The Residential Resale Condominium Property Purchase Contract is a crucial document used in Singapore's real estate market for secondary market condominium transactions. This contract is essential when transferring ownership of strata-titled residential properties and must comply with Singapore's comprehensive property law framework. It includes detailed provisions covering property specifications, payment terms, completion requirements, and statutory obligations. The document is designed to protect both buyers' and sellers' interests while ensuring compliance with regulations such as the Residential Property Act, BMSMA, and relevant stamp duty requirements. It's particularly important for documenting agreed terms, protecting parties' rights, and ensuring a smooth property transfer process.
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1. Parties: Details of vendor and purchaser, including identification and contact information
2. Background: Brief context of the transaction and property details
3. Definitions: Key terms used throughout the agreement
4. Property Details: Detailed description of the property, including strata lot number, floor area, and share value
5. Purchase Price: Agreement on purchase price and payment schedule
6. Payment Terms: Details of deposit, progress payments, and completion payment
7. Completion: Terms and conditions for completion of sale
8. Title and Transfer: Warranties regarding title and transfer process
9. Representations and Warranties: Standard warranties from both parties
1. Foreign Ownership Approval: Required section detailing approval requirements and conditions under the Residential Property Act for foreign buyers
2. CPF Usage: Terms and conditions relating to the use of Central Provident Fund monies for property purchase
3. Mortgage Financing: Provisions relating to bank financing and mortgage requirements
4. En Bloc Sale Conditions: Specific provisions regarding ongoing or potential en bloc sale considerations
1. Property Schedule: Detailed property specifications, 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 milestones and amounts
4. Title Documents: Copies of relevant title documents and strata certificates
5. Defects List: Documentation of existing defects agreed between parties
6. MCST By-laws: Copy of current Management Corporation by-laws applicable to the property
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