The Lot Purchase Agreement is a crucial legal document used in Singapore real estate transactions when transferring ownership of land lots. This agreement is essential when purchasing undeveloped land, industrial lots, or parcels for development. It includes detailed property descriptions, purchase terms, warranties, and conditions specific to Singapore's legal framework. The document must comply with local property laws and regulations, including the Land Titles Act and Planning Act. A properly drafted Lot Purchase Agreement protects both parties' interests and ensures a smooth transfer of property ownership.
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1. Parties: Identification and details of the buyer and seller
2. Background: Context of the transaction and brief property description
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the lot including boundaries and specifications
5. Purchase Price: Amount and payment terms
6. Completion: Timing and process for completion of the sale
7. Title and Transfer: Provisions regarding transfer of ownership
8. Representations and Warranties: Standard warranties about the property and authority to sell
1. Due Diligence: Buyer's right to conduct investigations - typically included for commercial properties or large transactions
2. Environmental Matters: Environmental conditions and obligations - included when property has potential environmental concerns
3. Planning Permissions: Current and future planning restrictions - included when development potential is material to the purchase
4. Tenant Rights: Existing tenancies and obligations - included when property is subject to existing tenancies
1. Property Plan: Detailed plan showing lot boundaries and measurements
2. Title Documents: Copies of relevant title documents
3. Planning Permissions: Copies of relevant planning permissions and restrictions
4. Property Certificates: Relevant property certificates and searches
5. Inventory: List of included fixtures and fittings - included when sale includes specific items beyond the land
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