OPTION
TO PURCHASE
To:
From
Must be exactly according to
IC.
____________________
(If using “and/or Nominee(s)” check with seller first) ____________________
(Normally,new buyer need not pay stamp duty
_____________________
but speculator may pay Capital Gain Tax?) _____________________
(hereinafter called “the Purchaser”) (hereinaftercalled“thVendor”)
Remarks:
Always do Title Deed/ Bankruptcy search first.
If it belongs to a Company, Need to check Articles & Memo Asstn & Resolution.
If owned by a Public Listed Approval by Shareholders needed.
If many owners, Get all parties consent
to sell in writing.Must appt lawyer.
|
If Owner died |
Grant of Probate needed.Valid 6 mths |
|
Will (Joint tenant cannot) |
Executor needs Grant of Probate |
|
Died without Will |
Grant of Letter of Administration Application 6 wks.
Valid 6 mths |
|
Owner died > 5 1/2yrs |
Need Courts Order - No minors (Takes about 2 months
) |
|
Gift within 2 years
(void if using clasue 14 hereinunder) |
Bankruptcy- Gift is void against OA. Gift-Bank &
CPF not approved |
|
Gift within 5 years (void if
using clasue 14 hereinunder) |
Pay estate duty. Seller to indemnify Buyer . |
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Gift within 5 years (void if using clasue 14 hereinunder) |
Bankruptcy voidable. OA can take back |
|
Caveat (>5 yrs valid) |
If "Caution" < 5 yrs. must remove it first. |
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Any notice of acquisition? |
Govt / Bank acquiring the interest? Check with Bank |
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Affected by |
Road line Cat 5
is acceptable. |
|
|
|
Power of Attorney $180. Valid only if Owner is still alive.
Bankruptcy – To fill in the Green
Form & get OA approval
Property known as:
Remarks: Whole Landed, Foreigner/PR cannot buy. S&P must include clause "Subject to Govt Approval within
3 months otherwise all monies refunded. Foreigners can only buy landed property for family own use. No renting.Penalty $5K/3yrs
or both. To apply 6 months Inpriciple approval first!. Application takes 6 wks. $380 per family. plus $380 per co-applicant.
Bankers Guarantee.(If approved, cannot sell before 3 yrs MOP. Must dispose existing Pte within 3 months /HDB&HUDC3/4-
6 months)
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
(hereinafter called “the Property”)
IN CONSIDERATION
OF the sum of Dollars
|
Remarks: Pays 1% in exchange for this Seller Option
To Purchase. Option Period 2 to 3 weeks. If lapsed 1% Option money forfeited
|
_______________________________________________
(S$________________) paid by the Purchaser this day as option money (“the Option money”) (the receipt whereof
the Vendor hereby acknowledges), we/I the Vendor HEREBY GRANT you the Option to purchase the Property.
Remarks:
Date of Cheque must tally with date of document signed. Cheque bounced means defaulting! Be careful if Cheque is tied to Giro
Acct.
This Option may
be accepted by the Purchaser signing at the portion of this Option To Purchase marked “ACCEPTANCE COPY” and delivering
this Option To Purchase duly signed together with ten percent (10%) of the sale price (“the Deposit”) less the
Option money as deposit to M/s_____________________________________________(Attn:______________________________) of_________________________________________________________________________________
(“the Vendor’s Solicitors”) who are authorised to receive the same on or before the ________ day of _____________ 200___ , 4.00 p.m., and which shall be held by the Vendor’s Solicitors
as stakeholders pending completion of the sale and purchase herein. (Count 15
days from today and the last day is not exercised on Sat, Sunday of Public Holiday!
Remarks: In Stakeholder Clause Balance 4% or 9% to be held by seller lawyer. Interest to lawyer.
Exercise Option and pay Stamp Duty about 3% less $5,400. Stamp Duty must be paid upon signing S&P. CPF can only be used
upon completion of all legal documents about 6 to 8 wks later. Using 10% Option
means paying 10% Cash!
As at 19 Jul 2005 MAS ruling is 5% Cash Downpayment. Maximum 90% loan. Commercial loan for Investment / Foreigner is 30% Cash 70% loan. Commercial
for own use/citizen is 20% cash 80% loan
This Option shall
expire on the above date and shall be null and void if not accepted in the manner aforesaid, in which event the Option money
shall be forfeited by the Vendor absolutely and thereafter and neither party shall have any claims against the other and each
party shall pay its own costs in respect of this contract.
TERMS OF SALE
1. The Sale Price for
the Property shall be Dollars _____(Purchase Price) ________________________
__________________________________________________________(S$ _____________________) together with a sum equivalent to the
amount payable under the prevailing Goods and Services Tax
(if required by law). Remarks: wef 1/7/07
GST 7%. If Commercial, buyer pays GST only if the property is GST registered..
2.
This sale is subject to “The Singapore Law Society’s Conditions of Sale 1999”
in so far as the same re applicable to a sale by private treaty and are not varied by or inconsistent with the terms herein
stipulated.
3. The title
of the Property shall be in good order and free from encumbrances.
4. The Property is sold *with vacant possession/subject to existing a
copy of the Tenancy Agreement is attached. Remarks: Problem if perpetually renewable
- cannot be terminated! Must have this clause “ with the exception of this
option for renewal” or “save this clause for renewal”
5.
The sale herein includes the fixtures and/or fittings as stated in the Inventory List attached.
Remarks: For Nailed / cemented fixtures or fittings, it is best to put it in writing whether the item can or cannot be removed. Give details eg. Brand and Model number or take
photo.
6.
This sale shall be completed on or before the ____ day of _____________ 200___, (“the Completion Date”) at the Vendor’s Solicitors’
office or at such other place as the Vendor’s Solicitors may on or before the Completion Date specify.
Remarks: Buyer has 8 weeks option period to complete the sale. Longer Option Period if timing is a problem. If 8 weeks lapsed, seller cannot immediately rescind contract. Seller can only serve buyer a 21-Day
Notice to complete. Only if 21 days lapsed,. then can Seller have the right to
forfeit the 5% Deposit and resell the property. Buyer must cancel all entries registered and return all Title Deed to Seller.
If Seller claim losses, he must deduct the deposit amount. Caveat must be removed by the 7th days.
7. The sale and purchase herein is subject to there being no unauthorised additions alterations or renovations made to
the Property. If there are any then the Vendor shall obtain the necessary approvals before completion or this contract may
be rescinded at the Purchaser's option and this contract shall become null and void and of no further effect whatsoever and
each party shall pay its own costs in respect of the abortive sale and purchase. On rescission the Vendor shall refund to the Purchaser all monies paid by the Purchaser hereunder but without interest.
Remarks: Must rectify. SLA search $250. Plan $50. For Clause 7, Seller must rectify first only
if seller is unable to make good the “defect” though he is capable, able and willing to do it but cannot (beyond
his control) then he can give 10 days notice to annul the sale.
8.
The sale and purchase herein is subject to satisfactory replies being received by the Purchaser
from the usual government departments and Land Transport Authority. If any of the replies to such requisitions are unsatisfactory,
the Purchaser may elect either to proceed with the purchase herein or rescind such purchase, and in the event that the Purchaser
elects to rescind such purchase, the Vendor shall forthwith refund the Deposit without any interest thereon to the Purchaser,
and thereafter neither party shall have any claims whatsoever against the other. For the purpose of this Clause “requisitions”
shall include the usual enquiries customarily sent to the Public Works Department, Property Tax Department, Development Control
Division, Building Control Division, Sewerage Department, Environment Health Department, Land Transport Authority and the
Road and Drainage Interpretation Plans PROVIDED ALWAYS AND IT IS HEREBY AGREED THAT:
Remarks: (Seller Taxes not paid or there is a Upward revision of Tax) Advise seller lawyer
to hold a fair amount as security. If Sewer is found in the property and Title is vested in authorities, The property is considered
not Free from encumbrances
(a)
any reply to any of the requisitions including any Road or Drainage Interpretation Plans, which
is not received by the Purchaser before the Completion Date, shall be deemed to be satisfactory;
(b)
no reply to any of the requisitions shall be deemed to be unsatisfactory if such a reply relates
to any charges or notices affecting the Property which are capable of being rectified, discharged or complied with and are
so rectified, discharged or complied with by the Vendor at the Vendor’s expense on or before the Completion Date; and
(c) any reply to any of the requisitions discloses that the Property is
adversely affected by any notice which
the Vendor is unable or
unwilling to comply with shall be deemed to be unsatisfactory.
9 AND PROVIDED THAT, if there is a proposal or scheme which is to be implemented
only if there is a redevelopment of the Property, then any such reply shall be deemed to be satisfactory. If the Government
shall acquire or give notice of intended acquisition of the Property or part thereof after the date of this Option to Purchase
but before the Completion Date, the Purchaser may annul the purchase in which event all monies paid by the Purchaser to the
Vendor shall forthwith be refunded to the Purchaser without any interest, each party paying it’s own costs in the matter
and neither party shall have any claim or demand against the other for costs, damages, compensation or otherwise.
10 The Property is sold on an “as is where is” basis, and subject to
any restrictive covenants and easements and the Purchaser shall be deemed to have full knowledge and notice thereof. The Vendor shall permit the Purchaser to view for the purpose of inspection the property
prior to the date of completion. Remarks: Area
Shortage - Can claim only if difference is more 3%.
·
11. In the event
a fresh sale and purchase agreement is necessary to be executed between the Purchaser and Developer of the Property on completion,
the Vendor shall deliver to the Purchaser:
Remarks: Sub-sale before 20% is paid by the Seller to the Developer
is illegal.
(a)
the duly executed Deed of Assignment in favour of the Purchaser assigning all the Vendor’s
estate, right, title and interest under the original sale & purchase agreement executed between the Vendor and the Developer,
in the Property;
Remarks: Deferred option may/ may not apply to new buyer. Wef
26 Oct 2007 no more DP. (Attach Side Letter specifying types /color design
(b)
the Fresh Sale & Purchase Agreement entered into between the Developer and the Purchaser
at the cost and expense of the Purchaser;
(c)
the Developer’s confirmation on the amount of the purchase price mentioned in the said
original sale & purchase agreement that has been paid by the Vendor and that no progress payment or interest is due and
payable by the Vendor to the Developer; and
(d) the Letter of Authority from the Vendor to
Developer authorizing the Developer to credit all monies paid by the Vendor in respect of the Property, to the account of
the Purchaser.
* 12. The Purchaser shall bear the administrative
and legal costs charged by the Developer for the issuance of the said Fresh Sale &
Purchase Agreement. Remarks: Sign Deed of Assignment.(when using “and/or Nominee(s)” earlier) $200. Legal fees $200. Sub buyer may pay only $10 Stamp on completion. For Deed of Transfer,
Sub buyer pays the Stamp Duty on resale price.
13 All notices or request for payment of progress installments under the
said original sale and purchase agreement due for payment before the actual date
of completion shall be complied with by the Vendor.
14. If any voluntary conveyance or settlement forming part of the
vendor’s title bears a date less than five (5) years before
the date of this Option, the Purchaser shall be entitled at this option to rescind this Agreement by written notice to the
Vendor to that effect, and upon rescission the Vendor shall forthwith refund to the Purchaser the Deposit and all other monies
(if any) paid by the Purchaser hereunder to the Vendor or the Vendor’s solicitors but without any interest compensation
or deductions whatsoever, and thereafter neither party hereto shall have any claim or demand against the other party for damages,
costs, compensation or otherwise whatsoever in the name.
15 The Vendor hereby authorises the Vendor’s Solicitors as its agents
to collect the balance of the Sale Price and any other monies due on completion of the sale herein and acknowledges that payment
to or payment as directed by the Vendor’s Solicitors shall constitute a full discharge of the Purchaser’s obligations
under this contract.
16 Notwithstanding the completion of this sale, the terms herein
where applicable shall remain in full force and effect between the Vendor and the Purchaser in so far as the same are not
fulfilled or performed and shall not merge in the assurance of the Property to the Purchaser on completion of this sale or
upon registration of such assurance.
17. The Vendor agrees to pay _____________________________ House Agent
Licence No. __________ of ____________________________________________________(“the Agency”) as real estate agents,
a commission, in the sum of Dollars____________________________________________ (S$ _______________) plus Goods and Services
Tax where applicable (“the commission”) and the Vendor’s Solicitors are hereby authorised irrevocably to
deduct and retain the commission from the sale proceeds hereof and to pay the same to the Agency forthwith on completion of
the sale; Provided Always that if the Option money or the Deposit should be forfeited to the Vendor, then one half (1/2) of
such forfeited sum thereon or the amount of the commission whichever is lower, shall be paid to the Agency. Remarks:
wef 1 Jul 07 GST 7%.
18. This contract shall be subject
to the laws of the Republic of Singapore and the parties herein submit themselves to the jurisdiction of the Singapore Courts.
Dated this _______ day of
__________________200___.
SIGNED by the Vendor
)
Name :
)
NRIC No.:
)
)
In
the presence of: )
Name :
)
NRIC No.:
)
Address :
)
)
SIGNED by the Vendor
)
Name:
)
NRIC No.:
)
)
In
the presence of: )
Name :
)
NRIC No.:
)
Address :
)
)
ACCEPTANCE
COPY
Remarks: Exercise Option means sign S&P
& pay 5% or 10%less Option Money (1%) within 3 wks. Buyer pays 4% (5%-1%) or 9% (10%-1%) to sign & return Option.
Using the 10% Option means paying 10% CASH because CPF can only release the money after all legal documents have been completed! No time to use CPF.
Delay in CPF release buyer may also pay interest at 10% per annum! Based on purchase (less deposit and any sum paid to account – 1999
Cond 8.1)
We/I_________________________________________________________________________________
and__________________________________________________________________________________
HEREBY ACCEPT the above offer upon the terms and conditions mentioned above.
Our/My Solicitors are: ___________________________________________________________________
Dated this ________ day of _______________ 200___.
SIGNED by the Purchaser
)
Name :
)
NRIC No:
)
)
in the presence of:
)
Name :
)
NRIC No.:
)
Address :
)
)
SIGNED by the Purchaser
)
Name :
)
NRIC No.:
)
)
in the presence of:
)
Name :
)
NRIC No.:
)
Address :
)
)
Remarks:
1)
Foreign Company or Society
(though registered in Singapore) must obtain approval under S.25 or exemption under S.32
2)
Singapore society must
obtain certificate under S.10(3)
3)
Singapore company must
obtain a certificate under S10(3). Restriction on transfer of shares to foreigners.
