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Simple Property Sale Agreement

Simple Property Sale Agreement Template for Singapore

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Key Requirements PROMPT example:

Simple Property Sale Agreement

"I need a Simple Property Sale Agreement for a freehold condominium unit in Singapore, with completion scheduled for March 2025 and including provisions for existing tenants who will remain in the property after the sale."

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What is a Simple Property Sale Agreement?

The Simple Property Sale Agreement is designed for straightforward property transactions in Singapore where both parties have agreed to basic terms. This document is commonly used when selling residential properties, particularly in cases where standard terms are sufficient and complex conditions are unnecessary. The agreement must comply with Singapore's property laws, including the Conveyancing and Law of Property Act and the Land Titles Act. It typically includes essential elements such as property details, purchase price, payment schedule, and completion terms, while providing adequate protection for both parties' interests.

What sections should be included in a Simple Property Sale Agreement?

1. Parties: Identification and details of the seller and purchaser

2. Background: Context of the sale and basic property information

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property being sold

5. Purchase Price: Amount and payment terms

6. Completion: Terms and timing of completion

7. Seller's Warranties: Standard warranties about property title and condition

8. Default Provisions: Consequences of breach by either party

What sections are optional to include in a Simple Property Sale Agreement?

1. Condition of Property: Detailed description of property condition, used when selling older properties or properties with known issues

2. Existing Tenancies: Details of current tenants and leases, applicable when property is sold with sitting tenants

3. GST Provisions: GST handling and requirements, required when seller is GST-registered

4. Property Tax Apportionment: How property tax will be handled between parties when tax period crosses completion date

What schedules should be included in a Simple Property Sale Agreement?

1. Property Details Schedule: Detailed technical description of property including boundaries and fixtures

2. Inventory List: List of included furnishings or fittings, if any

3. Title Documents: Copies of relevant title documents

4. Payment Schedule: Detailed breakdown of payment terms and timing

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

alex.den.21@genieai.co
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Industries

Civil Law Act: Primary legislation governing civil law matters and contracts in Singapore (Cap. 43)

Sale of Goods Act: Regulates the sale and transfer of property and goods in Singapore (Cap. 393)

Conveyancing and Law of Property Act: Governs the transfer of property rights and real estate transactions (Cap. 61)

Land Titles Act: Regulates land registration and provides for the transfer of registered land in Singapore (Cap. 157)

Housing and Development Act: Governs public housing transactions and HDB property matters (Cap. 129)

Residential Property Act: Controls the purchase of residential properties by foreign persons (Cap. 274)

SLA Regulations: Singapore Land Authority regulations governing land use and management

URA Guidelines: Urban Redevelopment Authority guidelines for property development and use

HDB Rules: Specific rules and regulations for public housing transactions and ownership

Stamp Duties Act: Governs stamp duty obligations for property transactions

COVID-19 (Temporary Measures) Act 2020: Temporary measures affecting property transactions during pandemic period

Property Title Requirements: Legal requirements for clear property title and ownership verification

Contract Requirements: Essential elements including capacity of parties, consideration, payment terms, completion date

Property Status Verification: Verification of freehold/leasehold status, encumbrances, existing tenancies

Tax Implications: Property tax and GST considerations for property transactions

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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