There are different terms and conditions or sale and purchase agreements when buying a real estate in Singapore. These terms and conditions include the following:
- The developer needs to build the housing project and unit in a good and workmanlike manner according to the specifications which were set out in the agreement. The developer also needs to build the unit with the common property
- The buyer should also obtain a written confirmation from the developer when there are some items which were also offered by the developer which were not written or stated in the agreement. The materials, fitting, appliances, finishes, furnishings, and others which will also be used or given for the unit and the common facilities are also set out on the specifications of the building.
- The buyer of the strata-titled property needs to note the share value which is also allocated to the unit as it decides the payable maintenance charges. The share value of a certain unit decides if the buyer’s share in the housing project is also used to compute the share of contribution of the buyer for the recurrent maintenance fees and charges on the common property. If there are some restrictions on the use and enjoyment of the unit and common property, the buyer needs to note that in the sale and purchase agreement.
- Any changes on the terms and conditions in the standard sale and purchase agreement need to also be approved by the controller of housing. Even if the changes have been mutually agreed upon by the buyer and the developer, they need it to still be approved by the controller of housing. The developer needs to list all the changes on the sale and purchase agreement approved by the controller of housing as separate schedule on the agreement. This is also referred to as The Second Schedule.
- The buyer need to inform the developer if he sub-sells the unit before the completion of the unit’s sale has taken place.
- The sale and purchase agreement is also considered as a private contract between the developer and the buyer. If there are any breaches or disputes, the buyer may ask to resolve them through mediation or by seeking legal advice with the proper course of action.
These are some of the terms and conditions or sale and purchase agreement when buying a real estate property in Singapore.