The Unit Sale Agreement is a fundamental document in Singapore property transactions, used when transferring ownership of residential or commercial units. This agreement is essential for both new development sales and resale transactions, requiring compliance with Singapore's strict property regulations and stamp duty requirements. The document includes detailed property specifications, payment terms, completion procedures, and warranties. A Unit Sale Agreement must account for various Singapore-specific requirements, including potential restrictions on foreign ownership, strata title provisions, and mandatory cooling periods for residential properties.
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Key Requirements PROMPT example:
Unit Sale Agreement
"I need a Unit Sale Agreement for a 3-bedroom condominium in Singapore's East Coast area, with completion planned for March 2025, including specific provisions for the sale of furniture and appliances, and the property is being sold to a foreign buyer."
1. Parties: Identification and details of the seller and purchaser
2. Background: Context of the sale and property details
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the transaction including price and payment terms
5. Property Description: Detailed description of the unit being sold
6. Completion: Terms and process for completing the sale
7. Representations and Warranties: Seller's statements about the property condition and title
8. Default and Termination: Consequences of breach and termination rights
1. Condition Precedent: Required when sale is subject to specific conditions being met, such as regulatory approval or financing conditions
2. Strata Title Provisions: Specific terms relating to strata-titled properties, used when unit is part of strata development
3. Foreign Ownership Provisions: Additional requirements for foreign buyers, applicable when purchaser is not a Singapore citizen/PR
1. Property Details Schedule: Detailed specifications of the unit including floor plan and area
2. Payment Schedule: Breakdown of payment installments and timeline
3. Inventory List: List of fixtures and fittings included in the sale
4. Defects List: Known defects or required repairs if applicable
5. Strata Information: Share value and maintenance fee details for strata properties
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