The Mortgage Assumption Agreement is a crucial document in Singapore's property financing landscape, used when a party wishes to take over an existing mortgage from the current borrower. This agreement becomes necessary in various scenarios, such as property transfers between family members, business restructuring, or when a buyer prefers to assume an existing mortgage rather than obtain new financing. The agreement must comply with Singapore's strict property and banking regulations, including MAS guidelines, and may require additional considerations for HDB properties or when CPF funds are involved. The document outlines the terms of assumption, releases the original borrower from obligations, and establishes the assuming borrower's responsibilities while maintaining the lender's security interests.
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Key Requirements PROMPT example:
Mortgage Assumption Agreement
"Need a Mortgage Assumption Agreement for an HDB flat in Singapore where my brother will take over my existing mortgage from DBS Bank, with the transfer to be completed by March 2025; CPF funds are involved and we need to ensure all HDB regulations are properly addressed."
1. Parties: Identifies all parties involved: original borrower, assuming borrower, and lender
2. Background: Details of original mortgage, property, and reason for assumption
3. Definitions: Key terms used throughout the agreement
4. Assumption of Mortgage: Core terms of assumption including obligations and responsibilities
5. Property Description: Detailed description of the mortgaged property
6. Original Borrower Release: Terms of release for original borrower
7. Payment Terms: Details of remaining payments, interest rates, and payment schedule
8. Representations and Warranties: Statements of fact by all parties
9. Governing Law: Specification of Singapore law as governing law
1. CPF Usage Terms: Required when CPF funds are involved in the mortgage
2. HDB Compliance: Special terms for HDB properties
3. Foreign Ownership Provisions: Additional requirements for foreign buyers
1. Schedule 1 - Property Details: Detailed property information including title details
2. Schedule 2 - Original Mortgage Terms: Copy or summary of original mortgage agreement
3. Schedule 3 - Payment Schedule: Detailed breakdown of remaining payments
4. Appendix A - Required Consents: Copies of regulatory approvals and consents
5. Appendix B - Property Valuation: Current property valuation report
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