The Simple Home Purchase Contract is a fundamental legal document used in Singapore's real estate transactions. It serves as the primary agreement between buyers and sellers of residential properties, whether private or HDB. The contract ensures compliance with Singapore's strict property laws and regulations, including foreign ownership restrictions, stamp duty requirements, and CPF usage rules. It provides a clear framework for the transaction, detailing property specifications, payment terms, warranties, and completion timelines. This document is essential for both private and public housing transactions in Singapore's property market.
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Key Requirements PROMPT example:
Simple Home Purchase Contract
"Need a Simple Home Purchase Contract for buying a 3-bedroom private condominium in Singapore from a foreign seller, with completion date set for March 2025 and including provisions for CPF usage and bank financing."
1. Parties: Identification and details of the buyer and seller, including their full legal names, identification numbers, and addresses
2. Background: Context of the transaction and brief overview of the property sale arrangement
3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Completion Date, etc.
4. Property Description: Detailed description of the property including address, land area, property type, and tenure
5. Purchase Price: Specified purchase price, payment terms, deposit requirements, and balance payment arrangements
6. Completion: Timeline and conditions for completion of the sale, including handover arrangements
7. Seller's Warranties: Seller's representations regarding property ownership, condition, and encumbrances
8. Buyer's Warranties: Buyer's representations regarding financial capacity and eligibility to purchase
9. Title and Transfer: Provisions regarding clean title transfer and registration requirements
10. Termination: Circumstances under which the agreement may be terminated and consequences
1. CPF Usage: Terms and conditions regarding the use of CPF funds for property purchase
2. Mortgage Conditions: Terms relating to property financing and mortgage requirements
3. Existing Tenancy: Provisions dealing with existing tenants and lease arrangements
4. Property Tax and Maintenance: Allocation of responsibility for property tax and maintenance fees
5. Goods and Services Included: List of fixtures, fittings, and other items included or excluded from sale
1. Schedule 1 - Property Details: Detailed property specifications including floor plan and boundaries
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment milestones and amounts
3. Schedule 3 - Inventory List: Comprehensive list of fixtures, fittings, and furnishings included in the sale
4. Appendix A - Title Documents: Copies of property ownership documents and certificates
5. Appendix B - Property Certificates: Relevant property certificates including Certificate of Title and Statutory Declarations
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