������Ƶ

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.

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