The Basic Real Estate Contract is a fundamental legal document used in Singapore's property market for facilitating real estate transactions. This contract is designed to comply with Singapore's robust property laws and regulations, including the Civil Law Act, Land Titles Act, and Residential Property Act. It serves as the primary agreement between buyers and sellers, documenting essential elements such as property details, price, payment terms, and completion dates. The document is particularly important in Singapore's highly regulated property market, where strict rules govern property ownership, foreign purchase restrictions, and various stamp duties.
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Key Requirements PROMPT example:
Basic Real Estate Contract
"I need a Basic Real Estate Contract for the purchase of a three-bedroom HDB flat in Singapore, with completion scheduled for March 2025 and including specific provisions for existing tenant arrangements until the completion date."
1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and property details
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property including address and title details
5. Purchase Price: Agreed price and payment terms
6. Completion Date: Timeline for transaction completion
7. Title and Ownership: Warranties regarding clear title and ownership transfer
1. Fixtures and Fittings: List of items included/excluded in sale - used when specific items need to be clearly identified
2. Condition Precedents: Conditions that must be met before completion - used when there are specific requirements before sale can proceed
3. Tenancy Provisions: Details of existing tenancies - used when property is sold with existing tenants
1. Property Floor Plan: Detailed floor plan of the property
2. Inventory List: List of fixtures and fittings included in sale
3. Title Documents: Copies of relevant title documents
4. Property Tax Statements: Recent property tax assessments
5. Maintenance Fee Statements: For properties in managed developments
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