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Seller Financing Agreement
"Need a Seller Financing Agreement for the sale of my manufacturing equipment worth SGD 500,000 to a small business, with monthly payments over 3 years and a 15% down payment, to be executed by March 2025."
1. Parties: Identification of seller and buyer, including full legal names and addresses
2. Background: Context of the transaction and brief description of the financing arrangement
3. Definitions: Key terms used throughout the agreement
4. Purchase Price and Financing Terms: Total purchase price, down payment, loan amount, interest rate, and payment schedule
5. Security and Collateral: Details of assets securing the loan
6. Payment Terms: Payment mechanics, dates, and methods
7. Default Provisions: Consequences of default and remedies available
8. Representations and Warranties: Standard declarations by both parties
9. Governing Law: Specification of Singapore law as governing law
1. Insurance Requirements: Optional section specifying insurance requirements when valuable assets are involved as security
2. Prepayment Provisions: Optional section detailing terms for early repayment when such options are allowed
3. Third Party Guarantees: Optional section covering details of any guarantors when additional security is required
4. Assignment Rights: Optional section specifying rights to assign the agreement when assignment might be contemplated
1. Payment Schedule: Detailed amortization table showing payment dates and amounts
2. Property Description: Detailed description of property or assets being financed
3. Security Documents: Forms of security documents, mortgages, or charges
4. Condition Reports: For asset financing, condition of assets at time of agreement
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