Legal Requisition and Satisfactory Reply – Singapore home for rent
Singapore home for rent – The Property is sold subject to the Purchaser’s solicitors receiving satisfactory replies to all requisitions sent by them to the various Government Departments; drainage plan and road interpretation plan. If any of the reply or replies or plans are unsatisfactory, then the Option to Purchase may be rescinded at the Purchaser’s option.
An example of such a clause is as follows:
The Property is sold subject to the Purchaser’s solicitors receiving satisfactory replies to all requisitions sent by them to the various Government Departments; satisfactory drainage plan and road interpretation plan from the competent authorities; and satisfactory replies from the Land Transport Authority. Singapore home for rent.
If any of the aforesaid reply or replies or plans are unsatisfactory, then this Option to Purchase may be rescinded at the Purchaser’s option. On rescission, this Option To Purchase shall become null and void and of no further effect whatsoever and the Vendor shall forthwith refund to the Purchaser all monies paid by the Purchaser to the Vendor but without any interest compensation or deductions whatsoever. Each party hereto shall bear their own solicitors’ costs in the matter and neither party shall have any claims or demands against the other party for costs damages or compensation or otherwise whatsoever in the matter. Singapore home for rent.
PROVIDED ALWAYS that:-
i) any reply received before the Completion Date from the Property Tax, Environmental Health, Public Works and Sewerage Departments and Building Control Division shall not be deemed unsatisfactory unless the same discloses that the Property is affected by any notice which has not been complied with and which is incapable of being complied with by the Vendor or which the Vendor is unable or unwilling to comply with;
ii) any road or drainage line reserve or proposal which is to be implemented only if there is any redevelopment of the Property shall be deemed satisfactory; and
iii) any reply not received by the Completion Date shall be deemed satisfactory.
Entitled to rescind the contract in the event of acquisition
In the event of acquisition, it is normally fair that the buyer be allowed to rescind from the contact.
An example of such a clause:
In the event that there is an acquisition or shall be notice of acquisition or notice of intended acquisition served by the Government or other competent authorities in respect of the Property or any part thereof before the Completion Date, then the Purchaser shall be entitled to rescind this Option to Purchase and in such event the Vendor shall forthwith refund to the Purchaser all monies paid by the Purchaser to the Vendor but without any interest compensation or deductions whatsoever. Each party hereto shall bear their own solicitors’ costs in the matter and neither party shall have any claims or demands against the other party for costs damages or compensation or otherwise whatsoever in the matter.
Please click here to search for Singapore home for rent.
