The Property Agreement Between Two Parties is a fundamental legal document used in Singapore real estate transactions. It is essential when two parties need to formalize arrangements regarding property ownership, transfer, or usage rights. This agreement is drafted in compliance with Singapore's property laws and provides clear terms for property transactions, protecting both parties' interests. It includes crucial details such as property specifications, payment terms, warranties, and completion requirements, while ensuring adherence to local registration and stamp duty obligations.
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Key Requirements PROMPT example:
Property Agreement Between Two Parties
"I need a Property Agreement Between Two Parties for a commercial building sale in Singapore's Central Business District, with specific clauses addressing renovation rights and shared facilities management, to be completed by March 2025."
1. Parties: Identification and details of the contracting parties
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Property Details: Specific description and location of the property
5. Consideration: Payment terms and amounts
6. Completion: Terms and timing of transaction completion
7. Representations and Warranties: Statements of fact and promises by both parties
8. Governing Law: Specification of Singapore law as governing law
1. Conditions Precedent: Required when there are specific conditions to be met before completion
2. Property Management: Rules for property management and maintenance
3. Renovation Terms: Terms regarding property modifications
4. Third Party Rights: Rights of parties not directly involved in the agreement
1. Property Description Schedule: Detailed description of the property including floor plans
2. Payment Schedule: Breakdown of payment terms and installments
3. Title Documents: Copies of relevant title documents and certificates
4. Property Condition Report: Current condition of the property and any defects
5. Inventory List: List of fixtures and fittings included in the transaction
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