Document background
The Deed of Assignment with Assumption of Mortgage is commonly used in Singapore when a property owner wishes to transfer their property while an existing mortgage is still in place. This document enables the new owner to take over both the property and the remaining mortgage obligations without requiring a new loan. The deed must comply with Singapore's strict property and banking regulations, including requirements from the Monetary Authority of Singapore and the Land Titles Act. It contains detailed information about the property, existing mortgage terms, and the rights and obligations being transferred. This type of deed is particularly useful in situations where refinancing isn't desired or possible, or when maintaining the existing mortgage terms is advantageous to all parties.
