The Deed of Absolute 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. This document is particularly relevant when the property has an outstanding mortgage and the buyer prefers to assume the existing loan rather than obtain new financing. The deed must comply with Singapore's strict property and banking regulations, including the Conveyancing and Law of Property Act and relevant MAS guidelines. It contains detailed provisions about the property transfer, mortgage terms, payment obligations, and necessary warranties, while ensuring all parties' interests are protected under Singapore law.
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Key Requirements PROMPT example:
Deed Of Absolute Sale With Assumption Of Mortgage
"Need a Deed of Absolute Sale With Assumption of Mortgage for a Singapore condominium property purchase closing on March 15, 2025, where I'll be taking over the seller's existing mortgage with DBS Bank, with an outstanding balance of SGD 850,000."
1. Parties: Details of seller, buyer, and current mortgagee
2. Background: Property history, current mortgage status, and transaction context
3. Definitions: Key terms used tHRoughout the deed
4. Property Description: Detailed description of the property being sold
5. Sale Consideration: Purchase price and payment terms
6. Mortgage Assumption Details: Terms of mortgage assumption, outstanding amount, and conditions
7. Warranties and Representations: Seller's warranties regarding property title and mortgage status
8. Completion Requirements: Conditions for completion of sale and mortgage assumption
1. CPF Usage: Required if CPF funds are being used for purchase
2. HDB Compliance: HDB-specific requirements and restrictions for public housing properties
3. Foreign Ownership Declaration: Compliance requirements with Residential Property Act for foreign buyers
1. Property Details Schedule: Detailed property specifications, bouNDAries, and floor plans
2. Mortgage Details Schedule: Current mortgage terms, outstanding amount, and payment schedule
3. Title Documents: Copies of relevant title documents and encumbrances
4. Mortgagee Consent: Written consent from current mortgagee for assumption
5. Payment Schedule: Breakdown of payment terms and timeline
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