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The Car Assume Balance Deed of Sale is a specialized legal document used in Australian jurisdictions when transferring ownership of a vehicle that has an existing loan against it. This document is particularly useful when the buyer agrees to take over the remaining loan payments instead of the seller paying off the loan before the sale. The deed ensures compliance with the Personal Property Securities Act 2009, the National Consumer Credit Protection Act 2009, and relevant state-specific vehicle transfer legislation. It comprehensively details the vehicle specifications, current loan status, transfer terms, and the respective obligations of all parties involved. The document protects the interests of the seller, buyer, and financial institution by clearly documenting the transfer of both the vehicle ownership and loan responsibilities, while ensuring all regulatory requirements are met.

1. Parties: Identifies all parties involved: current vehicle owner (Seller), buyer assuming the loan (Buyer), and the financial institution holding the loan

2. Background: Outlines the existing vehicle loan, current ownership, and intention to transfer both vehicle and loan obligations

3. Definitions: Defines key terms used throughout the deed including Vehicle, Loan Agreement, Settlement Date, Outstanding Balance, etc.

4. Sale and Purchase: Details the agreement to sell the vehicle and transfer the loan, including the purchase price and outstanding loan amount

5. Assumption of Loan: Specifies terms under which the buyer assumes responsibility for the remaining loan payments and obligations

6. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, registration number, and current condition

7. Settlement and Payment: Details of how and when the transfer will be settled, including any initial payments and ongoing loan payment arrangements

8. Warranties and Representations: Seller's warranties regarding vehicle ownership, loan status, and absence of encumbrances other than the stated loan

9. Transfer of Registration: Requirements and process for transferring vehicle registration to the buyer

10. Completion Requirements: Actions required by each party to complete the transfer, including documentation and regulatory requirements

11. Governing Law: Specifies that the deed is governed by Australian law and the relevant state jurisdiction