The Car Buyers Sellers Contract is essential for any vehicle transaction in Singapore, providing legal protection for both parties while ensuring compliance with local regulations. This document is designed to meet requirements set by the Land Transport Authority (LTA) and includes crucial details such as vehicle specifications, payment terms, warranties, and transfer procedures. It's particularly important given Singapore's strict vehicle ownership regulations and the significant financial investment involved in vehicle purchases. The contract helps prevent disputes by clearly documenting the agreement terms and ensuring all necessary disclosures are made.
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1. Parties: Details of buyer and seller including full legal names and identification
2. Background: Context of the sale and purchase transaction
3. Definitions: Key terms used throughout the agreement
4. Vehicle Details: Complete specification of the vehicle including registration number, make, model
5. Purchase Price: Agreed price and payment terms
6. Transfer of Ownership: Process and conditions for transferring vehicle ownership
7. Warranties: Seller's warranties regarding vehicle condition and ownership
8. Completion: Details of completion process and handover
1. Financing Terms: Required if purchase involves loan or hire purchase arrangements
2. Trade-in Terms: Details of any vehicle being traded in as part of the transaction
3. Condition Report: Detailed assessment of vehicle condition for used vehicles
1. Schedule 1 - Vehicle Inspection Report: Recent inspection report showing vehicle condition
2. Schedule 2 - Service History: Documentation of vehicle maintenance history
3. Schedule 3 - Registration Documents: Copies of current registration papers
4. Schedule 4 - Insurance Documents: Current insurance policy details
5. Schedule 5 - Payment Schedule: Detailed schedule if payment is to be made in installments
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