Legal Templates
Owner Finance Contract

Owner Finance Contract for Singapore

Owner Finance Contract Template for Singapore

An Owner Finance Contract under Singapore law is a legally binding agreement where the property seller provides direct financing to the buyer instead of the buyer obtaining a traditional mortgage from a financial institution. This document outlines the terms of payment, interest rates, security arrangements, and conditions for title transfer, all compliant with Singapore's property and financial regulations. It includes specific provisions required under Singapore law for property transactions and owner financing arrangements.

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What is a Owner Finance Contract?

The Owner Finance Contract is utilized in Singapore when traditional bank financing is not preferred or available. It enables property sellers to act as lenders, creating a direct financial relationship with buyers. This arrangement must comply with Singapore's strict property and lending regulations, including the Moneylenders Act and Property Law. The contract typically includes detailed payment schedules, interest calculations, default provisions, and security arrangements. Owner Finance Contracts are particularly relevant in Singapore's dynamic property market where alternative financing options are increasingly sought after.

What sections should be included in a Owner Finance Contract?

1. Parties: Identification of seller (owner-financier) and buyer

2. Background: Context of the transaction and property details

3. Definitions: Key terms used throughout the contract

4. Purchase Price and Payment Terms: Total amount, down payment, installment structure

5. Interest Rate and Calculations: Interest rate, computation method, payment schedule

6. Security Provisions: Liens, mortgages, or other security interests

7. Default and Remedies: Consequences of default and available remedies

8. Transfer of Title: Conditions for property title transfer

What sections are optional to include in a Owner Finance Contract?

1. Insurance Requirements: Property insurance obligations for protecting the financed property

2. Property Maintenance: Maintenance responsibilities and obligations during the financing period

3. Early Payment Provisions: Terms and conditions for early repayment or prepayment of the loan

4. Assignment Rights: Terms governing the transfer or assignment of contract rights to third parties

What schedules should be included in a Owner Finance Contract?

1. Property Description Schedule: Detailed description of the property including location and specifications

2. Payment Schedule: Detailed payment timeline including principal and interest breakdowns

3. Property Title Documents: Copies of relevant property ownership documents

4. Property Inspection Report: Current condition of property and inspection findings

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Financing Agreement

Sector

Capital Markets

Cost

Free to use
Industries

Civil Law Act (Cap. 43): Primary legislation governing civil law matters in Singapore, including contract law principles and remedies

Moneylenders Act (Cap. 188): Regulates moneylending activities and protects borrowers' interests in Singapore

Banking Act (Cap. 19): Provides regulatory framework for banking institutions and financial services in Singapore

Contracts Act (Cap. 53): Governs the formation and enforcement of contracts in Singapore

Residential Property Act: Regulates the purchase and ownership of residential properties by foreign persons in Singapore

Housing and Development Act: Governs public housing (HDB) properties and related transactions in Singapore

Land Titles Act: Establishes the system of land registration and provides for dealings in registered land

Conveyancing and Law of Property Act: Regulates the conveyancing of property and related property law matters

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore for financial institutions

Securities and Futures Act: Regulates securities, derivatives, and other financial products in Singapore

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices and provides additional rights in transactions

Stamp Duties Act: Governs the imposition of stamp duties on instruments and transactions

Personal Data Protection Act: Governs the collection, use, and disclosure of personal data in Singapore

Rules of Court: Procedural rules governing civil litigation and enforcement proceedings in Singapore courts

Bankruptcy Act: Regulates bankruptcy proceedings and the administration of bankrupt estates

Limitations Act: Sets time limits for bringing legal actions and enforcing rights in Singapore

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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