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.
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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."
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
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
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
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