The Option To Lease Agreement is a crucial document in Singapore's property market that provides potential tenants with the exclusive right to lease a property within a defined period. It is commonly used when parties have agreed on principal terms but require time for due diligence or other preparations before committing to a full lease. The agreement typically includes details of the option fee, exercise period, proposed lease terms, and property specifications. Under Singapore law, this document creates legally binding obligations and must comply with relevant property and contract legislation, including the Civil Law Act and Conveyancing and Law of Property Act.
Option To Lease Agreement for Singapore
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Key Requirements PROMPT example:
Option To Lease Agreement
"I need an Option To Lease Agreement for a retail space in Singapore's Central Business District, with a 14-day option period and potential lease commencement in March 2025, including specific fit-out requirements and shared facility provisions."
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OR
1. Parties: Details of the option grantor (landlord) and grantee (potential tenant)
2. Background: Context of the option agreement and property details
3. Definitions: Key terms used tHRoughout the agreement
4. Option Grant: Terms of the option, including consideration amount and exercise period
5. Property Details: Specific description of the property including address and lot number
6. Option Exercise: Procedure and requirements for exercising the option
7. Terms of Lease: Key terms of the lease that will come into effect upon exercise
1. Due Diligence: Property inspection and verification rights (for commercial properties or high-value transactions)
2. Conditions Precedent: Prerequisites before option can be exercised (when specific conditions must be met before lease execution)
3. Agent Commission: Details of property agent fees (when property agents are involved)
1. Property Floor Plan: Detailed layout of the property
2. Draft Tenancy Agreement: Form of lease agreement to be executed upon option exercise
3. Inventory List: List of fixtures and fittings included in the lease (for furnished properties)
4. Title Search: Recent title search results showing ownership details
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