Sale and Purchase Agreement

The Sale and Purchase agreement (SPA) is an agreement for property transactions which signifies that the Vendor agrees to sell and the Purchaser agrees to purchase, based on the terms and conditions contained in the agreement.

If you are buying a landed residential property (i.e. bungalow or terrace houses) which is under construction from a developer, then the developer must adopt the standard agreement under Schedule G of the Housing Development (Control & Licensing) Regulations 1989.

And if you are buying a residential unit in a subdivided building (e.g. flat, condominium, apartment, landed strata or town houses) which is under construction from a developer, then the developer must adopt the standard agreement under Schedule H of the same regulation.

The developer has no liberty to remove the protection given to purchaser in the standard agreement. Any terms inserted by developer to change the agreement is null and void.

The Schedule G and H are not applicable to commercial property.

To download the Schedules, please log on to e-Federal Gazette Official Portal, or click below title to download :

 

Posted in Home Buyers