The Condominium Purchase Agreement is essential for any transaction involving the sale of strata-titled residential properties in Singapore. This document is used when parties have agreed to the sale and purchase of a condominium unit and need to formalize the terms in accordance with Singapore law. It captures crucial details including property specifications, payment terms, completion timeline, and both parties' obligations. The agreement must comply with various Singapore regulations, including the Building Maintenance and Strata Management Act, and may require additional provisions for foreign buyers under the Residential Property Act.
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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 condominium unit and included fixtures
5. Purchase Price: Amount and payment terms
6. Payment Schedule: Breakdown of payment installments and timing
7. Completion Date: Timeline for transaction completion
8. Warranties and Representations: Legal assurances from both parties
1. Mortgage Contingency: Terms relating to buyer's financing requirements - used when buyer requires financing
2. Foreign Ownership Approval: Requirements for foreign buyer approval - used when buyer is not a Singapore citizen
3. En Bloc Sale Clause: Terms relating to collective sale - used when property might be subject to en bloc sale
4. Tenancy Agreement: Existing tenant arrangements - used when property is currently tenanted
1. Schedule 1: Property Details: Detailed property specifications, floor plan, and strata lot number
2. Schedule 2: Inventory List: List of fixtures and fittings included in sale
3. Schedule 3: Payment Schedule: Detailed breakdown of payment installments
4. Appendix A: Strata Title Plan: Official strata plan showing unit location
5. Appendix B: Management Corporation By-laws: Current by-laws governing the condominium
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