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Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage

Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage Template for Indonesia

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Key Requirements PROMPT example:

Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage

"I need a Deed of Sale of Motor Vehicle with Assumption of Mortgage for selling my 2022 Toyota Camry to a private buyer, with the buyer taking over my remaining mortgage payments with Bank Central Asia; the transfer needs to be completed by March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions







































Clauses






























Relevant Industries

Automotive

Financial Services

Transportation

Legal Services

Insurance

Fleet Management

Vehicle Leasing

Logistics

Relevant Teams

Legal

Finance

Compliance

Risk Management

Operations

Asset Management

Credit Administration

Documentation

Fleet Management

Vehicle Administration

Relevant Roles

Legal Counsel

Finance Manager

Fleet Manager

Compliance Officer

Risk Manager

Vehicle Finance Specialist

Credit Manager

Documentation Specialist

Contract Administrator

Corporate Secretary

Asset Manager

Operations Manager

Vehicle Registration Officer

Loan Officer

Industries







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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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