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Deed Of Assignment Of Rental Income Template for Singapore

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Key Requirements PROMPT example:

Deed Of Assignment Of Rental Income

"I need a Deed of Assignment of Rental Income to assign the rental income from my commercial property at 123 Orchard Road to DBS Bank as security for a business loan, with the assignment to take effect from March 1, 2025."

Document background
The Deed of Assignment of Rental Income is a crucial legal instrument in Singapore's property and financing landscape. It enables property owners to monetize their rental income streams or use them as security for financing. This deed must be properly executed under Singapore law and typically includes detailed provisions about the property, existing tenancy arrangements, and payment mechanisms. The document is particularly useful in commercial property transactions, refinancing arrangements, or investment structuring. When properly executed, it creates a legally binding assignment of the right to receive rental payments, while the underlying property ownership remains unchanged.
Suggested Sections

1. Parties: Details of the assignor and assignee

2. Background: Context of the assignment, including details of the property and existing rental arrangement

3. Definitions: Key terms used tHRoughout the deed

4. Assignment: Core clause assigning the rental income

5. Consideration: Details of payment or other consideration for the assignment

6. Representations and Warranties: Assignor's confirmations regarding ownership and right to assign

7. Execution: Formal execution blocks with witness requirements

Optional Sections

1. Security Provisions: Additional provisions when the assignment is being made as part of a security arrangement

2. Power of Attorney: Optional clause granting the assignee power to deal directly with rental matters

3. Tax Provisions: Specific arrangements regarding tax liability and responsibilities between parties

Suggested Schedules

1. Schedule 1 - Property Details: Full legal description of the property including title details

2. Schedule 2 - Tenancy Agreement: Copy or key details of the relevant tenancy agreement

3. Schedule 3 - Notice of Assignment: Form of notice to be given to tenant regarding the assignment

4. Schedule 4 - Payment Details: Bank account and payment arrangement details for rental payments

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























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Industries

Civil Law Act (Cap. 43): Primary legislation governing assignments and contracts, including specific provisions for valid assignments of choses in action

Conveyancing and Law of Property Act (Cap. 61): Governs property law matters including requirements for legal assignments and notice requirements for property-related transactions

Income Tax Act (Cap. 134): Regulates tax implications of rental income assignment, including reporting requirements and withholding tax considerations

Stamp Duties Act (Cap. 312): Governs stamp duty obligations for assignment documents and timing requirements for stamping

Registration of Deeds Act (Cap. 269): Sets out requirements for registration of deeds and determines priority of interests

Moneylenders Act (Cap. 188): Relevant if assignment is related to moneylending arrangements, ensuring compliance with moneylending regulations

Bankruptcy Act (Cap. 20): Addresses bankruptcy implications and protection of creditors' interests in assignments

Companies Act (Cap. 50): Applicable when any party is a company, covering corporate authority requirements and execution formalities

Common Law Principles: General principles regarding assignments developed tHRough case law and judicial precedent

Equitable Principles: Principles of fairness and equity that apply to assignment transactions

Notice Requirements: Legal requirements for notifying tenants and other relevant parties about the assignment of rental income

Deed Execution Requirements: Formal requirements for valid execution of deeds including witnessing and attestation

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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