Singapore Law Society’s Conditions of Sale 2012 – Property for rent
Property for sale/ rent – All options and contracts for sale of property usually make reference to it. Some of the important points in the Singapore Law Society’s Conditions of Sale 2012 are as follows: Property for rent.
- 8% p.a. interest is payable for late completion by either the seller or the buyer. If the buyer is late in the completion, the 8% interest is based on the balance purchase price less the deposit already paid. If late completion is due to the seller, the 8% interest is based on the full purchase price (and in the case of a sub-sale, less any part of the original purchase price that is not due to the developer).
- Either party can give each other a 21 day default notice for late completion. If it is completed within this 21 day notice, the 8% interest for delay in completion shall apply. If the sale is still not completed after the 21 day default notice, either party has the option to rescind the sale and claim for losses and damages. Property for rent.
- The buyer is entitled to inspect the title
- The seller is responsible for outgoings (including property tax) up to completion date
- The Vendor represents and warrants to the Purchaser that the Vendor has not carried out any unauthorized additions or alterations to the Property.
- The Vendor represents and warrants to the Purchaser that the Property has not been the subject of any transaction that is undervalued (including a gift) within the period commencing five (5) years before the date of the contract. Property for rent.
- The risk remains with the Vendor and shall pass to the Purchaser upon Completion or upon the Purchaser taking possession of the Property, whichever is earlier.
- If a cheque or cashier’s order or other negotiable instrument made pursuant to or under a contract is dishonoured upon presentation, the Vendor shall have the option either to treat the contract as repudiated by the Purchaser and to rescind the same forthwith or to affirm the contract and proceed in accordance with the terms and conditions thereof.
- On Completion, the Vendor must deliver the Property in the same state and condition as it was at the date of the option or the date of the contract, whichever is earlier, (save for fair wear and tear) unless otherwise agreed to by the parties.
- If any error, misstatement or omission which is not material or does not considerably affect the value of the Property is discovered in the Contract, neither party will be entitled to annul the sale or claim any compensation.
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