The Apartment Sales Contract is a fundamental legal instrument in Singapore's real estate transactions, essential for documenting the sale and purchase of residential apartments. This document is used when transferring ownership of both new and resale apartments, whether between private individuals or involving property developers. It must comply with Singapore's stringent property regulations, including the Housing Developers (Control and Licensing) Act, Residential Property Act, and Conveyancing and Law of Property Act. The contract covers crucial elements such as property details, payment terms, completion requirements, CPF considerations, and stamp duty obligations. It's designed to protect both vendors' and purchasers' interests while ensuring transparency and legal compliance in Singapore's highly regulated property market.
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Key Requirements PROMPT example:
Apartment Sales Contract
"I need an Apartment Sales Contract for a Singapore condominium unit being sold with existing tenants, where completion needs to happen by March 2025, and the contract should include provisions for the transfer of the current tenancy agreement."
1. Parties: Identification of the Vendor and Purchaser with full legal names, identification numbers, and addresses
2. Background: Context of the sale including brief property description and intention to sell/purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property including unit number, floor area, floor plan reference, and share in common property
5. Purchase Price: Agreed purchase price and payment schedule including deposit and balance payment terms
6. Mode of Payment: Acceptable payment methods, use of CPF funds, and financing arrangements
7. Completion: Completion date, conditions for completion, and completion procedures
8. Title and Ownership: Warranties of title, encumbrances, and restrictions on title
9. Property Condition: Current condition of the property and any agreed repairs or modifications
10. Vacant Possession: Terms and timing for delivering vacant possession
11. Default Provisions: Consequences of default by either party and remedies available
12. Stamp Duty: Responsibilities for payment of stamp duties including ABSD if applicable
13. Costs and Expenses: Allocation of legal fees, registration fees, and other transaction costs
14. Notices: Method and addresses for serving notices between parties
15. Governing Law: Specification of Singapore law as governing law and jurisdiction
1. En Bloc Provisions: Include when the development has potential for collective sale or en bloc sale
2. Progressive Payment Scheme: Required for properties under construction with progressive payment schedules
3. Renovation Works: Include when specific renovation works are agreed to be completed before completion
4. Tenancy Provisions: Include when property is sold with existing tenancy
5. CPF Refunds: Include when seller has utilized CPF funds and needs to make refunds
6. Inventory List: Include when sale includes furniture or fittings
7. Defects Liability: Include for new properties still under defects liability period
8. Property Tax Apportionment: Include when specific arrangements for property tax division are needed
9. Maintenance Charge Apportionment: Include when specific arrangements for maintenance fee division are needed
10. Vehicle Parking: Include when sale includes parking lot or specific parking arrangements
1. Property Schedule: Detailed property particulars including floor plan and specifications
2. Payment Schedule: Detailed breakdown of payment terms and deadlines
3. Inventory List Schedule: List of included furniture, fittings, and appliances if applicable
4. Fixtures and Fittings Schedule: Description of fixtures and fittings included in the sale
5. Defects List: List of existing defects acknowledged by both parties
6. Renovation Schedule: Details of agreed renovation works if applicable
7. Certified Plans: Approved building plans and floor plans
8. Title Documents: Copies of relevant title documents and encumbrances
9. Maintenance Records: Recent maintenance records and payments
10. Strata Title Information: Details of share value and strata title information
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