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Deed Of Sale Assumption Of Mortgage

Deed Of Sale Assumption Of Mortgage Template for United Arab Emirates

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Deed Of Sale Assumption Of Mortgage

I need a Deed of Sale Assumption of Mortgage for a luxury villa in Dubai Marina valued at AED 8 million, with the buyer assuming my existing Islamic mortgage from Emirates Islamic Bank with AED 4.5 million remaining balance, targeted for completion by March 2025.

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Document background
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.
Suggested Sections

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

Optional Sections

1. Islamic Finance Compliance: Required when the mortgage is Sharia-compliant, outlining specific Islamic finance terms and conditions

2. Property Management: Include when the property is part of a managed community, addressing service charges and community rules

3. Tenant Provisions: Required if the property is currently tenanted, addressing existing lease agreements

4. Power of Attorney: Include when any party is acting through an attorney or representative

5. Broker Involvement: Required when real estate brokers are involved in the transaction

6. Condition Report: Optional section detailing the current condition of the property

7. Foreign Ownership: Required when the buyer is a foreign national, addressing specific ownership restrictions

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property specifications, floor plans, and included fixtures and fittings

2. Schedule 2 - Mortgage Agreement: Copy or summary of the original mortgage agreement being assumed

3. Schedule 3 - Outstanding Payments: Detailed breakdown of remaining mortgage payments and payment schedule

4. Schedule 4 - Property Title Documents: Copies of relevant title documents and registration certificates

5. Schedule 5 - Lender's Consent: Written consent from the lender for the mortgage assumption

6. Appendix A - Property Photographs: Current photographs of the property condition

7. Appendix B - Payment History: Record of mortgage payments made to date

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Property
Transfer Date
Completion Date
Purchase Price
Outstanding Mortgage Amount
Existing Mortgage
Mortgage Account
Title Deed
Seller
Buyer
Lender
Property Registration Authority
Registration Fee
Transfer Fee
Completion Documents
Due Diligence Period
Encumbrance
Payment Schedule
Mortgage Terms
Interest Rate
Profit Rate
Default Rate
Security Deposit
Maintenance Charges
Service Charges
Property Value
Valuation Report
Land Department
Business Day
Completion Notice
Authority
Governing Law
Liability
Notice
Premises
Registration Certificate
Term
Title
Transaction Documents
Relevant Industries

Real Estate

Banking & Finance

Legal Services

Islamic Banking

Property Development

Mortgage Services

Real Estate Investment

Property Management

Construction

Relevant Teams

Legal

Real Estate

Mortgage Services

Compliance

Property Management

Finance

Risk Management

Customer Relations

Islamic Banking

Documentation

Relevant Roles

Real Estate Lawyer

Property Manager

Mortgage Officer

Real Estate Agent

Banking Relationship Manager

Legal Counsel

Property Registration Officer

Compliance Officer

Islamic Finance Specialist

Real Estate Transaction Manager

Property Developer

Financial Advisor

Conveyancing Manager

Real Estate Investment Manager

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): The fundamental law governing civil transactions, including property sales and transfers. It provides the basic framework for contractual obligations and property rights.
UAE Federal Law No. 14 of 2008: Law concerning mortgages in the UAE, which regulates mortgage registration, rights and obligations of parties, and enforcement procedures.
Dubai Law No. 7 of 2006: Property Registration Law in Dubai, which governs the registration of real estate transactions and property rights (relevant if property is in Dubai).
UAE Federal Law No. 4 of 2000: Law regarding property ownership and registration procedures in the UAE, including rules for property transfer.
Central Bank Regulations on Mortgage Loans: Regulations governing maximum loan-to-value ratios, debt burden ratios, and other mortgage-related requirements.
UAE Federal Law No. 6 of 1985: Islamic Banking Law, relevant for Sharia-compliant mortgages and their transfer.
RERA Regulations: Real Estate Regulatory Agency regulations governing real estate transactions and broker involvement in Dubai (if applicable).
Local Municipality Registration Requirements: Specific requirements for property registration and transfer in the relevant emirate where the property is located.
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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