A Deed of Release Property is commonly used in Singapore when one party needs to formally relinquish their rights or interests in a property. This document is essential in situations such as divorce settlements, family property arrangements, or releasing security interests after loan repayment. The deed must comply with Singapore's strict property law requirements and typically includes detailed property descriptions, terms of release, and proper execution formalities. It's a crucial document for providing clear title and preventing future property disputes.
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Key Requirements PROMPT example:
Deed Of Release Property
"I need a Deed of Release Property to formally release my interest in a residential property in Singapore following a divorce settlement, with the transfer to be completed by March 2025 and including special provisions for mortgage clearance with DBS Bank."
1. Parties: Details of the Releasor and Releasee, including full legal names and addresses
2. Background: Context of the property and circumstances leading to release, including relevant history
3. Definitions: Key terms used in the deed including Property, Release Date, Encumbrances, etc.
4. Property Details: Full legal description of the property being released, including lot number, title details, and address
5. Release Provisions: Specific terms of the release and discharge, including the scope of release and effective date
6. Consideration: Details of any payment or consideration for the release, if applicable
7. Execution: Formal execution requirements, witness details, and attestation clauses as per Singapore law
1. Mortgage Details: Required if property is subject to mortgage, including mortgagee consent and discharge terms
2. Third Party Consents: Consents from other interested parties such as tenants or easement holders
3. Tax Provisions: Special tax considerations or arrangements including stamp duty declarations
1. Property Schedule: Detailed property description including title details, bouNDAries, and any easements
2. Title Documents: Copies of relevant title documents and certificates of title
3. Prior Encumbrances: List of any existing encumbrances on the property to be addressed in the release
4. Payment Schedule: If applicable, details of any payment arrangements or consideration structure
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