The Deed of Sale Assumption of Mortgage is utilized in Singapore property transactions where a buyer wishes to take over the seller's existing mortgage rather than obtaining new financing. This arrangement can be beneficial when the existing mortgage terms are favorable or when refinancing costs would be prohibitive. The document must comply with Singapore's strict property and banking regulations, including requirements under the Housing and Development Act for HDB properties. It typically includes detailed information about the property, original mortgage terms, outstanding balance, and the specific obligations being assumed by the buyer. This type of deed requires careful drafting to ensure all legal requirements are met and all parties' interests are protected.
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1. Parties: Identifies all parties involved: seller, buyer, and current mortgagee
2. Background: Details of the original mortgage, property, and reason for assumption
3. Definitions: Key terms used throughout the deed
4. Sale Terms: Purchase price, payment terms, and completion date
5. Mortgage Assumption Terms: Details of the mortgage being assumed, including outstanding balance and terms
6. Representations and Warranties: Statements of fact by parties regarding their capacity and the property
7. Completion Requirements: Actions required to complete the transaction
8. Execution: Formal signing requirements and witness details
1. CPF Usage: Required if buyer is using CPF funds for purchase
2. HDB Compliance: Required for HDB properties
3. Foreign Ownership Declaration: Required for foreign buyers
4. Property Management: Details of management corporation dues and obligations
1. Property Description Schedule: Detailed description of property including lot number and address
2. Original Mortgage Schedule: Copy or details of original mortgage agreement
3. Outstanding Payment Schedule: Details of remaining mortgage payments and schedule
4. Property Title Documents: Copies of relevant title documents
5. Mortgagee Consent: Written consent from current mortgagee for assumption
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