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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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
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