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.
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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
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
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
Relevant legal definitions
Agreement
Assumption Date
Buyer
Completion
Completion Date
Consideration
Encumbrances
Existing Mortgage
Existing Mortgage Agreement
Financial Institution
LTA
Mortgagee
Mortgagee's Consent
Outstanding Balance
Parties
Purchase Price
Registration Documents
Regulatory Approvals
Relevant Authorities
Seller
Transfer Date
Vehicle
Vehicle Documents
Vehicle Identification Number
Vehicle Registration Number
Vehicle Transfer Fee
Warranties
Assumption Date
Buyer
Completion
Completion Date
Consideration
Encumbrances
Existing Mortgage
Existing Mortgage Agreement
Financial Institution
LTA
Mortgagee
Mortgagee's Consent
Outstanding Balance
Parties
Purchase Price
Registration Documents
Regulatory Approvals
Relevant Authorities
Seller
Transfer Date
Vehicle
Vehicle Documents
Vehicle Identification Number
Vehicle Registration Number
Vehicle Transfer Fee
Warranties
Clauses
Sale and Purchase
Mortgage Assumption
Payment Terms
Vehicle Description
Transfer of Title
Representations and Warranties
Seller's Warranties
Buyer's Warranties
Condition of Vehicle
Existing Encumbrances
Mortgagee Consent
Registration and Transfer
Insurance
Indemnification
Default and Remedies
Assignment
Notices
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Amendment
Costs and Expenses
Further Assurance
Execution Requirements
Mortgage Assumption
Payment Terms
Vehicle Description
Transfer of Title
Representations and Warranties
Seller's Warranties
Buyer's Warranties
Condition of Vehicle
Existing Encumbrances
Mortgagee Consent
Registration and Transfer
Insurance
Indemnification
Default and Remedies
Assignment
Notices
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Amendment
Costs and Expenses
Further Assurance
Execution Requirements
Relevant Industries
Relevant Teams
Relevant Roles
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