The Lot Installment Agreement is essential for property transactions in Singapore where buyers prefer or require staged payments for lot purchases. This contract type is particularly relevant in Singapore's highly regulated property market, where strict compliance with planning laws and foreign ownership restrictions is mandatory. The agreement typically includes detailed payment schedules, property specifications, development conditions (if applicable), and transfer terms. It protects both parties' interests while ensuring adherence to Singapore's property laws and regulations.
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Key Requirements PROMPT example:
Lot Installment Agreement
"Need a Lot Installment Agreement for the purchase of an industrial land parcel in Singapore's Jurong area, with monthly installments over 24 months starting March 2025, including specific development conditions for warehouse construction."
1. Parties: Identification and details of the seller and 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 lot including boundaries and specifications
5. Purchase Price: Total consideration and payment structure
6. Payment Terms: Installment schedule, amounts, and payment methods
7. Title and Ownership: Terms regarding transfer of title and ownership rights
8. Default Provisions: Consequences of default and remedies
9. Completion: Terms for completion of the sale and transfer
1. Foreign Ownership Compliance: Required when purchaser is non-Singaporean, includes compliance with Residential Property Act requirements
2. Development Conditions: Specific conditions for property development, applicable for undeveloped lots
3. Financing Provisions: Terms related to external financing, included when bank financing is involved
1. Schedule 1 - Property Plan: Detailed plan showing lot boundaries and measurements
2. Schedule 2 - Payment Schedule: Detailed breakdown of installment amounts and due dates
3. Schedule 3 - Title Documents: Copies of relevant title documents and certificates
4. Schedule 4 - Planning Permissions: Copies of relevant planning permissions and approvals
5. Schedule 5 - Property Specifications: Detailed specifications of the property or development plans
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