The Residential Sale Contract is a fundamental legal document used in Singapore's property market for transferring residential property ownership. It serves as the primary agreement between buyers and sellers, incorporating all essential terms of the sale, including property details, price, payment schedule, and completion requirements. The contract must comply with Singapore's comprehensive property legislation, including foreign ownership restrictions, stamp duty requirements, and specific provisions for different property types (such as HDB flats or private properties). This document is crucial for ensuring legal protection for all parties and maintaining compliance with Singapore's strict property transaction regulations.
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Key Requirements PROMPT example:
Residential Sale Contract
"I need a Residential Sale Contract for a 3-bedroom condominium unit in Singapore, with a completion date of March 15, 2025, including specific provisions for existing tenant rights and en bloc potential."
1. Parties: Details of vendor and purchaser including full legal names, identification numbers, and addresses
2. Background: Context of the sale transaction and brief property overview
3. Definitions: Key terms and their meanings used throughout the agreement
4. Property Description: Detailed description of the property including address, lot number, strata title details if applicable
5. Purchase Price: Agreed purchase price, payment structure, and deposit requirements
6. Completion: Terms and timing of completion, including conditions precedent
7. Title and Transfer: Provisions regarding property title transfer and registration requirements
8. Warranties: Vendor's warranties about the property condition and legal status
1. Financing Conditions: Terms related to mortgage financing and loan approval conditions
2. Property Inspection: Terms for property inspection rights and defect resolution
3. Tenant Rights: Provisions regarding existing tenancy and handover conditions
4. En Bloc Provisions: Terms related to potential collective sale scenarios
1. Schedule 1 - Property Details: Detailed property specifications, boundaries, and included fixtures
2. Schedule 2 - Payment Schedule: Breakdown of payment installments, amounts, and due dates
3. Schedule 3 - Title Documents: Copies of relevant title documents and certificates
4. Schedule 4 - Property Plans: Floor plans, property boundaries, and relevant drawings
5. Schedule 5 - Inventory List: Detailed list of included furnishings and fittings if applicable
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