Deed Of Sale With Assumption Of Mortgage Car Template for Singapore

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Key Requirements PROMPT example:

Deed Of Sale With Assumption Of Mortgage Car

"I need a Deed Of Sale With Assumption Of Mortgage Car for the transfer of my Toyota Camry to a buyer who will take over my existing mortgage with DBS Bank, with the transfer to be completed by March 2025 and including special provisions for an extended warranty package."

Document background

The Deed Of Sale With Assumption Of Mortgage Car is a specialized legal instrument used in Singapore when transferring ownership of a mortgaged vehicle while maintaining the existing financing arrangement. This document is particularly useful when buyers wish to take over both the vehicle and its current mortgage instead of arranging new financing. It must comply with Singapore's strict vehicle transfer regulations and banking requirements, including LTA approval and mortgagee consent. The deed includes comprehensive details about the vehicle, existing mortgage terms, party obligations, and necessary representations and warranties.

Suggested Sections

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

2. Background: Context of the sale and existing mortgage situation

3. Definitions: Key terms used throughout the deed

4. Sale and Purchase: Terms of the vehicle sale

5. Mortgage Assumption: Terms of mortgage transfer and assumption

6. Vehicle Details: Comprehensive description of the vehicle

7. Consideration: Purchase price and payment terms

8. Representations and Warranties: Seller's and buyer's warranties regarding the vehicle and mortgage

9. Execution: Signing requirements and witness provisions

Optional Sections

1. Condition of Vehicle: Detailed description of vehicle condition - used when selling used vehicles or vehicles with known issues

2. Insurance Provisions: Transfer of insurance arrangements - used when existing insurance needs to be transferred or new insurance arranged

3. Security Provisions: Additional security arrangements - used when additional security is required by the mortgagee

Suggested Schedules

1. Vehicle Registration Documents: Copies of registration card and ownership documents

2. Existing Mortgage Agreement: Copy of current mortgage agreement being assumed

3. Vehicle Inspection Report: Recent inspection report if applicable

4. Payment Schedule: Detailed schedule of remaining mortgage payments

5. Mortgagee Consent: Written consent from mortgagee for the assumption of mortgage

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Automotive
Banking and Finance
Insurance
Legal Services

Relevant Teams

Legal
Finance
Compliance
Sales
Risk Management

Relevant Roles

Finance Manager
Legal Counsel
Compliance Officer
Auto Sales Manager
Credit Officer

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Let's create your Deed Of Sale With Assumption Of Mortgage Car

Authors

Alex Denne

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