The Agreement For Sale Of Mortgaged Property is a specialized legal document used in the United Arab Emirates when transferring ownership of property that is subject to an existing mortgage. This document is essential when the seller has an outstanding mortgage on the property and wishes to sell it to a buyer, requiring careful coordination between the property transfer and mortgage discharge. The agreement must comply with UAE Federal Laws, including property laws, mortgage regulations, and Islamic finance principles where applicable. It typically includes detailed provisions for purchase price allocation, mortgage discharge procedures, property transfer mechanisms, and necessary approvals from the existing mortgagee. The document is particularly important in Dubai and other UAE emirates where property transactions are strictly regulated and require specific documentation for registration with local land departments.
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1. Parties: Identification of the Seller, Buyer, and Current Mortgagee with full legal names and details
2. Background: Context of the sale, including existing mortgage details and intention to sell the mortgaged property
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, Existing Mortgage, etc.
4. Sale and Purchase: Core terms of the sale including the property description, purchase price, and payment terms
5. Mortgage Details: Details of the existing mortgage, outstanding amount, and arrangements for discharge
6. Completion Requirements: Conditions precedent, completion process, and requirements for transfer of title
7. Property Handover: Terms and process for physical handover of the property
8. Seller's Warranties: Warranties regarding property title, condition, and existing encumbrances
9. Buyer's Warranties: Warranties regarding financial capacity and compliance with laws
10. Mortgagee's Consent: Terms of the mortgagee's approval and requirements for mortgage discharge
11. Registration and Transfer: Process and requirements for property registration with relevant authorities
12. Costs and Taxes: Allocation of transaction costs, registration fees, and applicable taxes
13. Default and Remedies: Consequences of default and available remedies for each party
14. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
1. New Mortgage Arrangements: Required if buyer is obtaining new mortgage financing
2. Tenant Rights: Required if property is currently leased to tenants
3. Property Management: Required if property is part of managed community with specific obligations
4. Condition Precedent: Required if sale is subject to specific conditions like regulatory approvals
5. Broker Provisions: Required if real estate brokers are involved in the transaction
6. Islamic Finance Compliance: Required if transaction must comply with Islamic finance principles
7. Escrow Arrangements: Required if payments are handled through escrow
8. Property Inspection: Required if specific inspection requirements or condition issues exist
1. Schedule 1 - Property Details: Detailed description of property including title deed number, location, size, and specifications
2. Schedule 2 - Purchase Price and Payment Terms: Breakdown of purchase price, payment schedule, and method of payment
3. Schedule 3 - Existing Mortgage Details: Complete details of existing mortgage including account numbers, outstanding amount, and lender details
4. Schedule 4 - Completion Requirements: Checklist of documents and requirements for completion
5. Schedule 5 - Property Condition Report: Current condition of property and any agreed repairs or modifications
6. Appendix A - Required Documents: List of all required documents from each party
7. Appendix B - Form of Transfer: Template for property transfer documentation
8. Appendix C - Mortgagee's Consent Letter: Format of consent letter from existing mortgagee
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