tiktok���˰�

The Deed of Sale Assumption of Mortgage is a specialized legal instrument used in the United Arab Emirates when a property buyer wishes to take over the seller's existing mortgage rather than obtaining new financing. This approach can be advantageous in cases where the existing mortgage terms are favorable or when seeking to streamline the property transfer process. The document must comply with UAE Federal Law No. 5 of 1985 (Civil Code), Federal Law No. 14 of 2008 regarding mortgages, and relevant emirate-specific property laws. It is particularly relevant in both residential and commercial property transactions where existing financing needs to be maintained. The document includes comprehensive details about the property, current mortgage terms, assumption conditions, and necessary approvals from the lending institution, while ensuring compliance with both conventional and Islamic financing principles where applicable.

1. Parties: Identifies all parties involved: Seller (current property owner), Buyer (new property owner), and Lender (mortgage holder)

2. Background: Outlines the existing mortgage arrangement, property details, and intention to transfer both property and mortgage obligations

3. Definitions: Defines key terms used throughout the deed, including Property, Existing Mortgage, Outstanding Amount, and Transfer Date

4. Property Details: Comprehensive description of the property including title deed number, registration details, and location specifics

5. Mortgage Details: Details of the existing mortgage including original amount, outstanding balance, interest rate/profit rate, and payment terms

6. Sale and Purchase: Terms of the property sale including purchase price, payment method, and completion arrangements

7. Assumption of Mortgage: Terms under which the buyer assumes responsibility for the mortgage, including lender's consent

8. Seller's Warranties: Warranties regarding property ownership, existing mortgage status, and absence of other encumbrances

9. Buyer's Covenants: Buyer's commitments regarding mortgage payments, compliance with mortgage terms, and property maintenance

10. Completion Requirements: Steps required to complete the transfer, including registration requirements and timing

11. Costs and Expenses: Allocation of transfer costs, registration fees, and other associated expenses

12. Governing Law and Jurisdiction: Confirms UAE law governance and jurisdiction for dispute resolution