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Vacant Land Purchase And Sale Agreement

Vacant Land Purchase And Sale Agreement for Singapore

Vacant Land Purchase And Sale Agreement Template for Singapore

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Vacant Land Purchase And Sale Agreement

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What is a Vacant Land Purchase And Sale Agreement?

The Vacant Land Purchase And Sale Agreement is a crucial legal document used in Singapore real estate transactions involving undeveloped land. It is specifically designed to address the unique aspects of vacant land sales, including zoning requirements, development potential, and environmental considerations under Singapore law. This agreement is essential when transferring ownership of vacant land and must comply with various Singapore regulations, including the Land Titles Act, Planning Act, and relevant URA guidelines. It typically includes comprehensive details about the property, conditions of sale, development restrictions, and necessary regulatory approvals.

What sections should be included in a Vacant Land Purchase And Sale Agreement?

1. Parties: Identification of buyer and seller with full legal details

2. Background: Context of the transaction and property details

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the vacant land including lot number, boundaries, and size

5. Purchase Price: Amount and payment terms

6. Conditions Precedent: Conditions that must be met before completion

7. Completion: Timeline and requirements for closing the transaction

8. Representations and Warranties: Standard declarations by both parties

9. Default and Termination: Consequences of breach and termination rights

What sections are optional to include in a Vacant Land Purchase And Sale Agreement?

1. Environmental Conditions: Used when environmental assessments are required or when land has potential contamination issues

2. Development Conditions: Specific conditions related to future development when buyer intends to develop the land

3. Foreign Ownership Approval: Requirements for foreign buyers when buyer is not a Singapore citizen/entity

What schedules should be included in a Vacant Land Purchase And Sale Agreement?

1. Property Details Schedule: Detailed technical description of the land including survey plans

2. Title Documents: Copies of relevant title documents and encumbrances

3. Planning Permissions: Copies of relevant planning permissions and restrictions

4. Due Diligence Results: Results of technical and legal due diligence

5. Payment Schedule: Detailed breakdown of payment terms and milestone payments

Authors

Alex Denne

Head of Growth (Open Source Law) @ ΊμΠΣΦ±²₯ | 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

Land Titles Act (Chapter 157): Primary legislation that governs the registration and transfer of land titles in Singapore, establishing the Torrens system of land registration. Critical for ensuring proper title transfer and ownership rights.

Planning Act (Chapter 232): Controls land use and development in Singapore, including zoning regulations and permitted uses of vacant land. Essential for determining allowable uses of the property.

Residential Property Act (Chapter 274): Legislation that restricts foreign ownership of residential properties in Singapore. Particularly relevant if the vacant land is zoned for residential use.

Conveyancing and Law of Property Act (Chapter 61): Governs property transactions and transfers in Singapore, setting out legal requirements for property contracts and conveyancing procedures.

Stamp Duties Act (Chapter 312): Regulates various property-related duties including Additional Buyer's Stamp Duty (ABSD), Seller's Stamp Duty (SSD), and Buyer's Stamp Duty (BSD).

Environmental Public Health Act: Addresses environmental requirements and land contamination issues that may affect vacant land transactions and future development.

Building Control Act: Sets out building regulations and requirements relevant for future development of the vacant land, including construction and safety standards.

Singapore Land Authority Regulations: Governs land survey requirements and property boundaries determination, essential for accurate property delineation and transfer.

Urban Redevelopment Authority Guidelines: Provides regulations on Master Plan zoning, plot ratio restrictions, and development potential for vacant land in Singapore.

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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, Β Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, Β Severance Pay, Governing Law, Entire Agreemen

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