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Third Party Mortgage Agreement

Third Party Mortgage Agreement Template for Singapore

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Key Requirements PROMPT example:

Third Party Mortgage Agreement

"I need a Third Party Mortgage Agreement under Singapore law where my uncle is providing his commercial property as security for my company's business loan of SGD 2.5 million from DBS Bank, to be executed by March 2025."

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Document background
The Third Party Mortgage Agreement is essential in Singapore's secured lending landscape where a party wishes to help secure financing for another by offering their property as collateral. This document outlines the security arrangement, specifies the mortgagor's obligations, details the property being mortgaged, and establishes the mortgagee's enforcement rights. It must comply with Singapore's regulatory framework, including the Banking Act and MAS guidelines, and may need to address specific requirements if involving HDB properties or CPF funds. The agreement provides protection for all parties by clearly defining their rights and responsibilities in the security arrangement.
Suggested Sections

1. Parties: Details of mortgagor (third party), borrower, and mortgagee

2. Background: Context of the mortgage arrangement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Property Details: Legal description and particulars of the mortgaged property

5. Security Creation: Terms creating the mortgage security interest

6. Mortgagor's Covenants: Third party mortgagor's obligations and warranties

7. Events of Default: Circumstances constituting default and consequences

8. Enforcement Rights: Mortgagee's rights upon default

9. Discharge Provisions: Terms for releasing the mortgage

Optional Sections

1. CPF Provisions: Required when CPF funds are used in the property purchase

2. HDB Compliance: Special provisions for HDB properties

3. Foreign Ownership Provisions: Additional requirements for foreign mortgagors

Suggested Schedules

1. Property Schedule: Detailed property description, title particulars

2. Facility Letter Schedule: Details of the underlying loan facility

3. Insurance Requirements: Specified insurance coverage requirements

4. Form of Transfer: Standard form for property transfer upon enforcement

5. Power of Attorney: Standard form of power of attorney granted to mortgagee

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Conveyancing and Law of Property Act (Cap. 61): Primary legislation governing real property transactions in Singapore, containing key provisions on mortgages and charges, and outlining the fundamental rights and obligations of mortgagors and mortgagees

Land Titles Act (Cap. 157): Regulates registered land dealings in Singapore, provides the legal framework for mortgage registration, and details specific requirements for mortgage instruments

Banking Act (Cap. 19): Regulates banking institutions in Singapore, contains provisions on mortgage financing, and sets regulatory limits on loan-to-value ratios

Moneylenders Act (Cap. 188): Applicable when the mortgagee is not a bank or financial institution, regulating non-bank lending activities in Singapore

Housing and Development Act (Cap. 129): Specifically applies to HDB properties, governing public housing mortgages and related transactions

Central Provident Fund Act (Cap. 36): Relevant when CPF funds are used for property purchase or mortgage payments, outlining rules and restrictions for CPF usage

Residential Property Act (Cap. 274): Contains restrictions and regulations on foreign ownership of residential property in Singapore

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore affecting mortgage lending practices and requirements

TDSR Framework: Total Debt Servicing Ratio framework that limits the portion of income that can go towards debt servicing, including mortgage payments

MSR Requirements: Mortgage Servicing Ratio requirements specifically applicable to HDB flats and executive condominiums

Stamp Duties Act: Governs the stamp duties payable on mortgage documents and property transactions in Singapore

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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