The Mortgage Purchase Agreement is utilized when a mortgage holder wishes to sell their rights to another party in Singapore. This document is crucial in Singapore's active mortgage market, where financial institutions frequently trade mortgage portfolios. The agreement must comply with Singapore's stringent regulatory framework, including MAS guidelines and property laws. It typically includes detailed provisions about the mortgage assets, purchase price, representations and warranties, and completion mechanics, ensuring a legally compliant transfer of mortgage rights.
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1. Parties: Identification of mortgage purchaser and seller, including full legal names, registration numbers, and registered addresses
2. Background: Context of the mortgage purchase transaction, including details of the existing mortgage portfolio and reason for sale
3. Definitions: Key terms used throughout the agreement, including financial, legal, and technical definitions specific to mortgage purchases
4. Purchase Price and Payment Terms: Details of consideration, payment structure, timing, and any adjustments to the purchase price
5. Representations and Warranties: Statements of fact about the mortgage portfolio, underlying properties, and seller's authority to sell
6. Assignment and Transfer: Terms and mechanics of transferring mortgage rights, including regulatory compliance requirements
7. Completion Requirements: Conditions precedent, completion mechanics, and timing for closing the transaction
1. Due Diligence: Detailed process for reviewing mortgage documentation and property titles, used for complex transactions or portfolio purchases
2. Transitional Services: Arrangements for temporary servicing of mortgages post-completion, included when seller continues servicing role
3. Post-Completion Obligations: Ongoing responsibilities after transfer, including document retention and customer communication requirements
1. Schedule 1 - Schedule of Mortgages: Comprehensive list of all mortgages being purchased, including loan amounts, interest rates, and maturity dates
2. Schedule 2 - Property Schedule: Details of underlying properties, including addresses, title numbers, and security arrangements
3. Schedule 3 - Form of Transfer: Template documentation for effecting the transfer of each mortgage
4. Schedule 4 - Due Diligence Findings: Summary of mortgage review process results and any identified issues
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