The Residential Contract of Sale is a fundamental document in Singapore's property market, essential for formalizing property transactions between buyers and sellers. This contract type is used whenever a residential property changes ownership, whether it's a private property or HDB flat. It must comply with Singapore's strict property regulations, including foreign ownership restrictions, stamp duty requirements, and specific HDB rules where applicable. The document typically includes comprehensive details about the property, payment terms, conditions precedent, warranties, and completion requirements, ensuring all aspects of the transaction are legally documented and enforceable.
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1. Parties: Identification and details of the vendor and purchaser
2. Background: Context of the sale and property background
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property including address, lot number, and specifications
5. Purchase Price: Agreement on price and payment terms
6. Mode of Payment: Details of how and when payments will be made, including deposit and balance
7. Completion: Terms and timing of completion of sale
8. Title and Transfer: Provisions regarding property title and transfer process
9. Representations and Warranties: Statements of fact and promises by both parties
10. Property Condition: State and condition of the property at time of sale
11. Default and Remedies: Consequences and remedies in case of breach by either party
1. HDB-Specific Terms: Additional terms and conditions specific to HDB properties, including ethnic quota and eligibility requirements
2. En Bloc Provisions: Terms relating to potential collective sale scenarios
3. Tenancy Provisions: Terms regarding existing tenancies and handover conditions
4. Mortgage Provisions: Special terms relating to existing mortgages or financing arrangements
5. GST Provisions: Special provisions regarding Goods and Services Tax if applicable
1. Property Inventory: Detailed list of fixtures, fittings, and items included in the sale
2. Title Documents: Copies of relevant title documents and certificates
3. Floor Plan: Detailed floor plan and property measurements
4. Payment Schedule: Breakdown of payment installments and timeline
5. Property Tax Documents: Current property tax assessments and payment status
6. Maintenance Records: History of property maintenance and improvements
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