The Commercial Real Estate Purchase Contract is essential for any transaction involving the sale of commercial property in Singapore. This document serves as the primary agreement between the seller and buyer, detailing all aspects of the property transfer, including price, payment terms, conditions precedent, and completion requirements. It must comply with Singapore's strict property laws and regulations, including requirements from the Urban Redevelopment Authority (URA) and the Singapore Land Authority (SLA). The contract is typically used for transactions involving office buildings, retail spaces, industrial properties, and other commercial real estate assets.
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Key Requirements PROMPT example:
Commercial Real Estate Purchase Contract
"I need a Commercial Real Estate Purchase Contract for acquiring a 50,000 square foot office building in Singapore's Central Business District, with completion scheduled for March 2025, including provisions for existing tenancies and development potential."
1. Parties: Identification and details of the buyer and seller, including registration numbers for companies and NRIC/passport numbers for individuals
2. Background: Context of the transaction and brief overview of the property being purchased
3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Completion Date, etc.
4. Property Description: Detailed description of the property including address, land area, building specifications, and any fixtures/fittings included
5. Purchase Price: Amount and payment terms including deposit, balance payment schedule, and method of payment
6. Completion: Timeline and conditions for completion of the sale, including completion date and venue
7. Title and Ownership: Warranties regarding title and ownership transfer, including confirmation of unencumbered title
8. Representations and Warranties: Standard warranties from both parties regarding authority to enter agreement, property condition, and compliance with laws
1. Due Diligence: Terms for property inspection and verification, including timeline and scope of investigations
2. Existing Tenancies: Details of current lease agreements, including treatment of security deposits and rental payments
3. Environmental Matters: Environmental compliance and obligations, particularly relevant for industrial properties
4. Development Potential: Rights and restrictions regarding future development, including planning permissions and building restrictions
1. Schedule 1 - Property Plans: Floor plans, site plans, and location maps of the property
2. Schedule 2 - Title Documents: Copies of title deeds and certificates showing ownership
3. Schedule 3 - Existing Tenancy Agreements: Copies of current lease agreements and tenant details
4. Schedule 4 - Property Tax Records: Recent property tax assessments and payment status
5. Schedule 5 - Building Inspection Reports: Technical reports on building condition and compliance
6. Schedule 6 - Planning Permissions: Relevant URA approvals, restrictions and zoning information
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