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Contract To Sell Lot

Contract To Sell Lot Template for Singapore

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Key Requirements PROMPT example:

Contract To Sell Lot

"I need a Contract To Sell Lot for a 500 square meter residential property in Singapore's District 10, with completion scheduled for March 2025 and including specific provisions for foreign ownership as the buyer is from Australia."

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What is a Contract To Sell Lot?

The Contract to Sell Lot is a crucial document in Singapore's property transactions, used when transferring ownership rights of land between parties. This contract type is essential for establishing the legal framework of the sale, including purchase price, payment terms, property specifications, and completion timeline. It must comply with Singapore's strict property laws and regulations, including the Land Titles Act and Urban Redevelopment Authority guidelines. The document is particularly important for protecting both parties' interests and ensuring a smooth transfer of property ownership.

What sections should be included in a Contract To Sell Lot?

1. Parties: Identification of seller and buyer with complete details including names, identification numbers, and addresses

2. Background: Context of the sale and current property ownership status

3. Definitions: Key terms used throughout the contract including Property, Completion Date, Purchase Price, etc.

4. Property Description: Detailed description of the lot including lot number, boundaries, area, and title details

5. Purchase Price: Agreed purchase price and payment terms including deposit and balance payment schedule

6. Conditions Precedent: Conditions that must be satisfied before completion including title searches and approvals

7. Seller's Warranties: Warranties regarding ownership, encumbrances, and property condition

8. Completion: Details of completion process, timing, and requirements

9. Default: Consequences of default by either party

10. Governing Law: Specification of Singapore law as governing law and jurisdiction

What sections are optional to include in a Contract To Sell Lot?

1. Foreign Ownership Clause: Additional requirements and warranties for foreign buyers under the Residential Property Act

2. Development Conditions: Specific conditions related to property development and URA requirements for undeveloped lots

3. Environmental Warranties: Additional warranties regarding environmental condition and compliance for industrial or previously developed lots

4. GST Provisions: Special provisions regarding Goods and Services Tax if applicable to the transaction

What schedules should be included in a Contract To Sell Lot?

1. Schedule 1 - Property Plan: Detailed lot plan showing boundaries and dimensions

2. Schedule 2 - Title Search Results: Recent title search showing ownership and encumbrances

3. Schedule 3 - Payment Schedule: Detailed breakdown of payment terms and installments

4. Schedule 4 - URA Zoning Certificate: Current zoning status and development restrictions

5. Schedule 5 - List of Deliverables: List of documents and items to be delivered at completion

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Land Titles Act (Chapter 157): Primary legislation governing the registration and transfer of land titles in Singapore, establishing the land titles system and procedures for property transactions

Residential Property Act (Chapter 274): Regulates the purchase of residential properties by foreign persons and entities, including restrictions and approval requirements

Planning Act (Chapter 232): Controls land use and development in Singapore, including zoning regulations and development permissions

Housing and Development Act: Governs public housing matters and HDB properties, including restrictions on ownership and transfer

Conveyancing and Law of Property Act (Chapter 61): Regulates property transactions and real estate conveyancing procedures in Singapore

Singapore Land Authority Regulations: Administrative guidelines and requirements set by SLA for land ownership and management

Urban Redevelopment Authority Guidelines: Development control parameters and planning guidelines for properties in Singapore

Stamp Duties Act: Governs stamp duty payments including Additional Buyer's Stamp Duty (ABSD) and Seller's Stamp Duty (SSD)

Contract Act (Chapter 53): Fundamental legislation governing contract formation, validity, and enforcement in Singapore

Environmental Public Health Act: Regulations regarding public health and environmental standards affecting property use and development

Environmental Protection and Management Act: Environmental protection requirements and restrictions affecting land use and development

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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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