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Contract Of Sale Condominium Unit

Contract Of Sale Condominium Unit for Singapore

Contract Of Sale Condominium Unit Template for Singapore

A legally binding agreement governed by Singapore law that facilitates the transfer of ownership of a condominium unit from vendor to purchaser. The document complies with Singapore's Building Maintenance and Strata Management Act, Land Titles (Strata) Act, and related regulations. It details the property specifications, purchase price, payment terms, completion requirements, and obligations of both parties in accordance with Singapore property law.

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Contract Of Sale Condominium Unit

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What is a Contract Of Sale Condominium Unit?

The Contract of Sale Condominium Unit is a crucial document in Singapore real estate transactions, used when transferring ownership of strata-titled residential properties. This agreement, governed by Singapore law, ensures compliance with the Building Maintenance and Strata Management Act and related regulations. It provides comprehensive documentation of the sale terms, including property details, payment schedule, completion requirements, and both parties' obligations. The contract is essential for protecting both buyer and seller interests in condominium transactions and serves as the primary reference document for the conveyancing process.

What sections should be included in a Contract Of Sale Condominium Unit?

1. Parties: Details of the vendor and purchaser, including identification and contact information

2. Background: Context of the sale, including property details and transaction basis

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the condominium unit, including unit number, floor area, and share value

5. Purchase Price: Agreement on purchase price and payment schedule

6. Payment Terms: Details of payment method, installments, and completion date

7. Completion: Requirements and procedures for completion of sale

8. Title and Transfer: Provisions regarding transfer of title and ownership

What sections are optional to include in a Contract Of Sale Condominium Unit?

1. Foreign Ownership: Required when purchaser is foreign buyer - includes specific provisions and requirements under the Residential Property Act

2. Mortgage Provisions: Terms related to mortgage financing, including conditions precedent and bank requirements

3. En Bloc Provisions: Terms related to collective sale possibilities and implications for the transaction

4. Tenancy Provisions: Terms relating to existing tenancy, including handover conditions and tenant rights

What schedules should be included in a Contract Of Sale Condominium Unit?

1. Property Schedule: Detailed description of property including floor plans and specifications

2. Payment Schedule: Breakdown of payment installments and due dates

3. Inventory List: List of fixtures, fittings, and furnishings included in sale

4. Strata Title Documents: Copy of strata title and related documents

5. Due Diligence Documents: Property tax statements, maintenance fee records, and other relevant documents

6. Certificates: TOP, CSC, and other relevant certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

tiktok成人版

Document Type

Sales Agreement

Sector

Sales

Cost

Free to use
Relevant legal definitions
































Clauses






























Industries

Building Maintenance and Strata Management Act (BMSMA): Primary legislation governing the management and maintenance of strata properties, including condominiums, defining rights and obligations of owners and management corporations

Land Titles (Strata) Act: Legislation governing strata title ownership and registration of strata properties in Singapore

Housing Developers (Control and Licensing) Act: Regulates housing developers and provides protection for home buyers, including mandatory requirements for sale contracts

Residential Property Act: Controls foreign ownership of residential properties in Singapore, including restrictions and approval requirements

Planning Act: Governs land use and development control in Singapore, ensuring compliance with urban planning requirements

Building Control Act: Regulates building works and ensures compliance with building safety and construction standards

Housing Developers Rules: Subsidiary legislation detailing requirements for housing developers, including standard forms and procedures for property sales

Building Maintenance (Strata Management) Regulations: Detailed regulations for strata property management, including maintenance, governance, and dispute resolution

Land Titles (Strata) Regulations: Specific regulations regarding strata title registration and management

Option to Purchase Requirements: Legal requirements for the Option to Purchase document, including format, validity period, and exercise procedures

Stamp Duty Obligations: Tax obligations including Buyer's Stamp Duty (BSD), Additional Buyer's Stamp Duty (ABSD), and Seller's Stamp Duty (SSD) where applicable

Strata Title Verification: Legal requirement to verify strata title status, ownership rights, and share value allocation

Common Property Rights: Legal framework defining rights and restrictions regarding common property usage and management

Management Corporation Obligations: Legal obligations of the Management Corporation Strata Title (MCST) and owner's responsibilities towards it

Property Tax and GST Requirements: Tax obligations including property tax assessment and any applicable Goods and Services Tax (GST)

Teams

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