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Purchase Lease Option Agreement Template for Singapore

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Key Requirements PROMPT example:

Purchase Lease Option Agreement

"Need a Purchase Lease Option Agreement for a commercial property in Singapore CBD, with a 2-year lease term starting March 2025 and an option to purchase at a fixed price of SGD 2.5M, where the tenant is a foreign company requiring special approval provisions."

What is a Purchase Lease Option Agreement?

The Purchase Lease Option Agreement serves as a flexible instrument in Singapore's property market, providing occupancy rights while securing a future purchase opportunity. This document is particularly useful when buyers need time to arrange financing or want to 'test' the property before commitment. It typically includes detailed terms about the lease period, option exercise conditions, purchase price, and property specifications, all compliant with Singapore's property laws and regulations. The agreement offers protection to both parties by clearly defining their rights and obligations throughout both the lease and potential purchase phases.

What sections should be included in a Purchase Lease Option Agreement?

1. Parties: Identification of lessor/optionor and lessee/optionee with full legal names and addresses

2. Background: Context of the agreement, property details, and purpose of the arrangement

3. Definitions: Key terms used throughout the agreement including Property, Option Period, Purchase Price, etc.

4. Grant of Lease: Terms and conditions of the lease arrangement

5. Option to Purchase: Details of the option, exercise period, and mechanism

6. Consideration: Option fee, lease payments, and purchase price details

7. Exercise of Option: Process and requirements for exercising the purchase option

8. Completion: Requirements and process for completing the purchase

9. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Purchase Lease Option Agreement?

1. Due Diligence: Property inspection and verification rights - Used for properties requiring significant verification or with potential issues

2. Property Management: Maintenance and management responsibilities during lease period - Used for properties requiring specific maintenance arrangements

3. Assignment Rights: Rights to assign the option or lease - Used when parties want to allow transfer of rights

4. Foreign Ownership Compliance: Additional requirements for foreign buyers - Used when optionee is a foreign person/entity

What schedules should be included in a Purchase Lease Option Agreement?

1. Property Description Schedule: Detailed description of property including lot number, floor area, boundaries

2. Lease Terms Schedule: Detailed lease conditions, rental amounts, payment schedules

3. Option Exercise Form: Template form for exercising the purchase option

4. Property Condition Report: Current condition of property and any existing defects

5. Payment Schedule: Breakdown of all payments including option fee, rent, and purchase price

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions



































Clauses


































Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships, obligations, and requirements for valid contracts in Singapore

Conveyancing and Law of Property Act (Cap. 61): Regulates property transactions and interests in land, including requirements for property transfers

Land Titles Act (Cap. 157): Governs the registration of land titles and dealings with registered land in Singapore

Planning Act (Cap. 232): Controls land use, zoning requirements, and property development restrictions

Residential Property Act (Cap. 274): Sets restrictions on foreign ownership of residential property and approval requirements for foreign purchasers

Housing and Development Act (Cap. 129): Governs public housing (HDB) properties, including special rules and restrictions for HDB properties

Stamp Duties Act (Cap. 312): Regulates stamp duty obligations, including Additional Buyer's Stamp Duty (ABSD) and Seller's Stamp Duty (SSD)

Real Estate Developers (Control and Licensing) Act: Regulates property development, including developer's obligations and restrictions for properties under development

Option Period Requirements: Legal considerations regarding the duration and exercise of the purchase option

CEA Regulations: Council for Estate Agencies regulations governing real estate transactions and agency practices

MAS Guidelines: Monetary Authority of Singapore guidelines affecting property transactions and financing

URA Regulations: Urban Redevelopment Authority regulations concerning property development and usage

Due Diligence Requirements: Legal requirements for property inspection, title search, and verification of property details

Taxation Provisions: Requirements related to property taxes, stamp duties, and other applicable taxes in property transactions

Default and Termination Clauses: Legal provisions governing breach of contract, remedies, and termination procedures

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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