Purchase Agreement Improved Property Template for Singapore

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Key Requirements PROMPT example:

Purchase Agreement Improved Property

"Need a Purchase Agreement for Improved Property to acquire a commercial building in Singapore's Central Business District, with specific provisions for existing tenants and completion scheduled for March 2025."

Document background
The Purchase Agreement for Improved Property is essential for real estate transactions in Singapore involving developed properties. This document is used when transferring ownership of properties that have been improved with structures or facilities, as opposed to vacant land. It ensures compliance with Singapore's strict property regulations, including requirements from the Singapore Land Authority and Urban Redevelopment Authority. The agreement typically includes detailed property specifications, payment terms, warranties about property condition, and completion requirements. It's particularly important in Singapore's highly regulated property market where clear documentation and compliance with local laws are crucial for successful property transfers.
Suggested Sections

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

2. Background/Recitals: Context of the transaction and property details

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property including lot number, boundaries, and improvements

5. Purchase Price: Price and payment terms including deposit requirements

6. Completion: Timeline and requirements for completion of sale

7. Title and Transfer: Provisions regarding clean title transfer and registration

8. Representations and Warranties: Standard warranties about property condition and ownership

9. Governing Law: Singapore law provisions and jurisdiction

Optional Sections

1. Conditions Precedent: Specific conditions that must be met before completion, used when there are pending approvals or specific requirements

2. Property Management: Ongoing management arrangements, applicable for properties in managed developments

3. Tenancy Provisions: Existing tenant arrangements, used when property is subject to existing tenancies

4. Stamp Duty Declarations: Special provisions regarding stamp duty obligations, used when parties agree to specific stamp duty arrangements

Suggested Schedules

1. Property Schedule: Detailed property specifications and floor plans

2. Title Documents: Copies of relevant title documents

3. Inventory List: List of fixtures and fittings included in sale

4. Regulatory Approvals: Copies of relevant permits and certificates

5. Property Condition Report: Current condition assessment and any defects

6. Payment Schedule: Detailed breakdown of payment terms and timeline

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

Clauses
Industries

Sale of Goods Act (SOGA): Primary legislation governing the sale and purchase of goods in Singapore, which may be relevant for fixtures and fittings in the property

Civil Law Act: Fundamental legislation governing civil matters and contracts in Singapore

Conveyancing and Law of Property Act: Key legislation governing property transactions and transfers in Singapore

Land Titles Act: Legislation governing the registration and transfer of land titles in Singapore

Housing and Development Act: Legislation governing public housing (HDB) properties and related transactions

Planning Act: Controls land use and property development in Singapore

Building Control Act: Regulates building works and ensures building safety standards

Residential Property Act: Regulates foreign ownership of residential property in Singapore

Stamp Duties Act: Governs various property-related duties including Buyer's Stamp Duty (BSD), Additional Buyer's Stamp Duty (ABSD), and Seller's Stamp Duty (SSD)

SLA Regulations: Singapore Land Authority regulations governing land use and administration

URA Guidelines: Urban Redevelopment Authority guidelines for property development and use

BCA Requirements: Building and Construction Authority requirements for building standards and safety

Real Estate Developers Act: Controls and licenses property developers in Singapore

Environmental Public Health Act: Ensures environmental and public health standards in properties

Fire Safety Act: Establishes fire safety requirements for properties

GST Regulations: Goods and Services Tax implications for property transactions

Contract Law: General principles of contract law applicable to property transactions

Property Law: Fundamental principles governing real estate ownership and 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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