The Option To Purchase Agreement is a crucial document in Singapore property transactions, serving as the preliminary step before a full sale and purchase agreement. It is commonly used in both residential and commercial property transactions where a potential buyer needs time to arrange financing or conduct due diligence. The document provides the grantee with exclusive rights to purchase the property within a specified timeframe while protecting the grantor's interests through the option fee. Under Singapore law, the agreement must include specific elements such as property details, purchase price, option period, and exercise conditions, while complying with relevant property and contract laws.
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Key Requirements PROMPT example:
Option To Purchase Agreement
"I need an Option To Purchase Agreement for a commercial property in Singapore's CBD area, with a 3-month option period and staged payment terms, to be completed by March 2025."
1. Parties: Identification and details of the option grantor and grantee
2. Background: Context and purpose of the option agreement
3. Definitions: Key terms used throughout the agreement
4. Option Grant: Terms of the option, including consideration and exercise period
5. Property Details: Specific description of the property or asset subject to the option
6. Purchase Price: Agreed price and payment terms
7. Exercise of Option: Procedure and requirements for exercising the option
8. Completion: Terms and conditions for completing the sale upon exercise
1. Due Diligence: Terms for property inspection and verification - used for complex property transactions
2. Financing Conditions: Terms related to obtaining financing - used when buyer requires loan approval
3. Property Management: Interim management terms between option grant and exercise - used for income-generating properties
4. Tax Provisions: Specific tax arrangements and responsibilities - used for high-value transactions or complex tax situations
1. Property Description Schedule: Detailed description of the property including boundaries and fixtures
2. Title Documents: Copies of relevant title documents and certificates
3. Form of Exercise Notice: Template for the formal notice to exercise the option
4. Payment Schedule: Breakdown of payment terms and installments if applicable
5. Property Plans: Floor plans, location maps, and other relevant drawings
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