The Contract of Sale of Motor Vehicle is essential for any vehicle transfer in Singapore, ensuring compliance with local regulations and protecting both parties' interests. This document is required when transferring vehicle ownership, whether between private individuals or commercial entities. It includes crucial details such as vehicle specifications, price, payment terms, and warranties, while ensuring compliance with Singapore's Road Traffic Act, LTA regulations, and related legislation. The contract serves as official documentation for the transfer and can be used for both new and used vehicles.
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1. Parties: Identification of seller and buyer with full details
2. Background: Brief context of the sale transaction
3. Definitions: Key terms used in the agreement
4. Vehicle Details: Complete specification of the vehicle including registration number, make, model, year
5. Purchase Price: Agreed price and payment terms
6. Transfer of Ownership: Terms of ownership transfer and related obligations
7. Warranties: Seller's warranties regarding vehicle condition and ownership
8. Completion: Details of completion process and handover
1. Financing Terms: Terms and conditions when purchase involves external financing through bank loan or hire purchase
2. Trade-in Terms: Details and conditions of any vehicle being traded in as part of the transaction
3. Outstanding Loans: Details and settlement terms of any existing loans or encumbrances on the vehicle
4. Condition Report: Detailed report of vehicle condition, typically used for used vehicles or when specifically required
1. Vehicle Registration Documents: Copies of registration card and related documents
2. Vehicle Inspection Report: Recent inspection report showing vehicle condition and compliance
3. Service History: Maintenance records and service history documentation
4. Insurance Documents: Current insurance details and certificates
5. Payment Schedule: Detailed schedule of payments if installment payments are involved
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