Promissory Note For Property for Singapore

Promissory Note For Property Template for Singapore

A legally binding document under Singapore law that contains a written promise to pay a specified sum of money secured by property. The document details the payment terms, property description, and obligations of the maker to the payee, incorporating Singapore's property and financial regulations, including stamp duty requirements and registration procedures under the relevant Acts.

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What is a Promissory Note For Property?

A Promissory Note For Property is commonly used in Singapore's real estate transactions when a party needs to formalize a promise to pay for property-related obligations. This document combines elements of both promissory notes and property security, making it particularly useful for property financing arrangements. The note must comply with Singapore's Bills of Exchange Act, Property Law Acts, and Stamp Duties Act. It typically includes detailed payment terms, property descriptions, enforcement mechanisms, and security arrangements. The document provides legal protection for both the lender and borrower while ensuring the property serves as collateral.

What sections should be included in a Promissory Note For Property?

1. Promise to Pay: Explicit promise to pay a specific amount, including the principal sum and payment terms

2. Property Details: Clear identification and description of the property serving as security for the note

3. Payment Terms: Detailed terms including amount, interest rate, payment schedule, and maturity date

4. Maker Details: Full legal name, address, and other relevant details of the person making the promise

5. Payee Details: Full legal name, address, and other relevant details of the person receiving the payment

What sections are optional to include in a Promissory Note For Property?

1. Acceleration Clause: Terms and conditions under which the full payment becomes immediately due and payable

2. Prepayment Terms: Conditions and provisions for early payment or prepayment of the note

3. Security Details: Additional security arrangements beyond the property, if any additional collateral is provided

4. Default Provisions: Specific terms defining what constitutes default and consequences thereof

What schedules should be included in a Promissory Note For Property?

1. Property Description Schedule: Detailed legal description of the property including lot number, boundaries, and other relevant details

2. Payment Schedule: Detailed breakdown of payment dates, amounts, and allocation between principal and interest

3. Property Valuation Report: Professional valuation report of the property if required as part of the agreement

4. Title Documents: Copies of relevant property title documents and certificates

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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Banking
Private Lending
Property Investment

Relevant Teams

Legal
Finance
Real Estate
Risk Management
Compliance

Relevant Roles

Property Manager
Real Estate Attorney
Loan Officer
Property Developer
Investment Manager

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Unsecured Promissory Note

A legally binding promise to pay under Singapore law, documenting an unsecured debt obligation between parties.

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What is a Promissory Note For Property?

What sections should be included in a Promissory Note For Property?

What sections are optional to include in a Promissory Note For Property?

What schedules should be included in a Promissory Note For Property?

Authors

Alex Denne

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