The Lease and Purchase Agreement is utilized in Singapore when parties wish to establish a lease arrangement with an integrated path to property ownership. This arrangement is particularly useful when immediate purchase isn't feasible or desired, but there's intent to transfer ownership in the future. The document details both the lease terms (rent, duration, maintenance) and purchase conditions (price, payment schedule, completion date), ensuring compliance with Singapore property laws and regulations. This type of agreement provides flexibility while securing both parties' interests in a single, comprehensive document.
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1. Parties: Identification and details of the lessor and lessee/purchaser
2. Background: Context of the transaction and property details
3. Definitions: Key terms used tHRoughout the agreement
4. Property Description: Detailed description of the property including address and specifications
5. Lease Terms: Duration, rent, payment terms, and lease conditions
6. Purchase Terms: Purchase price, payment schedule, and completion date
7. Representations and Warranties: Legal assurances from both parties
8. Governing Law: Specification of Singapore law as governing law
1. Option to Purchase: Terms for exercising purchase option during or after the lease period
2. Renovation Clause: Terms and conditions for property modifications and improvements
3. Property Management: Management and maintenance responsibilities in managed developments
1. Property Floor Plan: Detailed layout and measurements of the property
2. Inventory List: Comprehensive list of fixtures, fittings and furnishings included in the lease/sale
3. Payment Schedule: Detailed breakdown of payment terms, including lease payments and purchase installments
4. Property Title Documents: Copies of relevant title documents and certificates
5. Condition Report: Detailed documentation of property condition at handover
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