The Provisional Agreement For Sale And Purchase is typically used in Singapore when parties wish to formalize their initial agreement while allowing time for due diligence and the preparation of a more detailed final agreement. This document is particularly important in property transactions where it serves to lock in the basic terms of the deal, including price, payment schedule, and completion date. It provides security for both parties during the interim period between initial agreement and final completion, while complying with Singapore's legal requirements for property transactions. The agreement includes essential details about the property, conditions precedent, and any special terms agreed upon by the parties.
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1. Parties: Details of the vendor and purchaser including full legal names, identification numbers, and addresses
2. Background: Context of the sale and purchase transaction and brief property introduction
3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Completion Date
4. Property Details: Comprehensive description of the property including address, lot number, and size
5. Purchase Price: Agreement on purchase price, payment terms, and deposit arrangements
6. Completion: Timeline and conditions for completion of the sale and purchase
7. Warranties: Standard warranties by both parties regarding property title, condition, and authority to sell
1. Financing Conditions: Terms related to securing mortgage financing and conditions precedent for loan approval
2. Vacant Possession: Terms regarding the handover of vacant possession and condition of property upon handover
3. Defects Liability: Provisions for handling existing or future defects in the property
1. Property Schedule: Detailed description of property including floor plans and boundaries
2. Inventory List: Comprehensive list of fixtures, fittings, and furnishings included in the sale
3. Payment Schedule: Detailed breakdown of payment installments and timeline
4. Title Documents: Copies of relevant title documents and certificates
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