Conditional Deed Of Sale With Assumption Of Mortgage for Singapore

Conditional Deed Of Sale With Assumption Of Mortgage Template for Singapore

A legally binding document under Singapore law that facilitates the transfer of property ownership while allowing the buyer to assume the existing mortgage obligations. The deed outlines the terms of sale, conditions for mortgage assumption, and ensures compliance with Singapore's property and banking regulations, including MAS guidelines and relevant property acts.

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What is a Conditional Deed Of Sale With Assumption Of Mortgage?

The Conditional Deed Of Sale With Assumption Of Mortgage is a specialized legal instrument used in Singapore property transactions where the buyer agrees to take over the seller's existing mortgage obligations as part of the purchase. This document is particularly relevant when the existing mortgage terms are favorable or when parties wish to avoid the costs associated with mortgage discharge and new registration. It must comply with Singapore's strict property and banking regulations, including MAS guidelines, and typically requires the existing mortgagee's consent. The deed includes detailed provisions for the transfer of both property rights and mortgage obligations, ensuring all parties' interests are protected under Singapore law.

What sections should be included in a Conditional Deed Of Sale With Assumption Of Mortgage?

1. Parties: Identification of seller, buyer, and current mortgagee

2. Background: Property details, existing mortgage information, and transaction context

3. Definitions: Key terms used throughout the deed

4. Sale and Purchase Terms: Price, payment terms, and conditions of sale

5. Mortgage Assumption Details: Terms of mortgage transfer and assumption conditions

6. Representations and Warranties: Statements of fact and assurances from both parties

7. Completion Requirements: Conditions precedent and completion procedures

What sections are optional to include in a Conditional Deed Of Sale With Assumption Of Mortgage?

1. CPF Usage Provisions: Required provisions when buyer is using CPF funds for the purchase

2. HDB Compliance Provisions: Special conditions and requirements for HDB properties

3. Foreign Ownership Declarations: Compliance declarations required under the Residential Property Act for foreign buyers

What schedules should be included in a Conditional Deed Of Sale With Assumption Of Mortgage?

1. Property Description Schedule: Detailed description of property including lot number and floor area

2. Existing Mortgage Details: Current mortgage terms, outstanding amount, and payment history

3. Payment Schedule: Breakdown of payment terms and timeline

4. Bank Consent Letter: Mortgagee's consent to mortgage assumption

5. Title Search Results: Recent title search showing encumbrances and ownership

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Banking
Legal Services
Property Management

Relevant Teams

Legal
Real Estate
Finance
Compliance
Operations

Relevant Roles

Property Lawyer
Mortgage Officer
Real Estate Agent
Conveyancing Officer
Property Manager

Industries

Conveyancing and Law of Property Act (Cap. 61): Primary legislation governing property transactions and transfers in Singapore, including rules about mortgages, property rights, and land dealings

Land Titles Act (Cap. 157): Establishes the land registration system in Singapore and regulates how property ownership is recorded and transferred

Housing and Development Act: Governs public housing (HDB) properties in Singapore, including rules for sale, purchase, and mortgage of HDB flats

Residential Property Act: Regulates the purchase of residential properties by foreign persons and entities in Singapore

Banking Act (Cap. 19): Regulates banking institutions and their activities, including mortgage lending practices

Monetary Authority of Singapore Act: Establishes MAS's authority to regulate financial institutions and implement monetary policies affecting mortgage rates

Moneylenders Act: Regulates money lending activities and protects borrowers in Singapore

Central Provident Fund Act: Governs the use of CPF funds for property purchases and mortgage payments

Mortgage and Charges Registration Act: Regulates the registration and enforcement of mortgages and charges on properties

Contracts (Rights of Third Parties) Act: Determines when third parties can enforce terms of a contract, relevant for mortgage assumptions

Misrepresentation Act: Protects parties from false statements or omissions in property transactions

Contract Law Act: Provides the fundamental legal framework for contract formation and enforcement

Property Tax Act: Governs the taxation of properties in Singapore

Stamp Duties Act: Regulates stamp duties payable on property transactions and mortgage documents

MAS Guidelines on Mortgage Financing: Regulatory guidelines setting out requirements for financial institutions in mortgage lending

Singapore Law Society's Conveyancing Practice Rules: Professional guidelines for lawyers handling property transactions and mortgages

Total Debt Servicing Ratio (TDSR) Framework: Limits on total monthly debt obligations relative to income for property purchases

Mortgage Servicing Ratio (MSR) Requirements: Limits on mortgage obligations relative to income specifically for HDB flats and EC purchases

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What is a Conditional Deed Of Sale With Assumption Of Mortgage?

What sections should be included in a Conditional Deed Of Sale With Assumption Of Mortgage?

What sections are optional to include in a Conditional Deed Of Sale With Assumption Of Mortgage?

What schedules should be included in a Conditional Deed Of Sale With Assumption Of Mortgage?

Authors

Alex Denne

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