The Mortgage Assumption Agreement is a crucial document in Pakistani property transactions where an existing mortgage is transferred from one party to another. This agreement becomes necessary when a property buyer wishes to assume the seller's existing mortgage instead of obtaining new financing. The document must comply with various Pakistani laws including the Transfer of Property Act 1882, Registration Act 1908, and relevant banking regulations. It details the rights and obligations of all parties, specifies the outstanding mortgage amount, payment terms, and property details. Where applicable, it also incorporates Islamic banking principles for Shariah-compliant mortgages. The agreement requires careful consideration of local property laws, banking regulations, and registration requirements to ensure enforceability and protection of all parties' interests.
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1. Parties: Identifies all parties including original borrower (assignor), assuming party (assignee), and lender
2. Background: Details of the original mortgage, property, and reason for assumption
3. Definitions: Key terms used throughout the agreement including Property, Original Mortgage, Assumption Date
4. Assumption of Mortgage: Core terms of assumption including outstanding balance, interest rate, and payment terms
5. Representations and Warranties: Declarations by all parties regarding their capacity and authority to enter agreement
6. Rights and Obligations: Detailed responsibilities of assignee and continuing obligations of assignor if any
7. Lender's Consent: Express approval of the lender for the mortgage assumption
8. Property Details: Legal description and status of the mortgaged property
9. Payment Terms: Schedule of payments, method of payment, and default provisions
10. Governing Law: Specification of Pakistani law and jurisdiction
11. Notices: Communication procedures between parties
12. Execution: Signature blocks and attestation requirements
1. Islamic Finance Compliance: Required when the mortgage follows Islamic banking principles
2. Co-Borrower Provisions: Included when there are multiple assuming parties
3. Property Management: Added when specific property maintenance terms need to be transferred
4. Insurance Requirements: Detailed insurance obligations if different from original mortgage
5. Release of Original Borrower: Included when original borrower is to be fully released from obligations
6. Security Deposits: Required when transfer includes existing tenant security deposits
7. Due Diligence Results: Included when specific property inspections or evaluations need to be referenced
1. Schedule A - Property Description: Detailed legal description of the property including boundaries and registration details
2. Schedule B - Original Mortgage Terms: Key terms from the original mortgage agreement being assumed
3. Schedule C - Payment Schedule: Detailed amortization schedule showing payment dates and amounts
4. Schedule D - Outstanding Balance Statement: Current mortgage balance and any arrears as of assumption date
5. Schedule E - Lender's Requirements: Specific conditions imposed by lender for assumption approval
6. Appendix 1 - Required Documents: List of documents required for mortgage assumption completion
7. Appendix 2 - Property Inspection Report: Current condition of property if required by lender
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Relevant Teams
Legal
Real Estate Operations
Mortgage Processing
Risk Management
Islamic Banking
Compliance
Property Valuation
Document Management
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Banking Operations
Relevant Roles
Mortgage Officer
Real Estate Lawyer
Banking Compliance Officer
Property Manager
Islamic Banking Specialist
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Property Valuation Expert
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