The Lease With Option to Buy agreement is commonly used in Singapore's property market when parties want to combine rental arrangements with a future purchase opportunity. This document is particularly useful for buyers who need time to arrange financing or assess the property's suitability before committing to purchase. It provides detailed terms for both the lease period and the purchase option, ensuring compliance with Singapore's property laws and protecting both parties' interests. The agreement typically includes specific timeframes for exercising the purchase option, price determination methods, and conditions for maintaining the option's validity.
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1. Parties: Identification and details of the 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 of the lease
5. Option to Purchase: Terms and conditions of the purchase option including exercise period and purchase price
6. Property Usage: Permitted use and restrictions on the property
7. Maintenance and Repairs: Responsibilities for property upkeep and maintenance obligations
8. Insurance: Insurance requirements for both parties
9. Default and Remedies: Consequences of default and available remedies
10. Governing Law: Specification of Singapore law as governing law and jurisdiction
1. Renovation Rights: Terms for property modifications and alterations by the tenant
2. Subletting Provisions: Terms and conditions for subletting the property
3. Early Termination: Conditions and process for early termination of the agreement
4. HDB Compliance: Specific provisions for compliance with HDB regulations if property is HDB
5. Utilities and Services: Responsibility for utilities and service connections
1. Schedule 1 - Property Description: Detailed description of the property including floor plans and bouNDAries
2. Schedule 2 - Inventory List: Comprehensive list of fixtures, fittings and furnishings included in the lease
3. Schedule 3 - Condition Report: Detailed documentation of the property's condition at commencement
4. Schedule 4 - Payment Schedule: Breakdown of rent payments, option fee, and purchase price structure
5. Schedule 5 - Option Exercise Form: Template form for exercising the option to purchase
6. Schedule 6 - Maintenance Schedule: Schedule of maintenance responsibilities and timeframes
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