Sale Agreement For Resale Flat Template for Singapore

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Key Requirements PROMPT example:

Sale Agreement For Resale Flat

"I need a Sale Agreement For Resale Flat for my 4-room HDB flat in Tampines, Singapore, with a purchase price of SGD 550,000 where the buyer will be using both CPF funds and bank loan for the purchase, to be completed by March 2025."

Document background
The Sale Agreement For Resale Flat is a crucial document in Singapore's public housing ecosystem, specifically designed for transactions involving previously owned HDB flats. This agreement is essential when transferring ownership of an HDB flat in the secondary market, ensuring compliance with Singapore's strict public housing regulations. The document incorporates HDB-specific requirements, ethnic integration policies, and eligibility conditions while protecting both parties' interests. It includes detailed provisions about the property, payment terms, CPF usage, and completion requirements, all within the framework of Singapore's Housing & Development Act and related legislation.
Suggested Sections

1. Parties: Details of seller and purchaser including their names, NRIC numbers, and current addresses

2. Background: Context of the sale including property identification and basis for the transaction

3. Definitions: Key terms used throughout the agreement including defined terms from HDB regulations

4. Property Details: Complete description of the flat including address, floor area, flat type, and lease details

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

6. Mode of Payment: Payment schedule, methods, and timelines including option fee, deposit, and balance payment

7. Completion: Terms and conditions for completion including timeline, requirements, and handover process

8. Seller's Obligations: Responsibilities and warranties of the seller including property condition and documentation

9. Purchaser's Obligations: Responsibilities and warranties of the purchaser including financing and eligibility conditions

Optional Sections

1. CPF Usage: Terms relating to the use of CPF funds for property purchase and refund obligations

2. Housing Loan: Terms relating to housing loan arrangements and mortgage requirements

3. Estate Agent Details: Information about property agents involved in the transaction including commission terms

Suggested Schedules

1. Schedule 1 - Property Inventory: Detailed list of fixtures, fittings, and furnishings included in the sale

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment timelines and amounts

3. Appendix A - HDB Approval Letter: Copy of HDB's approval for the resale transaction

4. Appendix B - Property Title Documents: Copies of relevant title documents and certificates

5. Appendix C - Floor Plan: Layout and dimensions of the flat with technical specifications

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, setting out HDB's powers and functions, and regulating the resale of HDB flats

Housing and Development (Transfer of Flat) Rules: Subsidiary legislation detailing specific rules regarding the transfer of HDB flats and eligibility conditions for buyers and sellers

Residential Property Act (Chapter 274): Legislation governing restrictions on foreign ownership of residential property, particularly relevant for PR buyers

Conveyancing and Law of Property Act (Chapter 61): Act establishing general property law principles and legal requirements for property transfers in Singapore

Stamp Duties Act: Legislation governing Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD) applicable to property transactions

Central Provident Fund Act: Legislation regulating the usage of CPF funds for property purchase and CPF refund requirements

COVID-19 (Temporary Measures) Act: Temporary legislation affecting property transactions during the pandemic period

Ethnic Integration Policy: HDB policy maintaining ethnic proportions in HDB estates to promote racial integration

SPR Quota Policy: HDB policy limiting the proportion of Singapore Permanent Resident households in HDB blocks and neighborhoods

Minimum Occupation Period (MOP): HDB requirement specifying the minimum period owners must occupy their flat before selling

Income Ceiling Requirements: HDB policy specifying maximum income limits for flat buyers

Resale Levy Rules: HDB policy requiring payment of resale levy for second-time buyers of subsidized flats

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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