Option To Purchase (PTE)

ERA Realty Network Pte Ltd

 To: ______________________________________________________________________________________________________________
_________________________________________________________________________________________________ (the “Purchaser”)
Re: Property known as _____________________________________________________________________________________ (the “Property”)
(A) IN CONSIDERATION of the sum of Singapore Dollars ______________________________________________________________________
__________________________________________________________________ (S$ ________________ ) (the “Option Money”) received
by _______________________________________________________________________ (the “Vendor”) from the Purchaser via cheque
no. _____________________ , the Vendor hereby offers to sell to the Purchaser the Property upon the terms and conditions set out herein, which
offer remains open for acceptance in the manner hereinafter prescribed until 4.00 p.m. on the _________ day of _____________ 20_________.
(B) This Option shall be accepted by the Purchaser by signing at the portion of this Option marked “ACCEPTANCE COPY”, and delivering this Option duly
signed to the Vendor’s solicitors __________________________________________ at _________________________________________
___________________________ , together with a cheque for five percent (5%) of the sale price (the “Deposit”) less the Option Money.
* The said payment of $ ____________________________ shall be in favour of the “Singapore Academy of Law” by **cheque / telegraphic
transfer to the [Singapore Academy of Law’s designated account] excluding bank charges and deductions. The Singapore Academy of Law
shall hold the said payment as stakeholder pending completion in accordance with the Singapore Academy of Law (Conveyancing Money)
Rules 2011 and instructions referred to therein.
* The said payment of $ ____________________________ shall be in favour of the [(name of) Vendor’s solicitors’ Law practice-CVY] by
**cheque / telegraphic transfer to the [bank name and account no: ________________________________ ] excluding bank charges and
deductions. The Vendor’s solicitors are authorised to acknowledge receipt of the same and to hold the same as stakeholders pending
completion herein.
* Delete if not applicable. If both not applicable i.e. money to be released to the Vendor, to delete both.
** Delete if not applicable.
(C) If the Purchaser exercises this Option in the prescribed manner, the Option Money paid by the Purchaser will be credited to the sale price herein. If
the Purchaser does not exercise this Option in the prescribed manner, this Option will be null and void, and the Option Money will be forfeited by the
Vendor.
TERMS AND CONDITIONS
(1) This sale and purchase is subject to the Law Society of Singapore’s Conditions of Sale 2012 (the “Conditions”) in so far as they are applicable
to sale by private treaty and in so far as the Conditions and the terms and conditions of this Agreement are not contrary to or in conflict with the
following:
a. Conveyancing & Law of Property (Conveyancing) Rules 2011 as promulgated under the Conveyancing & Law of Property Act; and
b. Singapore Academy of Law (Conveyancing Money) Rules 2011 as promulgated under the Singapore Academy of Law Act (Cap 294A) (if applicable).
Where the terms and conditions of this Agreement are in conflict with the Conditions, the former shall prevail.
(2) The sale price of the Property shall be Singapore Dollars ___________________________________________________________________
_________________________________________________________________________ (S$ _______________________________ )
plus the prevailing Goods and Services Tax (if required by law).
(3) The Property is sold *unfurnished/furnished, and a copy of the Inventory List is attached.
(4) *The Property is sold with vacant possession.
*The Property is sold subject to existing tenancy, and a copy of the Tenancy Agreement is annexed to this Option.
(5) The sale and purchase shall be completed at the office of the Vendor’s solicitors, or at such other place as the Vendor’s solicitors may direct, on
_________ day of _____________ 20_________ or on such earlier date as Vendor and the Purchaser may agree.
(6) (Where applicable) The Vendor shall endeavour to procure the Developer’s agreement to a novation of contract with the Purchaser but in any event
the Vendor shall execute the usual subsale Deed of Assignment-cum-Power of Attorney in the Purchaser’s favour. The Purchaser shall bear the
administrative and legal costs charged by the Developer for the issuance of any fresh Sale and Purchase Agreement. The Vendor shall authorise and
direct the Developer to credit all monies paid by the Vendor in satisfaction of the sale price to the Purchaser’s account.
(7) Where the Purchaser is not a Singapore citizen, the purchase of the Property shall, where applicable, be subject to the Purchaser obtaining written
approval from the Controller of Residential Property (Land Dealings (Approval) Unit, SLA) to purchase the Property. In the event the Purchaser’s
application is unsuccessful, this Option to Purchase shall be null and void, in which event all monies paid by the Purchaser to the Vendor shall
forthwith be refunded to the Purchaser without any interest, each party shall bear their own costs in the matter and neither party shall have any claim
or demand against the other for costs, damages, compensation or otherwise.
(8) Title to the Property shall be in order and properly deduced.
(9) The Property is sold subject to any restrictive covenants, easements, party wall rights (if applicable) and all other rights whatsoever affecting the same
but otherwise free from encumbrances.
(10) If at any time prior to the date fixed for completion there shall be any acquisition or publication of notice of intended acquisition by the Government
or relevent competent authority affecting the Property in whole or in part, the Purchaser shall be entitled at its option to either:-
a. rescind this Agreement by written notice to the Vendor to that effect, and upon rescission, the Vendor shall 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 matter; or
b. continue with the sale and purchase herein by written notice to the Vendor to that effect, whereupon the Vendor shall notify the Government or
relevant competent authority of the same, and subject to the Purchaser having paid the purchase price in full and having complied with all other
terms and conditions of this Agreement, all compensation monies (if any) received by or payable to the Vendor shall be held by the Vendor in trust
for the Purchaser and shall on receipt be paid over to the Purchaser free from interest.
(11) The Property is sold subject to satisfactory replies to the usual Purchaser’s solicitors’ requisitions (including Road and Drainage Interpretation Plans)
to the various Government and relevant competent authorities. If any of the aforesaid replies are unsatisfactory then this Agreement may be rescinded
at the Purchaser’s option and upon rescission, the Vendor shall 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 matter PROVIDED
ALWAYS that:-
a. if replies to such legal requisitions are not received by the date fixed for completion, then such replies shall be deemed to be satisfactory;
b. replies to legal requisitions shall be deemed unsatisfactory if the same disclose that the Property is affected by any notice or order which the
Vendor shall have refused or is not able to comply with by the date fixed for completion at the Vendor’s sole expense:
c. any approved road, backlane or drainage lines reserves or proposals shall be considered unsatisfactory if such lines reserves or proposals affect
the building line of the Property regardless of whether the same is adopted or safeguarded or is to be implemented before or after the completion
date PROVIDED that if such lines reserves or proposals will be implemented only if there is re-development of the Property, then the reply shall
not be considered unsatisfactory, and

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 d. any reply from the Land Transport Authority showing that the Property is affected by any rapid transit system proposal shall be deemed
unsatisfactory.
(12) The Purchaser is treated as having notice of the actual state and condition of the Property as regards access, repair, light, air, drainage and all
other respects and is deemed to have inspected the Property and no warranty or representation on the part of the Vendor or the Vendor’s agent or
representative is given or to be implied as to the state, quality, fitness or anything whatsoever and accordingly the Purchaser shall not be entitled to
make or raise any objection or requisition whatsoever in respect thereof.
(13) The Vendor hereby confirms that the Vendor’s solicitors as abovementioned have been appointed as its agent for the collection of the purchase price
or the balance thereof and any other monies due hereunder. The Vendor acknowledges that payment to any mortgagee or chargee of the Property
and payment to the Vendor’s solicitors or payment as directed by the Vendor’s solicitors shall constitute a full discharge of the payment obligations
by the Purchaser to the Vendor.
(14) The Vendor agrees to pay ERA Realty Network Pte Ltd a marketing fee of two percent (2%) of the sale price together with Goods and Services Tax
thereon (”GST”), and the Vendor’s solicitors shall accept this as the Vendor’s irrevocable authority to retain the said marketing fee and GST from the
sale proceeds and to pay the same directly to ERA Realty Network Pte Ltd forthwith on completion of the sale PROVIDED that should any monies
paid hereunder be forfeited by the Vendor, one half (1/2) of the monies forfeited shall forthwith be paid to ERA Realty Network Pte Ltd provided that
such amount does not exceed the said marketing fee and GST.
(15) The provisions contained herein supersede any previous representations, warranties, information, agreements or undertakings (if any), whether such
be written or oral, given by the Vendor or the Vendor’s agent or representative and the provisions herein shall apply and govern the sale and purchase
of the Property.
(16) Where the context so admits:-
a. The expression the “Vendor” includes the personal representative(s) of and/or the person(s) deriving title under the Vendor. Where the expression
the “Vendor” describes more than one person, all covenants, terms, conditions and undertakings made by or applicable to such persons are made
or applicable jointly and severally.
b. The expression the “Purchaser” includes the personal representative(s) of and/or the person(s) deriving title under the Purchaser. Where the
expression the “Purchaser” describes more than one person, all covenants, terms, conditions and undertakings made by or applicable to such
persons are made or applicable jointly and severally.
c. Words importing the neuter gender include the masculine and feminine genders, and vice versa; and words importing the singular include the
plural and vice versa.
(17) 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____________________ 20________.

_______________________________________________________ _______________________________________________________
Signature of Vendor Signature of Witness
Name: __________________________________________________ Name: __________________________________________________
NRIC No.: ________________________________________________ NRIC No.: ________________________________________________

_______________________________________________________ _______________________________________________________
Signature of Vendor Signature of Witness
Name: __________________________________________________ Name: __________________________________________________
NRIC No.: ________________________________________________ NRIC No.: ________________________________________________

ACCEPTANCE COPY

I/We, _______________________________________________________________ as Purchaser, do hereby accept the above offer upon the terms
and conditions set out in the said Option.
My/Our Solicitors are ________________________________________________________________________________________________ .
Dated this __________________________________________ day of ____________________________________ 20 __________________ .

_______________________________________________________ _______________________________________________________
Signature of Purchaser Signature of Witness
Name: __________________________________________________ Name: __________________________________________________
NRIC No.: ________________________________________________ NRIC No.: ________________________________________________

_______________________________________________________ _______________________________________________________
Signature of Purchaser Signature of Witness
Name: __________________________________________________ Name: __________________________________________________
NRIC No.: ________________________________________________ NRIC No.: ________________________________________________

Important! Original : Buyer

Duplicate : Seller
This is a general document which may not be appropriate for use in all cases. When in doubt, please seek legal advice. ERA Realty Triplicate : Office
Network Pte Ltd disclaims any liability whatsoever arising from the use of this document (including any amendment(s) to this document). Quadruplicate : Associate
* delete if not applicable ERN-OTP(Flat2%)@10K-0413

ERA Realty Network Pte Ltd