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Deed Of Assignment Of Rental Proceeds Template for Singapore

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Key Requirements PROMPT example:

Deed Of Assignment Of Rental Proceeds

"I need a Deed of Assignment of Rental Proceeds to assign rental income from my commercial property at 123 Orchard Road to DBS Bank as security for a business loan, with the assignment to take effect from March 1, 2025."

What is a Deed Of Assignment Of Rental Proceeds?

The Deed of Assignment of Rental Proceeds is a crucial document in Singapore's property and finance sector, used when a property owner wishes to or is required to transfer their right to receive rental income to another party. This commonly occurs in financing arrangements where rental income serves as security for loans or in investment structures. The deed must comply with Singapore's legal requirements and typically includes details of the property, the underlying tenancy agreement, and the mechanism for rental payment collection. It provides security to the assignee while maintaining the underlying landlord-tenant relationship.

What sections should be included in a Deed Of Assignment Of Rental Proceeds?

1. Parties: Details of the assignor and assignee

2. Background: Context of the assignment and details of the rental agreement

3. Definitions: Key terms used in the deed

4. Assignment: Core terms of the assignment of rental proceeds

5. Consideration: Details of payment or consideration for the assignment

6. Representations and Warranties: Assignor's warranties regarding the rental proceeds and property

7. Notice Requirements: Provisions regarding notice to tenants

8. Execution: Formal execution requirements

What sections are optional to include in a Deed Of Assignment Of Rental Proceeds?

1. Security Provisions: Additional security arrangements when assignment is part of a security arrangement

2. Power of Attorney: Authority for assignee to act on assignor's behalf when assignee needs direct collection rights

3. Tax Provisions: Specific tax-related arrangements when special tax considerations apply

What schedules should be included in a Deed Of Assignment Of Rental Proceeds?

1. Schedule 1 - Property Details: Details of the property generating rental proceeds

2. Schedule 2 - Tenancy Agreement: Copy or details of the relevant tenancy agreement

3. Schedule 3 - Payment Details: Bank account and payment routing information

4. Appendix A - Form of Notice to Tenant: Template notice to be sent to tenant regarding the assignment

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

Relevant legal definitions
























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Industries

Civil Law Act (Cap. 43): Primary legislation governing assignments and contracts in Singapore, particularly focusing on provisions for valid assignments of choses in action

Conveyancing and Law of Property Act (Cap. 61): Key legislation governing property law and legal requirements for assignments related to property interests

Contract Law Principles: Common law principles governing contract formation and requirements for valid consideration in Singapore

Stamp Duties Act (Cap. 312): Legislation governing stamp duty requirements on assignments and proper execution and stamping requirements

Land Titles Act (Cap. 157): Legislation governing registration requirements for property-related assignments where applicable

Income Tax Act (Cap. 134): Tax legislation governing the implications of rental income assignment and associated reporting requirements

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data in assignment documents

Deed Execution Requirements: Legal formalities for proper execution of deeds in Singapore, including writing requirements, witness requirements, and notice obligations to tenant/debtor

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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