S&P Agreement: Sale and Purchase Contract Explained

What Does It Mean?

Sale and Purchase Agreement (S&P)

The Sale and Purchase Agreement (S&P) is the main legal contract that governs a property transaction in Singapore. It sets out the purchase price, completion date, conditions, and obligations of both buyer and seller.

Completion Date

The completion date is the contractual deadline by which the buyer must pay the balance of the purchase price and the seller must hand over vacant possession. For private property, completion is typically 8-12 weeks after exercising the OTP.

Worked Example

After exercising the OTP, the S&P Agreement is formed. Key milestones:

Why It Matters

The S&P Agreement is a legally binding contract. Once signed, backing out can mean forfeiting your deposit (typically 5% of purchase price) or facing legal action. Always review it with your lawyer.

Where to Find This on ShiokNest

• Legal Conveyancing Checklist
• First-Time Buyer Checklist
• Purchase Journey Timeline Calculator

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This glossary article is auto-generated from ShiokNest's financial data and updated periodically. Rates and figures are current as of March 2026. Check official sources for the latest.