Conditions of sale Pt 2 – Singapore property for sale/ rent
Singapore property for sale/ rent – Sold with Vacant Possession or with existing Tenancy
An example of such a clause:
The Property is sold with vacant possession/ subject to existing tenancy and a copy of the Tenancy Agreement is attached.
Inventory List
The Inventory List consists of items that are to be included in the sale such as furniture & fittings.
An example of such a clause:
The sale and purchase herein includes the furniture and/or fittings as stated in the Inventory List attached.
Completion date
A completion date for the sale & purchase is set.
An example of such a clause:
The sale and purchase of the Property shall be completed by ___ (hereinafter called “the Completion Date”).
Title to be free from encumbrances on completion
The Title shall be free from encumbrances on completion.
An example of such a clause:
The title to the Property shall be properly deduced and free from encumbrances on completion
Caveat Emptor which means buyer beware
It is normal for a property to be sold in “as is” condition, meaning caveat emptor.
An example of such a clause:
The Purchaser shall purchase with full notice of all respect of the actual state and condition of the Property and shall take the Property as it is.
Forfeiture of option money on expiry date
If the OTP is not exercised by the expiry date, the option money shall be forfeited to the seller.
An example of such a clause:
This OTP shall expire on the Expiry Date and will become null and void if not exercised on or before the Expiry Date and the Option Money shall be forfeited to the Vendor.
Binding contract once exercised
Once the buyer has exercised the OTP, it is a binding contract.
An example of such a clause:
This OTP, when duly accepted, shall constitute a binding contract between the Vendor and the Purchaser. The Option Money and the Balance Deposit shall be treated as part of the Purchase Price.
Transfer of title upon completion
It describes how the title should be transferred and who pays for it.
An example of such a clause:
On completion the Purchaser shall pay the balance of the Purchase Price to the Vendor’s Solicitors at their office and the Vendor shall make and execute to the Purchaser in the case where title has been issued a proper assurance of the Property in relation to the Vendor’s title such assurance to be prepared by the Purchaser’s solicitors and at the expense of the Purchaser.
Authorising the seller’s lawyer to handle balance of purchase price
The seller’s lawyer is authorised to handle the balance of the purchase price.
An example of such a clause:
The Vendor hereby confirms that the Vendor’s Solicitors have been appointed as Vendor’s agents for the collection of the balance of the Purchase Price and any other monies payable to the Vendor. The Vendor acknowledges that payment to the Vendor’s Solicitors – CVY or payment as directed by the Vendor’s Solicitors to third parties shall constitute a full discharge of the payment obligations of the Purchaser to the Vendor.
Terms and conditions shall not merge in the assurance
If there are any unfulfilled terms or condition, the seller is still held responsible even when title is already transferred to the buyer upon completion.
An example of such a clause:
Notwithstanding the completion of the sale and purchase herein, the terms and conditions herein shall remain in full force and effect as between the Vendor and the Purchaser insofar as the same are not fulfilled and shall not merge in the assurance of the Property by the Vendor to the Purchaser on completion of the sale and purchase herein.
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