The Owner Financed Sales Contract is utilized in Singapore when traditional mortgage financing is not preferred or available. This arrangement allows property sellers to act as lenders, creating a direct financial relationship with buyers. The document combines elements of both a property sale agreement and a financing agreement, detailing purchase price, payment terms, interest rates, security measures, and default provisions. It must comply with Singapore's strict property laws, including the Residential Property Act, Conveyancing and Law of Property Act, and Moneylenders Act. This type of contract is particularly relevant in situations where buyers may not qualify for traditional bank financing or when sellers wish to generate ongoing income through interest payments.
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Key Requirements PROMPT example:
Owner Financed Sales Contract
"I need an Owner Financed Sales Contract for a commercial property in Singapore valued at $2.5M, where I'll be offering the buyer a 15-year financing term with a 20% down payment and 5.5% interest rate, to be completed by March 2025."
1. Parties: Identification of seller and buyer with full legal names and addresses
2. Background: Context of the sale and financing arrangement
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed description of the property being sold
5. Purchase Price and Payment Terms: Total price, down payment, and financing details
6. Interest Rate and Amortization: Interest rate terms and payment schedule
7. Security Provisions: Liens and other security measures
8. Default and Remedies: Consequences of default and available remedies
9. Governing Law: Specification of Singapore law as governing law
1. Insurance Requirements: Property insurance obligations - include when specific insurance requirements are needed
2. Property Maintenance: Maintenance obligations during financing period - include for properties requiring specific maintenance standards
3. Early Payment Provisions: Terms for early payoff or additional payments - include when allowing early payment options
4. Transfer Restrictions: Limitations on property transfer during financing period - include when transfer restrictions are desired
1. Property Details Schedule: Detailed property specifications and boundaries
2. Payment Schedule: Detailed amortization table and payment dates
3. Property Title Documents: Copies of relevant title documents
4. Property Condition Report: Current condition assessment of the property
5. Insurance Certificates: Required insurance documentation
Authors
Relevant legal definitions
Acceleration
Agreement
Amortization Schedule
Applicable Law
Business Day
Buyer
Closing Date
Commencement Date
Default
Default Interest Rate
Down Payment
Encumbrance
Event of Default
Interest Rate
Late Payment Fee
Legal Charges
Loan Amount
Monthly Payment
Mortgage
Outstanding Balance
Parties
Payment Date
Payment Schedule
Principal Amount
Property
Property Title
Purchase Price
Relevant Authority
Security Interest
Seller
Stamp Duty
Term
Title Documents
Transfer Date
Agreement
Amortization Schedule
Applicable Law
Business Day
Buyer
Closing Date
Commencement Date
Default
Default Interest Rate
Down Payment
Encumbrance
Event of Default
Interest Rate
Late Payment Fee
Legal Charges
Loan Amount
Monthly Payment
Mortgage
Outstanding Balance
Parties
Payment Date
Payment Schedule
Principal Amount
Property
Property Title
Purchase Price
Relevant Authority
Security Interest
Seller
Stamp Duty
Term
Title Documents
Transfer Date
Clauses
Parties and Property Description
Purchase Price
Payment Terms
Interest Rate
Security Interest
Title Transfer
Property Condition
Insurance Requirements
Default and Remedies
Acceleration Rights
Prepayment Rights
Property Maintenance
Tax Obligations
Registration and Stamp Duty
Assignment
Representations and Warranties
Due Diligence
Governing Law
Dispute Resolution
Force Majeure
Notices
Severability
Entire Agreement
Amendment
Costs and Expenses
Indemnification
Confidentiality
Termination
Survival
Purchase Price
Payment Terms
Interest Rate
Security Interest
Title Transfer
Property Condition
Insurance Requirements
Default and Remedies
Acceleration Rights
Prepayment Rights
Property Maintenance
Tax Obligations
Registration and Stamp Duty
Assignment
Representations and Warranties
Due Diligence
Governing Law
Dispute Resolution
Force Majeure
Notices
Severability
Entire Agreement
Amendment
Costs and Expenses
Indemnification
Confidentiality
Termination
Survival
Relevant Industries
Relevant Teams
Relevant Roles
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