A Lease Agreement With Option To Buy is commonly used in Singapore's property market when parties wish to combine a rental arrangement with a potential future sale. This arrangement allows tenants to lease a property while securing the right to purchase it at a predetermined price within a specified timeframe. The document is particularly relevant in Singapore's dynamic real estate market, where property values can fluctuate significantly. It provides security for both parties by clearly defining the lease terms and purchase conditions, while complying with Singapore's strict property regulations and requirements under various acts including the Civil Law Act, Land Titles Act, and relevant stamp duty regulations.
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Key Requirements PROMPT example:
Lease Agreement With Option To Buy
"I need a Lease Agreement With Option To Buy for a commercial property in Singapore's Central Business District, with a 2-year lease term starting March 2025 and an option to purchase the property at a pre-agreed price of SGD 2.5 million during the final 6 months of the lease term."
1. Parties: Identification and details of lessor and lessee
2. Background: Context of the agreement and property details
3. Definitions: Key terms used tHRoughout the agreement
4. Lease Terms: Duration, rent, payment terms, and conditions
5. Option to Purchase: Terms and conditions of the purchase option
6. Maintenance and Repairs: Responsibilities for property maintenance
7. Insurance: Required insurance coverage
8. Termination: Conditions for ending the agreement
9. Governing Law: Applicable law and jurisdiction
1. Security Deposit: Terms and conditions regarding security deposit requirements and refund procedures
2. Utilities and Services: Responsibility for utility payments and service charges
3. Subletting: Rules and restrictions regarding subletting of the property
4. Renovation: Terms and conditions for property modifications and improvements
1. Property Description Schedule: Detailed description of the property including floor plan and specifications
2. Inventory List: Comprehensive list of furnishings and fittings included in the lease
3. Option to Purchase Terms Schedule: Detailed terms of the purchase option including pricing and exercise procedures
4. Maintenance Schedule: Detailed schedule of maintenance responsibilities and frequency
5. Property Condition Report: Documentation of the initial condition of the property at lease commencement
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