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Promissory Note Mortgage for Singapore

Promissory Note Mortgage Template for Singapore

A Promissory Note Mortgage under Singapore law is a hybrid security instrument that combines a promise to pay with a mortgage over real property. It provides the lender with both a personal covenant to repay and a security interest in the specified property. The document must comply with Singapore's Conveyancing and Law of Property Act, Land Titles Act, and related regulations, including specific requirements for execution and registration.

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What is a Promissory Note Mortgage?

The Promissory Note Mortgage is a crucial document in Singapore's property financing landscape, used when a borrower needs to secure a loan with real property while providing a clear commitment to repay. This document is particularly important as it offers dual protection to lenders through both a direct promise to pay and a security interest in the property. It must be properly executed and registered with the Singapore Land Authority to be effective, and typically includes detailed terms about the loan amount, interest rates, repayment schedule, and the specific property being mortgaged. The document's format and content must comply with Singapore's strict property and banking regulations.

What sections should be included in a Promissory Note Mortgage?

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

2. Background: Context of the loan and security arrangement

3. Definitions: Key terms used throughout the document

4. Promise to Pay: Principal terms of repayment, including amount, interest rate, and payment schedule

5. Security Details: Description of mortgaged property and nature of security interest

6. Covenants: Mortgagor's obligations regarding property maintenance and insurance

7. Default Provisions: Consequences of default and remedies available

8. Execution: Signing requirements and attestation

What sections are optional to include in a Promissory Note Mortgage?

1. Prepayment Provisions: Terms for early repayment, applicable when early repayment options are offered

2. Assignment Clause: Terms for transferring the mortgage, included when transfer rights are to be specified

3. Guarantor Provisions: Terms relating to guarantors, included when a guarantor is involved in the transaction

What schedules should be included in a Promissory Note Mortgage?

1. Property Description Schedule: Detailed legal description of the mortgaged property

2. Payment Schedule: Detailed repayment schedule including dates and amounts

3. Insurance Requirements: Specific insurance requirements for the property

4. Property Title Documents: Copies of relevant title documents

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

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions









































Clauses






























Industries

Conveyancing and Law of Property Act (CLPA): Primary legislation governing real property transactions and mortgages in Singapore. Sets out requirements for valid mortgages and defines rights and obligations of mortgagors and mortgagees.

Land Titles Act: Regulates registered land transactions in Singapore, prescribes forms and procedures for mortgage registration, and sets out priority rules.

Moneylenders Act: Governs moneylending activities including interest rate caps, licensing requirements, and disclosure obligations for non-bank lenders.

Banking Act: Regulates banking institutions' lending activities, including compliance requirements and restrictions on security interests for mortgage loans.

Stamp Duties Act: Prescribes requirements for stamp duty payment and applicable rates for mortgage documents in Singapore.

Rules of Court: Sets out procedures for enforcement of mortgage rights and requirements for legal proceedings in Singapore courts.

Property Tax Act: Governs obligations regarding property tax payments and establishes liens and priorities in relation to mortgaged properties.

Housing and Development Board Act: Specifies restrictions and special requirements for mortgages involving HDB properties in Singapore.

Teams

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