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Mortgage And Promissory Note Template for Singapore

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Key Requirements PROMPT example:

Mortgage And Promissory Note

"Need a Mortgage and Promissory Note for a commercial property purchase in Singapore valued at SGD 2.5 million, with a 20-year term and variable interest rate, where the borrower is a foreign-owned company requiring additional foreign ownership clauses."

Document background
The Mortgage and Promissory Note is essential for property financing transactions in Singapore. This document is used when a borrower seeks financing for property purchase or refinancing, combining the security interest in the property with a formal promise to repay the loan. It must comply with Singapore's comprehensive regulatory framework, including the Conveyancing and Law of Property Act, Banking Act, and MAS guidelines. The document typically includes loan terms, property details, repayment schedules, and default provisions, all structured to meet Singapore's specific legal requirements and banking regulations.
Suggested Sections

1. Parties: Identification of mortgagor and mortgagee with full legal names and addresses

2. Background: Context of the mortgage arrangement and property details

3. Definitions: Key terms used throughout the document

4. Loan Amount and Terms: Principal amount, interest rate, and loan duration

5. Security: Description of mortgaged property and security arrangements

6. Repayment Terms: Payment schedule, installment amounts, and payment methods

7. Mortgagor's Covenants: Obligations of the borrower including property maintenance and insurance

8. Events of Default: Circumstances constituting default and consequences

9. Enforcement Rights: Mortgagee's rights upon default

Optional Sections

1. HDB Compliance: Required for HDB properties, containing specific HDB requirements

2. Foreign Ownership: Additional requirements for foreign buyers

3. Early Repayment: Terms for early loan settlement

4. Property Management: Specific requirements for property maintenance

Suggested Schedules

1. Property Details Schedule: Detailed property description, boundaries, and title information

2. Payment Schedule: Detailed breakdown of payment installments and dates

3. Insurance Requirements: Specific insurance coverage requirements and terms

4. Property Valuation Report: Professional valuation of the mortgaged property

5. Land Title Documents: Copies of relevant title documents and certificates

Authors

Alex Denne

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

Relevant legal definitions




































Clauses






























Industries

Conveyancing and Law of Property Act: Primary legislation governing property transactions and mortgages in Singapore, including rules on mortgages, charges, and property rights

Banking Act: Regulates banking institutions and their lending practices, including mortgage financing requirements and restrictions

Moneylenders Act: Governs money lending activities and provides consumer protection in lending transactions

Housing and Development Act: Regulates public housing (HDB) properties, including mortgage requirements for HDB flats

Land Titles Act: Governs the registration and transfer of land titles, including mortgage interests in properties

Registration of Deeds Act: Provides for the registration of deeds and instruments affecting land

Residential Property Act: Controls the purchase and mortgage of residential properties by foreign persons

TDSR Framework: MAS regulation setting Total Debt Servicing Ratio limits for property loans

LTV Limits: MAS regulation determining maximum Loan-to-Value ratios for property financing

MSR Requirements: Mortgage Servicing Ratio requirements for public housing loans

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices in lending and property transactions

Unfair Contract Terms Act: Regulates unfair terms in contracts, including mortgage agreements

HDB Regulations: Specific rules governing mortgages of public housing properties

Executive Condominium Rules: Special regulations for mortgages of Executive Condominiums

SLA Requirements: Singapore Land Authority requirements for property registration and mortgage documentation

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

ABSD Rules: Additional Buyer's Stamp Duty regulations affecting property purchases and related mortgages

SSD Rules: Seller's Stamp Duty regulations that may affect mortgage refinancing and property sales

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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