The Residential Lease Agreement With Option to Purchase is utilized in Singapore when property owners wish to lease their residential property while giving tenants the exclusive right to purchase it. This arrangement is particularly valuable in Singapore's dynamic property market, allowing tenants to secure a future purchase price while testing the property through occupation. The document must strictly comply with Singapore's regulatory framework, including the Residential Property Act, Housing and Development Act, and relevant property regulations. It includes detailed provisions for both the lease period and the purchase option, covering aspects such as rental terms, maintenance obligations, option exercise procedures, and purchase conditions.
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Key Requirements PROMPT example:
Residential Lease Agreement With Option To Purchase
"I need a Residential Lease Agreement with Option to Purchase for my Singapore condominium unit, with a 2-year lease term starting March 2025 and an option to purchase at a fixed price of SGD 1.8 million exercisable after 18 months."
1. Parties: Identification and details of landlord and tenant
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Lease Terms: Duration, rent, payment terms, and security deposit
5. Option to Purchase Terms: Purchase price, option period, and exercise conditions
6. Property Use and Maintenance: Permitted use, maintenance responsibilities
7. Termination Provisions: Conditions for early termination
8. Governing Law: Jurisdiction and applicable law
1. Renovation Clause: Terms for property modifications when renovations are anticipated
2. Subletting Provisions: Terms for subletting the property if permitted
3. Pet Clause: Rules regarding keeping pets in the property
4. En Bloc Sale Provisions: Rights and procedures in case of collective sale for older developments
1. Schedule 1: Property Inventory: List of furniture, appliances, and fittings included
2. Schedule 2: Property Condition Report: Detailed condition of property at commencement
3. Schedule 3: House Rules: Specific rules and regulations for the property
4. Appendix A: Option to Purchase Form: Standard form for exercising purchase option
5. Appendix B: Floor Plan: Detailed layout of the property
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