An Assignment Of Lease To New Owner is essential when transferring leasehold interests in Singapore property transactions. This document is typically used when a lessee wishes to transfer their remaining lease term to a new owner, whether for residential or commercial properties. The assignment must comply with Singapore's stringent property laws and may require approval from various authorities, including the HDB for public housing. The document covers critical aspects such as the transfer terms, consideration, existing obligations, and necessary consents, while ensuring all statutory requirements are met. It's particularly important in Singapore's property market where leasehold properties are common and strict regulations govern property transactions.
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1. Parties: Details of the current lessee (assignor) and new owner (assignee)
2. Background: Details of the original lease and circumstances leading to assignment
3. Definitions: Key terms used throughout the document
4. Assignment: Core provisions regarding the transfer of lease rights and obligations
5. Consideration: Details of payment for the assignment
6. Representations and Warranties: Statements of fact and assurances by both parties
7. Completion: Details of completion date and process
8. Execution: Signing provisions and attestation requirements
1. Landlord's Consent: Required if original lease requires landlord's consent for assignment
2. HDB Approval: Required for HDB properties
3. Security Deposit: Transfer of security deposit arrangements
4. Outstanding Rental: Provisions regarding any unpaid rent
1. Schedule 1 - Property Details: Detailed description of the leased property
2. Schedule 2 - Original Lease: Copy of the original lease agreement
3. Schedule 3 - Landlord's Consent: Written consent from landlord (if applicable)
4. Appendix A - Property Plans: Floor plans or property drawings if relevant
5. Appendix B - Inventory List: List of fixtures and fittings included in the assignment
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