The Deed of Absolute Sale with Assumption of Mortgage is a specialized legal instrument used in Australian property transactions where the buyer wishes to assume the seller's existing mortgage rather than obtaining new financing. This document is particularly relevant when the existing mortgage terms are favorable or when streamlining the property transfer process is desired. It combines elements of a standard property sale agreement with specific provisions for mortgage assumption, requiring careful attention to both Australian property law and banking regulations. The deed must address the interests of all three main parties - seller, buyer, and mortgagee - while ensuring compliance with state-specific property transfer requirements, consumer protection laws, and banking regulations. It includes comprehensive details about the property, existing mortgage terms, warranties, and completion requirements, making it essential for complex property transactions involving mortgage assumptions.
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1. Parties: Identifies all parties to the deed including the seller, buyer, and current mortgagee
2. Background: Sets out the context of the sale, existing mortgage details, and intention to transfer property with mortgage assumption
3. Definitions: Defines key terms used throughout the deed
4. Property Details: Comprehensive description of the property being sold, including title details and encumbrances
5. Sale Agreement: Terms of the sale including purchase price, deposit, and payment arrangements
6. Mortgage Assumption: Details of the mortgage being assumed, including outstanding amount and terms of assumption
7. Seller's Warranties: Warranties regarding property title, condition, and existing mortgage
8. Buyer's Acknowledgments: Buyer's confirmation of property inspection, mortgage terms understanding, and financial capacity
9. Mortgagee's Consent: Terms of the mortgagee's agreement to the mortgage assumption
10. Completion Requirements: Steps and documentation required for settlement
11. Default and Remedies: Consequences and remedies for breach of deed terms
12. Costs and Stamp Duty: Allocation of transaction costs and stamp duty obligations
13. Governing Law: Specifies Australian law as governing law and relevant jurisdiction
14. Execution: Formal execution clauses for all parties
1. Special Conditions: Used when there are unique requirements or conditions specific to the transaction
2. Strata Title Provisions: Include when the property is under strata title, addressing body corporate requirements
3. Tenant Provisions: Include when the property is sold subject to existing tenancies
4. GST Provisions: Include detailed GST treatment when the property is sold as a going concern or has commercial aspects
5. Environmental Matters: Include for properties with known environmental issues or compliance requirements
6. Property Improvements: Include when specific improvements or modifications are part of the sale agreement
7. Third Party Consents: Include when additional third-party approvals are required beyond the mortgagee
1. Property Description Schedule: Detailed legal description of the property including lot numbers, plan references, and certificates of title
2. Existing Mortgage Schedule: Complete details of the existing mortgage including account numbers, outstanding balance, and key terms
3. Purchase Price Schedule: Breakdown of purchase price, deposit, and payment terms
4. Settlement Requirements Schedule: Checklist of documents and actions required for settlement
5. Disclosure Statement: Required disclosures about the property and mortgage terms
6. Transfer Documents: Forms and documents required for property transfer and mortgage assumption
7. Outstanding Rates and Charges: Statement of any outstanding rates, taxes, or charges affecting the property
Relevant legal definitions
Assumption Date
Bank
Business Day
Buyer
Completion
Completion Date
Contract Price
Deposit
Encumbrances
Existing Mortgage
GST
Improvements
Land
Land Title Office
Liability
Mortgage
Mortgagee
Mortgage Account
Outstanding Balance
Parties
Payment Date
Permitted Encumbrances
Property
Purchase Price
Real Property
Registration
Related Documents
Relevant Authority
Seller
Settlement
Settlement Date
Stamp Duty
Title
Transfer
Transfer Date
Transfer Documents
Transferee
Transferor
Warranties
Bank
Business Day
Buyer
Completion
Completion Date
Contract Price
Deposit
Encumbrances
Existing Mortgage
GST
Improvements
Land
Land Title Office
Liability
Mortgage
Mortgagee
Mortgage Account
Outstanding Balance
Parties
Payment Date
Permitted Encumbrances
Property
Purchase Price
Real Property
Registration
Related Documents
Relevant Authority
Seller
Settlement
Settlement Date
Stamp Duty
Title
Transfer
Transfer Date
Transfer Documents
Transferee
Transferor
Warranties
Clauses
Definitions
Interpretation
Sale Agreement
Purchase Price
Property Transfer
Mortgage Assumption
Payment Terms
Settlement
Conditions Precedent
Warranties and Representations
Seller's Obligations
Buyer's Obligations
Mortgagee's Consent
Risk and Insurance
Default and Termination
Completion Requirements
Title Transfer
Stamp Duty
Registration
GST
Costs and Expenses
Notice and Communications
Governing Law
Dispute Resolution
Severability
Assignment
Entire Agreement
Further Assurance
Waiver
Force Majeure
Confidentiality
Execution
Interpretation
Sale Agreement
Purchase Price
Property Transfer
Mortgage Assumption
Payment Terms
Settlement
Conditions Precedent
Warranties and Representations
Seller's Obligations
Buyer's Obligations
Mortgagee's Consent
Risk and Insurance
Default and Termination
Completion Requirements
Title Transfer
Stamp Duty
Registration
GST
Costs and Expenses
Notice and Communications
Governing Law
Dispute Resolution
Severability
Assignment
Entire Agreement
Further Assurance
Waiver
Force Majeure
Confidentiality
Execution
Relevant Industries
Real Estate
Banking and Finance
Legal Services
Property Development
Mortgage Broking
Conveyancing Services
Financial Advisory
Relevant Teams
Legal
Real Estate
Mortgage Services
Property Management
Compliance
Credit Assessment
Settlement
Conveyancing
Document Processing
Risk Management
Relevant Roles
Property Lawyer
Conveyancing Lawyer
Real Estate Agent
Mortgage Broker
Bank Manager
Property Manager
Legal Counsel
Conveyancer
Settlement Officer
Credit Manager
Compliance Officer
Real Estate Transaction Manager
Property Development Manager
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