The Conditional Deed of Sale With Assumption of Mortgage is a specialized legal instrument used in Australian property transactions where the buyer intends to take over the seller's existing mortgage rather than establishing a new one. This document is particularly relevant in situations where the existing mortgage terms are favorable or when traditional refinancing might be challenging. It must comply with Australian property law, banking regulations, and consumer protection legislation, including the National Consumer Credit Protection Act 2009 and various state-specific property acts. The deed typically includes detailed conditions precedent, mortgage assumption terms, property details, and comprehensive provisions for both successful completion and potential failure of conditions. It's commonly used in both residential and commercial property transactions where mortgage assumption offers advantages to both parties.
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1. Parties: Identifies and defines all parties: Vendor, Purchaser, Current Mortgagee, and any other relevant parties
2. Background: Outlines the current ownership, existing mortgage details, and intention to sell with mortgage assumption
3. Definitions and Interpretation: Defines key terms and establishes interpretation rules for the deed
4. Sale Agreement: Details the basic terms of the property sale including price, deposit, and settlement arrangements
5. Conditions Precedent: Specifies all conditions that must be met before the sale becomes unconditional
6. Mortgage Assumption Terms: Details the terms and process for assuming the existing mortgage
7. Vendor's Obligations: Lists all obligations and warranties of the vendor
8. Purchaser's Obligations: Lists all obligations and warranties of the purchaser
9. Settlement and Completion: Specifies the settlement process and requirements for completion
10. Default and Termination: Outlines consequences of default and termination rights
11. Representations and Warranties: Contains standard and specific warranties from all parties
12. GST Provisions: Addresses GST implications and obligations
13. General Provisions: Contains standard boilerplate clauses including notices, governing law, etc.
14. Execution: Formal execution blocks for all parties
1. Third Party Consents: Required when the mortgage assumption needs specific third-party approvals
2. Multiple Properties: Used when the sale involves multiple properties under the same mortgage
3. Special Conditions: For any unique requirements or conditions specific to the transaction
4. Tenant Provisions: Required when the property is subject to existing tenancies
5. Body Corporate Provisions: Required for properties under strata or community title
6. Environmental Matters: Required when there are environmental considerations or contamination issues
7. Development Conditions: Used when the property is subject to development applications or approvals
1. Property Description: Detailed description of the property including title references and encumbrances
2. Existing Mortgage Details: Complete details of the mortgage being assumed including current balance and terms
3. Purchase Price Calculation: Breakdown of purchase price, deposit, and adjustment calculations
4. Settlement Requirements: Checklist of all documents and requirements for settlement
5. Disclosure Statement: Required statutory disclosures about the property and transaction
6. Special Conditions: Detailed special conditions if applicable
7. Form of Transfer: Pro-forma transfer document to be used at settlement
8. Mortgage Assumption Agreement: Pro-forma agreement for the assumption of mortgage
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Banking and Finance
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Property Development
Mortgage Lending
Real Estate Investment
Construction
Property Management
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Credit Assessment
Risk Management
Settlement Operations
Mortgage Services
Contract Administration
Property Valuation
Relevant Roles
Real Estate Lawyer
Property Lawyer
Conveyancing Lawyer
Real Estate Agent
Mortgage Broker
Bank Manager
Credit Manager
Property Manager
Real Estate Development Manager
Legal Counsel
Compliance Officer
Settlement Agent
Property Valuer
Financial Advisor
Contract Administrator
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