The Lease With Option To Purchase Agreement is commonly used in Singapore's property market when parties wish to combine a rental arrangement with a potential future sale. This arrangement benefits tenants who need time to arrange financing or assess the property's suitability for long-term ownership, while providing landlords with rental income and a committed potential buyer. The document includes detailed terms for both the lease period and the purchase option, including rental rates, maintenance obligations, option exercise period, purchase price, and conditions for exercising the option. It must comply with Singapore's property laws and regulations, including stamp duty requirements and, where applicable, restrictions on foreign ownership.
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1. Parties: Identification and details of the lessor and lessee
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Lease Terms: Duration, rent, payment terms, and conditions of the lease
5. Option to Purchase: Terms and conditions of the purchase option, including price and exercise period
6. Maintenance and Repairs: Responsibilities for property maintenance
7. Termination: Conditions for early termination and consequences
1. Furniture and Fittings: Specific terms and conditions relating to furnished properties, including inventory and maintenance responsibilities
2. Property Management: Rules and regulations relating to property management company and managed developments
3. Renovation Clause: Terms and conditions for permitted renovations and modifications by tenant
1. Property Description Schedule: Detailed description of the property including floor plan
2. Inventory List: Comprehensive list of furnished items if applicable
3. Condition Report: Detailed report on initial condition of property and any existing defects
4. House Rules: Specific rules and regulations for property use and maintenance
5. Payment Schedule: Detailed breakdown of payments and due dates for both lease and purchase option
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