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Seller Financing Addendum

Seller Financing Addendum for Singapore

Seller Financing Addendum Template for Singapore

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Seller Financing Addendum

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What is a Seller Financing Addendum?

The Seller Financing Addendum is a crucial document in Singapore property transactions where traditional bank financing is not utilized or preferred. This addendum becomes necessary when a property seller agrees to finance part or all of the purchase price for the buyer. It must comply with Singapore's strict financial regulations, including the Moneylenders Act and Banking Act. The document typically includes detailed loan terms, security arrangements, and repayment schedules, while ensuring compliance with interest rate caps and consumer protection requirements. This arrangement is particularly useful in situations where buyers may face challenges obtaining traditional mortgage financing or when sellers wish to generate ongoing income from the property sale.

What sections should be included in a Seller Financing Addendum?

1. Parties: Identification of seller (lender) and buyer (borrower)

2. Background: Context of the main purchase agreement and need for seller financing

3. Definitions: Key terms used throughout the addendum

4. Loan Terms: Principal amount, interest rate, payment schedule, and term

5. Security Provisions: Details of property mortgage or other security arrangements

6. Default Provisions: Consequences of payment default and remedies

7. Execution: Signature blocks and witnessing requirements

What sections are optional to include in a Seller Financing Addendum?

1. Prepayment Terms: Optional section specifying terms and conditions for early repayment of the loan

2. Insurance Requirements: Optional section detailing property insurance obligations and requirements

3. Transfer Restrictions: Optional section specifying limitations on property transfer during loan term

What schedules should be included in a Seller Financing Addendum?

1. Schedule 1 - Payment Schedule: Detailed amortization table showing payment dates and amounts

2. Schedule 2 - Property Description: Legal description of the property being financed

3. Schedule 3 - Security Documents: Forms of mortgage or other security documents

4. Schedule 4 - Disclosure Statement: Required financial disclosures under Singapore law

Authors

Alex Denne

Head of Growth (Open Source Law) @ ΊμΠΣΦ±²₯ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions































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Industries

Moneylenders Act (Chapter 188): Primary legislation governing money lending activities in Singapore, including restrictions on interest rates and licensing requirements for moneylenders

Banking Act (Chapter 19): Regulates banking operations and financial institutions in Singapore, including requirements for financing arrangements

Securities and Futures Act (Chapter 289): Governs securities trading and financial instruments, relevant if the financing arrangement includes any securitization

Monetary Authority of Singapore Act (Chapter 186): Establishes MAS's regulatory authority over financial institutions and transactions in Singapore

Residential Property Act (Chapter 274): Regulates residential property ownership and transactions, including restrictions on foreign ownership

Housing and Development Act (Chapter 129): Governs public housing transactions and financing arrangements involving HDB properties

Conveyancing and Law of Property Act (Chapter 61): Regulates property transactions and transfer of interests in real estate, including mortgages and charges

Property Tax Act (Chapter 254): Governs taxation aspects of property ownership and transactions

Contract Law: Common law principles governing formation and enforcement of contracts in Singapore

Misrepresentation Act (Chapter 390): Protects parties against false statements or misrepresentations in contractual arrangements

Unfair Contract Terms Act (Chapter 396): Regulates unfair terms in contracts and protects consumers from unreasonable contract provisions

MAS Guidelines on Fair Dealing: Regulatory guidelines ensuring fair treatment of consumers in financial transactions

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices in transactions, including financial arrangements

MAS Notice 632: Specific guidelines on residential property loans and financing arrangements

Total Debt Servicing Ratio (TDSR) Framework: Regulatory framework limiting the amount of debt service payments relative to income

Registration of Deeds Act (Chapter 269): Requirements for registration of property-related documents and financing arrangements

Land Titles Act (Chapter 157): Governs the registration and transfer of land titles, including encumbrances and mortgages

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