The Purchase Agreement For Sale By Owner is essential for private property transactions in Singapore where owners choose to sell directly to buyers without engaging real estate agents. This document ensures all necessary legal requirements under Singapore law are met while protecting both parties' interests. It includes crucial details such as property specifications, purchase price, payment terms, warranties, and completion conditions. The agreement must comply with various Singapore regulations, including the Civil Law Act, Residential Property Act, and relevant stamp duty requirements. It's particularly useful for sellers looking to save on agent commissions while maintaining legal protection in the transaction.
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Key Requirements PROMPT example:
Purchase Agreement For Sale By Owner
"I need a Purchase Agreement For Sale By Owner for my 3-bedroom condominium in Singapore's East Coast area, with completion scheduled for March 2025 and including specific provisions for existing tenant rights and an inventory of built-in furniture that will be included in the sale."
1. Parties: Identification and details of the buyer and seller
2. Background: Context of the sale and brief property description
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property including address, lot number, and specifications
5. Purchase Price: Agreed price and payment terms
6. Completion: Timeline and conditions for completion of sale
7. Representations and Warranties: Seller's declarations about property condition and ownership
8. Stamp Duty: Provisions regarding payment of stamp duties and tax obligations
9. Title and Transfer: Requirements and process for transferring property title
1. Fixtures and Fittings: Detailed list of items included/excluded from sale when specific items need to be clarified
2. Tenant Rights: Details of existing tenancy when property is currently tenanted
3. Property Management: Maintenance responsibilities before completion when completion period is extended
4. Foreign Ownership Compliance: Additional provisions required when buyer is a foreign person under Singapore law
5. HDB Compliance: Special provisions when property is an HDB flat subject to HDB regulations
1. Schedule 1 - Property Floor Plan: Detailed layout of the property
2. Schedule 2 - Inventory List: Comprehensive list of fixtures and fittings included in sale
3. Schedule 3 - Title Documents: Copies of relevant property ownership documents
4. Schedule 4 - Property Tax Statements: Recent property tax assessments
5. Schedule 5 - Maintenance Fee Schedule: Details of ongoing maintenance charges if applicable
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