The Sale Agreement With Possession is a crucial document used in Singapore when parties wish to formalize both the sale and transfer of possession of goods or property. This agreement becomes particularly important when the transfer of possession occurs at a different time from the completion of sale, or when specific conditions need to be met during the possession transfer period. It incorporates provisions from Singapore's legal framework, including the Sale of Goods Act and Civil Law Act, and can be customized to address various commercial scenarios. The document provides comprehensive protection for both parties by clearly defining their rights, obligations, and the specific terms of possession transfer.
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1. Parties: Identification and details of seller and buyer
2. Background: Context and purpose of the sale agreement
3. Definitions: Key terms used throughout the agreement
4. Subject Matter of Sale: Detailed description of goods/property being sold
5. Purchase Price: Amount, payment terms, and method of payment
6. Possession: Terms and conditions of possession transfer
7. Representations and Warranties: Seller's guarantees about the goods/property
8. Governing Law: Specification of Singapore law as governing law
1. Conditions Precedent: Conditions that must be met before completion - used for complex transactions with pre-completion requirements
2. Due Diligence: Buyer's right to inspect and verify - used for high-value or complex sales
3. Insurance: Insurance requirements during transition - used when significant risk exists during possession transfer
4. Tax Provisions: Specific tax arrangements - used for transactions with significant tax implications
1. Schedule 1 - Description of Goods/Property: Detailed technical specifications or property details
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms if installment-based
3. Schedule 3 - Condition Report: Current condition of goods/property at time of sale
4. Appendix A - Required Documents: List of documents required for completion
5. Appendix B - Handover Checklist: Items to be checked during possession transfer
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