The Deed of Absolute Sale Condominium is a crucial legal instrument in Singapore's property market, used to formalize and execute the transfer of condominium ownership. This document is essential when completing a condominium purchase transaction, whether for new developments or resale units. It must adhere to Singapore's strict property laws, including requirements for strata-titled properties, foreign ownership restrictions, and stamp duty obligations. The deed contains comprehensive details about the property, parties involved, purchase price, payment terms, and various warranties, while ensuring compliance with the Building Maintenance and Strata Management Act and other relevant legislation.
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Key Requirements PROMPT example:
Deed Of Absolute Sale Condominium
"I need a Deed of Absolute Sale Condominium for the sale of my Singapore condominium unit to a foreign buyer, with completion scheduled for March 2025, including specific provisions for Land Dealings Authority approval and ABSD payment requirements."
1. Parties: Details of seller and purchaser, including identification and capacity
2. Recitals: Background information including property details and ownership history
3. Definitions: Key terms used tHRoughout the deed
4. Property Description: Detailed description of the condominium unit, including strata lot number
5. Purchase Price: Agreed purchase price and payment terms
6. Title and Ownership: Warranties of title and transfer of ownership
7. Execution: Signing requirements and witnessing
1. Conditions Precedent: Required when there are specific conditions to be met before completion, typically used for financing or regulatory approval requirements
2. Foreign Ownership Approval: Requirements for foreign buyer approval, used when purchaser is a foreign person/entity
3. Encumbrances: Details of existing mortgages or charges, included when property has existing encumbrances
1. Property Schedule: Detailed technical description of the property including floor plan
2. Inventory List: List of fixtures and fittings included in the sale
3. Title Documents: Copies of relevant title documents and certificates
4. Strata Title Plan: Official strata plan showing unit bouNDAries
5. Payment Schedule: Detailed breakdown of payment terms and installments
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