The Option Agreement Property is a crucial document in Singapore real estate transactions, serving as the preliminary binding agreement between property sellers and potential buyers. It is typically used when a buyer expresses serious interest in purchasing a property but requires time to arrange financing or conduct due diligence. The agreement provides the buyer exclusive rights to purchase the property within a specified period (usually 14 days in Singapore) in exchange for an option fee (typically 1% of the purchase price). This document must comply with Singapore's property laws and regulations, including specific requirements for different property types (HDB, private residential, commercial) and buyer categories (local, foreign).
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Key Requirements PROMPT example:
Option Agreement Property
"Need to draft an Option Agreement Property for a Singapore commercial property at 123 Orchard Road, with an option period of 21 days and purchase price of SGD 5.2 million, to be completed by March 2025."
1. Parties: Identification of Option Grantor (seller) and Grantee (potential buyer)
2. Background: Context of the option agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Grant of Option: Terms of the option, including duration and exercise conditions
5. Option Fee: Amount, payment terms, and status of option fee
6. Exercise of Option: Process and requirements for exercising the option
7. Purchase Price: Total consideration and payment terms
8. Property Details: Specific description and details of the property
9. Completion: Terms and timing of completion upon exercise
1. CPF Usage: Terms relating to Central Provident Fund usage for property purchase
2. Bank Financing: Conditions related to mortgage financing and bank loan requirements
3. HDB Approval: Conditions subject to Housing Development Board approval for HDB properties
4. Foreign Ownership: Additional requirements and conditions for foreign buyers under the Residential Property Act
1. Schedule 1 - Property Details: Detailed property description, boundaries, and floor plans
2. Schedule 2 - Payment Schedule: Breakdown of payment terms and timelines
3. Schedule 3 - Title Documents: List of title documents and encumbrances
4. Appendix A - Property Photos: Current photographs of the property
5. Appendix B - Inventory List: List of fixtures and fittings included in sale
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