“I am buying a property from a developer. The property is still under construction. The developer requested me to sign the ‘Sale and Purchase Agreement’. What is that?”
The sale and purchase agreement (for property transaction), is an agreement which signifies the Vendor agrees to sell and the Purchaser agrees to purchase, base on the terms and conditions contained in the agreement.
If you are buying a landed residential property which is under construction from a developer, then the developer must adopt the model 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) which is under construction from a developer, then the developer must adopt the model agreement under Schedule H of the same regulation.
The developer has no liberty to remove the protection given to purchaser in the model agreement. Any terms inserted by developer to change the agreement is null and void.
However, if the unit bought from developer is for mixed purpose, i.e. for residential and commercial (e.g. small-office-home-office type), the developer is free from adopting the model agreement under Schedule G and H.
The Schedule G and H are also not applicable to commercial property.