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Lease Agreement With Option To Purchase Template for Singapore

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Key Requirements PROMPT example:

Lease Agreement With Option To Purchase

"I need a Lease Agreement With Option To Purchase for my three-bedroom condo in Singapore's East Coast area, with a two-year lease term starting March 2025 and an option to purchase at a fixed price of SGD 1.2 million that can be exercised after the first year."

Document background
The Lease Agreement With Option To Purchase is a specialized contract used in Singapore real estate transactions where property owners wish to offer tenants the opportunity to purchase the property while initially leasing it. This arrangement provides flexibility for both parties: landlords can secure long-term tenants while maintaining property value, and tenants can 'try before they buy' while building equity. The document must comply with Singapore's strict property laws and typically includes detailed terms about both the lease period and the purchase option, including specific timeframes, prices, and conditions for exercising the option.
Suggested Sections

1. Parties: Identification of lessor and lessee with full details

2. Background: Context of the lease arrangement and option to purchase

3. Definitions: Key terms used throughout the agreement

4. Property Details: Full description of the property including address and lot number

5. Lease Terms: Duration, rent amount, payment terms, and conditions

6. Option to Purchase Terms: Purchase price, option period, and exercise conditions

7. Maintenance and Repairs: Responsibilities for property maintenance

8. Insurance: Required insurance coverage and responsibilities

9. Termination: Conditions for early termination and consequences

Optional Sections

1. Utilities and Services: Payment responsibilities for utilities, when separately metered

2. Renovation Clause: Include when modifications to property are anticipated

3. Subletting Provisions: Include if subletting might be permitted

4. Pet Clause: Include if pets are to be allowed or prohibited

5. Security Deposit Investment: Include if specific handling of deposit is required

Suggested Schedules

1. Schedule 1: Property Inventory: Detailed list of furnishings and fittings

2. Schedule 2: Property Condition Report: Documentation of property condition at lease start

3. Schedule 3: Floor Plan: Detailed layout of the property

4. Appendix A: House Rules: If property is in managed development

5. Appendix B: Option to Purchase Form: Standard form for exercising purchase option

6. Appendix C: Payment Schedule: Detailed breakdown of payments and deadlines

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions




















Clauses




















Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships and requirements for contracts relating to land in Singapore

Conveyancing and Law of Property Act (Cap. 61): Regulates property transactions, requirements for property transfers, and legal formalities for property-related contracts

Land Titles Act (Cap. 157): Covers registration of property titles, encumbrances and caveats, and transfer of registered land

Planning Act (Cap. 232): Determines zoning requirements and permitted land use for properties

Residential Property Act (Cap. 274): Governs restrictions on foreign ownership and specific requirements for residential properties

Housing and Development Act (Cap. 129): Governs public housing (HDB) properties, including special rules and restrictions for HDB properties

Stamp Duties Act (Cap. 312): Regulates stamp duty obligations, Additional Buyer's Stamp Duty (ABSD), and Seller's Stamp Duty (SSD)

COVID-19 (Temporary Measures) Act 2020: Temporary measures affecting property transactions during the COVID-19 pandemic

MAS Guidelines: Monetary Authority of Singapore guidelines on Loan-to-Value limits and Total Debt Servicing Ratio requirements

Singapore Law Society's Conditions of Sale: Standard contractual terms and professional requirements for property transactions

Council for Estate Agencies (CEA) Regulations: Regulations governing real estate agent involvement in property transactions

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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