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Deed Of Sale Assumption Of Mortgage
"Need a Deed of Sale Assumption of Mortgage for a 3-bedroom condominium in Singapore, where buyer will take over existing DBS Bank mortgage with outstanding balance of SGD 800,000, with completion targeted for March 2025."
1. Parties: Identifies all parties involved: seller, buyer, and current mortgagee
2. Background: Details of the original mortgage, property, and reason for assumption
3. Definitions: Key terms used throughout the deed
4. Sale Terms: Purchase price, payment terms, and completion date
5. Mortgage Assumption Terms: Details of the mortgage being assumed, including outstanding balance and terms
6. Representations and Warranties: Statements of fact by parties regarding their capacity and the property
7. Completion Requirements: Actions required to complete the transaction
8. Execution: Formal signing requirements and witness details
1. CPF Usage: Required if buyer is using CPF funds for purchase
2. HDB Compliance: Required for HDB properties
3. Foreign Ownership Declaration: Required for foreign buyers
4. Property Management: Details of management corporation dues and obligations
1. Property Description Schedule: Detailed description of property including lot number and address
2. Original Mortgage Schedule: Copy or details of original mortgage agreement
3. Outstanding Payment Schedule: Details of remaining mortgage payments and schedule
4. Property Title Documents: Copies of relevant title documents
5. Mortgagee Consent: Written consent from current mortgagee for assumption
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