The Mortgage Loan Assumption Agreement is utilized when an existing borrower wishes to transfer their mortgage obligations to another party in Singapore. This document is particularly relevant in situations involving property sales where the buyer wishes to assume the existing mortgage, family transfers, or business restructuring. The agreement must comply with Singapore's strict banking and property laws, including MAS guidelines on total debt servicing ratios and loan-to-value limits. It provides comprehensive details about the original loan, the property, payment terms, and the responsibilities being transferred. The document ensures all parties understand their rights and obligations under Singapore law, and typically requires approval from the lending institution.
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Key Requirements PROMPT example:
Mortgage Loan Assumption Agreement
"Need a Mortgage Loan Assumption Agreement for my client who is taking over a $2.5M residential property loan from their parent in Singapore, with the transfer to be completed by March 2025. The original loan is with DBS Bank and we need to ensure CPF usage is properly addressed."
1. Parties: Details of original borrower, assuming borrower, and lender
2. Background: Information about original loan, property, and reason for assumption
3. Definitions: Key terms used throughout the agreement
4. Assumption of Obligations: Terms of assumption and transfer of mortgage obligations
5. Original Borrower Release: Terms of release for original borrower
6. Payment Terms: Details of payment schedule, interest rates, and fees
7. Representations and Warranties: Statements of fact by all parties
8. Default Provisions: Consequences of default and remedies
9. Governing Law: Specification of Singapore law as governing law
1. CPF Usage: Required if 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: Full legal description of mortgaged property
2. Schedule 2 - Original Loan Details: Terms of original mortgage loan being assumed
3. Schedule 3 - Payment Schedule: Detailed payment terms and amortization schedule
4. Appendix A - Required Documents: List of documents required for assumption process
5. Appendix B - Consent Forms: Required consent forms from relevant authorities
Authors
Relevant legal definitions
Agreement
Assuming Borrower
Assumption Date
Assumption Fee
Business Day
Completion
Default
Effective Date
Encumbrance
Event of Default
Existing Mortgage
Facility
Governmental Authority
Interest Rate
Law
Lender
Loan
Loan Documents
Material Adverse Effect
Mortgage
Original Borrower
Outstanding Amount
Parties
Payment Date
Property
Property Value
Relevant Authority
Security
Security Documents
Singapore Dollars
Term
Transfer
Working Day
Assuming Borrower
Assumption Date
Assumption Fee
Business Day
Completion
Default
Effective Date
Encumbrance
Event of Default
Existing Mortgage
Facility
Governmental Authority
Interest Rate
Law
Lender
Loan
Loan Documents
Material Adverse Effect
Mortgage
Original Borrower
Outstanding Amount
Parties
Payment Date
Property
Property Value
Relevant Authority
Security
Security Documents
Singapore Dollars
Term
Transfer
Working Day
Clauses
Assumption of Obligations
Assignment and Transfer
Conditions Precedent
Consent Requirements
Representations and Warranties
Payment Terms
Interest Provisions
Security Arrangements
Property Maintenance
Insurance Requirements
Default and Acceleration
Remedies
Release of Original Borrower
Indemnification
Fees and Expenses
Notice Requirements
Further Assurance
Amendment and Modification
Severability
Governing Law
Dispute Resolution
Force Majeure
Assignment
Confidentiality
Entire Agreement
Counterparts
Survival
Third Party Rights
Time of Essence
Waiver
Assignment and Transfer
Conditions Precedent
Consent Requirements
Representations and Warranties
Payment Terms
Interest Provisions
Security Arrangements
Property Maintenance
Insurance Requirements
Default and Acceleration
Remedies
Release of Original Borrower
Indemnification
Fees and Expenses
Notice Requirements
Further Assurance
Amendment and Modification
Severability
Governing Law
Dispute Resolution
Force Majeure
Assignment
Confidentiality
Entire Agreement
Counterparts
Survival
Third Party Rights
Time of Essence
Waiver
Relevant Industries
Relevant Teams
Relevant Roles
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