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Board Resolution For Mortgage Of Property for Singapore

Board Resolution For Mortgage Of Property Template for Singapore

A Board Resolution for Mortgage of Property in Singapore is a formal corporate document that records the board of directors' decision to mortgage company property. It complies with Singapore's Companies Act and property laws, authorizing specific individuals to execute mortgage documents and outlining the terms of the property financing. The resolution serves as evidence of proper corporate authorization for banks and regulatory authorities.

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What is a Board Resolution For Mortgage Of Property?

A Board Resolution For Mortgage Of Property is required when a Singapore company intends to secure financing using its real estate assets as collateral. This document demonstrates compliance with corporate governance requirements under Singapore law and provides evidence that the decision to mortgage property was properly authorized by the board. It typically includes details of the property, mortgage terms, authorized signatories, and specific powers granted for execution. The resolution is essential for banks' due diligence and forms part of the security documentation package.

What sections should be included in a Board Resolution For Mortgage Of Property?

1. Title and Date: Details of company and date of resolution

2. Attendance: List of directors present at meeting

3. Quorum: Confirmation of valid quorum

4. Property Details: Full description of property to be mortgaged

5. Mortgage Details: Terms of mortgage, lender details, and amount

6. Board Authorization: Specific powers granted for mortgage execution

7. Execution Authority: Names of authorized signatories

8. Certification: Company secretary's certification

What sections are optional to include in a Board Resolution For Mortgage Of Property?

1. Additional Securities: Required when additional collateral beyond the property is involved in the mortgage arrangement

2. Special Conditions: Required when the lender imposes specific conditions or commitments

3. Related Party Declarations: Required when directors have interests in the transaction that need to be declared

What schedules should be included in a Board Resolution For Mortgage Of Property?

1. Property Title Documents: Copies of property ownership documents

2. Valuation Report: Professional valuation of property

3. Bank Offer Letter: Terms and conditions from lending bank

4. Directors' Declarations: Declarations of interest if applicable

Authors

Alex Denne

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

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Mortgage Document

Cost

Free to use
Relevant legal definitions


























Clauses




















Industries

Companies Act (Cap. 50): Primary legislation governing corporate actions including requirements for valid board resolutions, directors' powers and duties, company secretary's role, requirements for company seal usage, and corporate authority requirements

Land Titles Act (Cap. 157): Legislation governing property ownership and transfer, including requirements for mortgage registration and execution of mortgage documents

Banking Act (Cap. 19): Regulates property financing, banking security requirements, and mortgage lending rules in Singapore

Conveyancing and Law of Property Act (Cap. 61): Sets out legal requirements for property mortgages, rights and obligations of mortgagor and mortgagee, and requirements for valid property transactions

MAS Guidelines: Regulatory guidelines from Monetary Authority of Singapore covering Total Debt Servicing Ratio (TDSR) framework, Loan-to-Value (LTV) limits, and property financing restrictions

Registration of Deeds Act (Cap. 269): Governs requirements for document registration and establishes priority of registered instruments

Stamp Duties Act (Cap. 312): Legislation governing applicable stamp duties and timing requirements for duty payment in property transactions

Teams

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