on foreign ownership

Housing and Development Board Act: Governs transactions involving HDB properties, including eligibility criteria and transaction procedures

Land Titles Act: Regulates the registration and transfer of land titles in Singapore, ensuring secure property ownership

Conveyancing and Law of Property Act: Governs the transfer of property rights and interests in Singapore real estate transactions

Stamp Duties Act: Regulates stamp duty obligations and tax considerations in property and document transactions

Consumer Protection (Fair Trading) Act: Protects consumer interests in business-to-consumer transactions, ensuring fair trading practices

Electronic Transactions Act: Provides legal framework for electronic transactions and digital signatures in Singapore

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in Singapore, ensuring privacy protection in 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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