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.
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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
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
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
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