Real Estate Settlement Agreement Template for Singapore

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Key Requirements PROMPT example:

Real Estate Settlement Agreement

"Need a Real Estate Settlement Agreement for the sale of a commercial property in Singapore's Central Business District, with completion scheduled for March 2025, including special provisions for existing tenants and renovation works in progress."

Document background
The Real Estate Settlement Agreement is used in Singapore when finalizing property transactions between buyers and sellers. This document is crucial for ensuring all aspects of the property transfer are properly documented and legally binding under Singapore's property laws. It typically includes detailed terms of settlement, property specifications, payment arrangements, completion requirements, and addresses specific Singapore regulatory requirements such as stamp duty obligations and foreign ownership restrictions where applicable. The agreement serves as the definitive document for concluding property transactions and resolving any related disputes.
Suggested Sections

1. Parties: Identification and details of all parties involved in the settlement

2. Background: Context of the settlement including property details and dispute background

3. Definitions: Key terms used tHRoughout the agreement

4. Settlement Terms: Core terms of the settlement including payment and transfer details

5. Completion Requirements: Steps required to complete the settlement

6. Representations and Warranties: Statements of fact and promises by both parties

7. Release Provisions: Mutual release of claims related to the settlement

Optional Sections

1. Mortgage Provisions: Required if property has existing mortgage - includes terms for discharge and settlement of mortgage

2. Tenant Provisions: Addresses existing tenancy arrangements and transition of tenant rights and obligations

3. Foreign Ownership Provisions: Additional requirements and warranties for foreign buyers under Singapore law

4. HDB Specific Provisions: Special requirements and restrictions applicable to HDB properties

Suggested Schedules

1. Property Description Schedule: Detailed description of property including lot number, address, and bouNDAries

2. Payment Schedule: Breakdown of payment terms, amounts, and deadlines

3. Title Documents: Copies of relevant title documents and certifications

4. Property Inspection Report: Condition report of property and list of any defects

5. Outstanding Works Schedule: List of any works or repairs to be completed before settlement

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 contractual relationships and obligations, including specific requirements for contracts relating to land

Land Titles Act (Cap. 157): Regulates land registration, property ownership and transfer regulations, as well as caveats and restrictions on property

Residential Property Act (Cap. 274): Sets out restrictions on foreign ownership of residential property and specific requirements for foreign purchasers

Conveyancing and Law of Property Act (Cap. 61): Establishes legal requirements for property transactions and defines rights and obligations in property dealings

Planning Act (Cap. 232): Covers zoning regulations and land use restrictions for properties in Singapore

Stamp Duties Act (Cap. 312): Governs stamp duty obligations including Additional Buyer's Stamp Duty (ABSD) and Seller's Stamp Duty (SSD)

Housing and Development Act: Contains specific rules for public housing, including eligibility criteria and resale regulations for HDB properties

Property Tax Act (Cap. 254): Regulates tax obligations related to property ownership in Singapore

COVID-19 (Temporary Measures) Act 2020: Addresses temporary measures affecting property transactions and force majeure considerations during the pandemic period

Singapore Land Authority (SLA): Key regulatory body overseeing land administration and property transactions in Singapore

Urban Redevelopment Authority (URA): Regulatory body responsible for land use planning and conservation of buildings

Housing & Development Board (HDB): Statutory board responsible for public housing development and regulations

Council for Estate Agencies (CEA): Regulatory body that governs real estate agencies and agents 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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