The Lease Option Agreement is commonly used in Singapore's real estate market when a potential buyer/tenant wants to secure the right to lease a property while maintaining the flexibility to purchase it later. This document is particularly relevant in situations where immediate purchase isn't feasible or desired, but the party wants to lock in the future purchase price and terms. The agreement must comply with Singapore's property laws and typically includes details about the option fee, exercise period, purchase price, property condition, and any specific conditions that must be met. Lease Option Agreements are especially useful in Singapore's dynamic property market, where property values can fluctuate significantly.
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Key Requirements PROMPT example:
Lease Option Agreement
"I need a Lease Option Agreement for a commercial property in Singapore CBD, with a 2-year lease term starting March 2025 and an option to purchase the property at a fixed price of SGD 5.2 million within the first 18 months of the lease."
1. Parties: Identification of option grantor and grantee
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Grant of Option: Terms of the option grant including duration and conditions
5. Option Fee: Amount and payment terms of the option fee
6. Exercise of Option: Process and requirements for exercising the option
7. Purchase Price: Agreed purchase price and payment terms
8. Property Condition: State and condition of the property
9. Termination: Circumstances and process for termination
1. Due Diligence: Property inspection and verification rights - used for commercial properties or high-value transactions
2. Tenant Obligations: Specific obligations when the option includes a lease component - used when combined with tenancy agreement
3. Foreign Ownership: Additional requirements for foreign buyers - used when grantee is a foreign person/entity
4. HDB Compliance: Specific HDB requirements and restrictions - used for HDB properties
1. Property Details Schedule: Detailed description of property including floor plan and specifications
2. Option Exercise Form: Template form for exercising the option
3. Payment Schedule: Detailed breakdown of payment terms and timeline
4. Property Title Documents: Copies of relevant title documents
5. Due Diligence Reports: Property inspection and verification reports if applicable
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