Document background
The Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage is a crucial document used in Singapore when transferring ownership of a mortgaged vehicle. This document is necessary when the seller wishes to transfer both the vehicle and its existing mortgage obligations to a buyer, rather than paying off the mortgage before sale. It ensures compliance with Singapore's regulatory requirements, including LTA regulations and financial services laws. The deed includes comprehensive details about the vehicle, existing mortgage terms, payment obligations, and provides protection for all parties involved in the transaction. It's particularly important for maintaining clear records of liability transfer and ensuring proper registration with relevant authorities.
