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Promissory Note For Property Template for Singapore

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Key Requirements PROMPT example:

Promissory Note For Property

"I need a Promissory Note For Property to secure a loan of SGD 1.5 million for a commercial property purchase in Singapore's Central Business District, with monthly repayments over 15 years starting from March 2025, including an early repayment option."

Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Industries

Residential Property Act (Cap. 274): Main legislation governing residential property ownership and transactions in Singapore, including restrictions on foreign ownership

Land Titles Act (Cap. 157): Legislation governing the registration and transfer of land titles in Singapore, ensuring security of property ownership

Conveyancing and Law of Property Act (Cap. 61): Regulates property transactions and transfers, including legal requirements for property conveyancing

Contract Law (Cap. 43): Fundamental legislation governing contract formation, validity, and enforcement in Singapore

Bills of Exchange Act (Cap. 23): Primary legislation governing promissory notes, including their creation, validity, and enforcement

Electronic Transactions Act (Cap. 88): Governs electronic transactions and digital signatures, relevant if the promissory note is executed electronically

Moneylenders Act (Cap. 188): Regulates moneylending activities and related financial instruments when involving licensed moneylenders

Banking Act (Cap. 19): Governs banking operations and financial instruments in Singapore

Currency Act (Cap. 69): Legislation governing currency matters and monetary obligations in Singapore

Consumer Protection (Fair Trading) Act (Cap. 52A): Protects consumer interests and ensures fair trading practices in transactions

Unfair Contract Terms Act (Cap. 396): Regulates unfair terms in contracts and provides protection against unreasonable contract conditions

Stamp Duties Act (Cap. 312): Governs the imposition of stamp duties on documents, including promissory notes and property transactions

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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