Deed Of Redemption Template for United Arab Emirates

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Key Requirements PROMPT example:

Deed Of Redemption

"I need a Deed of Redemption for a commercial property in Dubai Marina, where my company (Al Safeer Trading LLC) will be redeeming a AED 5 million mortgage from Emirates NBD on March 15, 2025, with partial early payment penalties to be included."

Document background
The Deed of Redemption is a crucial document in UAE property transactions, used when a mortgagor has fulfilled their payment obligations and seeks to clear the mortgage from the property's title. It serves as formal evidence that the mortgage debt has been fully satisfied and provides the legal basis for removing the mortgage from official records. The document must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and relevant emirate-specific property laws. A properly executed Deed of Redemption includes specific details about the property, the original mortgage, confirmation of full payment, and instructions for releasing the security interest. This document is particularly important in the UAE's dynamic real estate market, where clear property titles are essential for future transactions and development projects.
Suggested Sections

1. Parties: Identification of the Mortgagor (property owner), Mortgagee (lender), and any other relevant parties

2. Background: Recitals detailing the original mortgage agreement, property details, and circumstances leading to redemption

3. Definitions: Key terms used throughout the deed, including Property, Mortgage, Redemption Amount, and Completion Date

4. Original Mortgage Details: Specific details of the original mortgage including date, amount, and registration details

5. Redemption Amount: Statement of the final settlement amount and calculation method

6. Payment Terms: Details of how and when the redemption amount will be paid

7. Discharge of Mortgage: Terms confirming the discharge of the mortgage upon payment

8. Property Release: Provisions for releasing the property from the mortgage and returning title documents

9. Registration Requirements: Steps required for registering the discharge with relevant authorities

10. Representations and Warranties: Standard warranties about authority to enter agreement and accuracy of information

11. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction

12. Execution: Formal execution blocks complying with UAE requirements

Optional Sections

1. Multiple Properties: Additional provisions when the redemption covers multiple properties

2. Third Party Rights: Provisions dealing with any third-party interests in the property

3. Partial Redemption: Terms for cases where only part of the mortgage is being redeemed

4. Power of Attorney: When representatives are acting on behalf of main parties

5. Currency Conversion: Required when redemption payment is in a different currency from original mortgage

6. Tax Provisions: Special tax considerations or requirements if applicable

7. Further Assurance: Additional actions parties may need to take to perfect the redemption

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal description of the property/properties including title details

2. Schedule 2 - Original Mortgage Agreement: Copy or key details of the original mortgage agreement

3. Schedule 3 - Payment Schedule: Detailed breakdown of the redemption amount and payment terms

4. Schedule 4 - Required Documents: List of documents required for completing the redemption process

5. Schedule 5 - Registration Requirements: Specific requirements for different emirates where property is located

6. Appendix A - Property Documents: Copies of relevant property ownership and registration documents

7. Appendix B - Authority Documents: Powers of attorney or corporate authorizations if applicable

Authors

Alex Denne

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

Relevant Industries

Banking & Financial Services

Real Estate & Property

Construction & Development

Legal Services

Corporate Services

Investment Management

Islamic Finance

Residential Property

Commercial Property

Relevant Teams

Legal

Real Estate

Finance

Compliance

Risk Management

Property Services

Mortgage Operations

Corporate Services

Documentation

Title Registration

Relevant Roles

Legal Counsel

Property Manager

Mortgage Officer

Real Estate Director

Compliance Officer

Finance Manager

Property Lawyer

Banking Executive

Real Estate Agent

Title Officer

Corporate Treasurer

Risk Manager

Islamic Banking Officer

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

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