The Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage is a critical document used in Indonesia when transferring ownership of a financed vehicle where the buyer agrees to take over the existing mortgage obligations. This document is particularly important in situations where the original owner wishes to transfer both the vehicle and its financial obligations to a new owner, without paying off the existing loan. The deed must comply with Indonesian regulatory requirements, including the Civil Code, fiduciary security laws, and vehicle registration regulations. It includes comprehensive details about the vehicle, current mortgage terms, transfer conditions, and parties' obligations. This document type is commonly used in both private and commercial vehicle transfers, requiring careful attention to both the transfer of physical assets and financial obligations.
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1. Parties: Identification of the Seller, Buyer, and current Mortgagee (financial institution)
2. Background: Context of the sale, existing mortgage details, and intention to transfer both vehicle and mortgage obligations
3. Definitions: Key terms used throughout the agreement including Vehicle, Mortgage, Transfer Date, and Outstanding Balance
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, registration number, and current condition
5. Sale Terms: Purchase price, payment terms, and timing of ownership transfer
6. Mortgage Assumption: Details of the existing mortgage, outstanding balance, and terms of assumption by the buyer
7. Representations and Warranties: Seller's declarations regarding vehicle ownership, condition, and existing encumbrances; Buyer's acknowledgments regarding mortgage obligations
8. Transfer Process: Steps for executing the transfer of both vehicle ownership and mortgage obligations
9. Costs and Taxes: Allocation of transfer costs, registration fees, and applicable taxes
10. Risk and Insurance: Transfer of risk and insurance obligations
11. Default and Remedies: Consequences of default on assumed mortgage or breach of agreement terms
12. Governing Law: Specification of Indonesian law as governing law and jurisdiction
1. Condition Precedents: Used when specific conditions must be met before transfer, such as mortgagee approval or vehicle inspection
2. Co-signer Provisions: Required when a co-signer is needed for the mortgage assumption
3. Vehicle Maintenance Records: Included when there's a significant maintenance history or ongoing warranty
4. Dispute Resolution: Alternative dispute resolution procedures, if parties prefer specific mechanisms
5. Power of Attorney: Required when one party needs authority to complete registration processes
6. Third-Party Consents: When additional approvals are needed beyond the primary parties
1. Vehicle Documentation: Copies of registration certificate, insurance policies, and existing mortgage documentation
2. Payment Schedule: Detailed schedule of remaining mortgage payments to be assumed
3. Vehicle Inspection Report: Current condition report and photographs of the vehicle
4. Transfer Documentation: Required forms for vehicle registration transfer and mortgage assumption
5. Outstanding Liens: List of any existing liens or encumbrances on the vehicle
6. Maintenance Records: Service history and maintenance documentation
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