The Contract to Sell Lot is a crucial document in Singapore's property transactions, used when transferring ownership rights of land between parties. This contract type is essential for establishing the legal framework of the sale, including purchase price, payment terms, property specifications, and completion timeline. It must comply with Singapore's strict property laws and regulations, including the Land Titles Act and Urban Redevelopment Authority guidelines. The document is particularly important for protecting both parties' interests and ensuring a smooth transfer of property ownership.
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1. Parties: Identification of seller and buyer with complete details including names, identification numbers, and addresses
2. Background: Context of the sale and current property ownership status
3. Definitions: Key terms used throughout the contract including Property, Completion Date, Purchase Price, etc.
4. Property Description: Detailed description of the lot including lot number, boundaries, area, and title details
5. Purchase Price: Agreed purchase price and payment terms including deposit and balance payment schedule
6. Conditions Precedent: Conditions that must be satisfied before completion including title searches and approvals
7. Seller's Warranties: Warranties regarding ownership, encumbrances, and property condition
8. Completion: Details of completion process, timing, and requirements
9. Default: Consequences of default by either party
10. Governing Law: Specification of Singapore law as governing law and jurisdiction
1. Foreign Ownership Clause: Additional requirements and warranties for foreign buyers under the Residential Property Act
2. Development Conditions: Specific conditions related to property development and URA requirements for undeveloped lots
3. Environmental Warranties: Additional warranties regarding environmental condition and compliance for industrial or previously developed lots
4. GST Provisions: Special provisions regarding Goods and Services Tax if applicable to the transaction
1. Schedule 1 - Property Plan: Detailed lot plan showing boundaries and dimensions
2. Schedule 2 - Title Search Results: Recent title search showing ownership and encumbrances
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment terms and installments
4. Schedule 4 - URA Zoning Certificate: Current zoning status and development restrictions
5. Schedule 5 - List of Deliverables: List of documents and items to be delivered at completion
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