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Real Estate Operating Agreement Template for Singapore

A Real Estate Operating Agreement under Singapore law is a comprehensive legal document that establishes the terms and conditions for the management and operation of real estate properties. It outlines the responsibilities of property managers, maintenance requirements, financial arrangements, and compliance with Singapore's property laws and regulations. The agreement ensures proper governance of property operations while adhering to local statutory requirements, including those set by the Building and Construction Authority (BCA) and Council for Estate Agencies (CEA).

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What is a Real Estate Operating Agreement?

The Real Estate Operating Agreement is essential for property owners and management companies in Singapore who wish to establish a clear framework for property operations and management. This agreement is commonly used when engaging professional property management services and requires careful consideration of Singapore's property laws, including the Estate Agents Act, Building Control Act, and relevant regulatory guidelines. The document typically covers operational procedures, maintenance standards, financial responsibilities, and compliance requirements, while ensuring alignment with Singapore's strict property management regulations and industry best practices.

What sections should be included in a Real Estate Operating Agreement?

1. Parties: Identification and details of all parties to the agreement

2. Background: Context and purpose of the operating agreement

3. Definitions: Key terms used throughout the agreement

4. Scope of Services: Detailed description of property management services to be provided

5. Term and Termination: Duration of agreement and conditions for termination

6. Fees and Payment Terms: Management fees, payment schedule, and related financial terms

7. Obligations and Responsibilities: Duties of both property manager and property owner

8. Insurance and Liability: Insurance requirements and allocation of risks

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

What sections are optional to include in a Real Estate Operating Agreement?

1. Emergency Services: Procedures for emergency situations - recommended for larger properties requiring 24/7 management

2. Staff Management: Terms regarding on-site staff - applicable when property requires dedicated staff

3. Environmental Compliance: Green building maintenance requirements - for properties with specific environmental certifications

4. Technology Services: Building management systems and technology - for smart buildings or properties with advanced systems

What schedules should be included in a Real Estate Operating Agreement?

1. Schedule 1: Property Details: Detailed description of the property and facilities

2. Schedule 2: Service Level Agreements: Specific performance metrics and standards

3. Schedule 3: Fee Schedule: Detailed breakdown of all fees and charges

4. Schedule 4: Maintenance Schedule: Regular maintenance and inspection requirements

5. Appendix A: Emergency Procedures: Detailed emergency response protocols

6. Appendix B: Required Insurance Coverage: Specific insurance requirements and minimum coverage levels

Authors

Alex Denne

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

Jurisdiction

Singapore

Publisher

Ƶ

Cost

Free to use

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