Mortgage Contract Agreement Template for United Arab Emirates

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Mortgage Contract Agreement

I need a Mortgage Contract Agreement for a residential property purchase in Dubai, UAE, with a loan amount of AED 2.5 million to be repaid over 25 years, with completion scheduled for March 2025.

Document background

The Mortgage Contract Agreement is a fundamental legal document used in the United Arab Emirates for securing property financing transactions. It creates a legally binding arrangement between a lender (typically a bank or financial institution) and a borrower, establishing a security interest over real property. The document must comply with UAE federal laws, including UAE Federal Law No. 14 of 2008 (The Mortgage Law) and relevant emirate-specific regulations. It may incorporate Islamic finance principles when required and includes essential elements such as property details, payment terms, enforcement mechanisms, and regulatory compliance requirements. This agreement is crucial for property purchases, refinancing, or using real estate as security for financing, and must be registered with relevant UAE authorities to be legally enforceable.

Suggested Sections

1. Parties: Identification of the Mortgagor (borrower), Mortgagee (lender), and any guarantors with full legal names and addresses

2. Background: Context of the mortgage agreement, including property purchase details and financing purpose

3. Definitions: Comprehensive list of defined terms used throughout the agreement

4. Property Details: Legal description of the mortgaged property including title deed number and registration details

5. Loan Amount and Terms: Principal amount, interest rate/profit rate, payment schedule, and loan duration

6. Security Creation: Legal creation of the mortgage security interest over the property

7. Representations and Warranties: Statements of fact and assurances from the borrower regarding their capacity and property ownership

8. Borrower Covenants: Ongoing obligations of the borrower including property maintenance and insurance requirements

9. Events of Default: Circumstances constituting default and consequences thereof

10. Enforcement Rights: Lender's rights and remedies in case of default, including property sale procedures

11. Insurance Requirements: Mandatory property insurance and other insurance obligations

12. Payment Terms: Detailed payment mechanisms, dates, and processing procedures

13. Costs and Expenses: Allocation of fees, charges, and expenses related to the mortgage

14. Notices: Communication procedures and contact details for all parties

15. Governing Law and Jurisdiction: Confirmation of UAE law application and relevant court jurisdiction

Optional Sections

1. Islamic Finance Provisions: Required when the mortgage follows Sharia principles, including Murabaha or Ijara structures

2. Guarantor Provisions: Required when there is a third-party guarantor for the mortgage

3. Property Management: Required for properties in specific developments or with management requirements

4. Foreign Ownership Compliance: Required when the borrower is a non-UAE national

5. Construction Provisions: Required for off-plan properties or properties under construction

6. Multiple Property Provisions: Required when the mortgage covers multiple properties

7. Assignment and Transfer: Required when transfer rights need to be specifically addressed

8. Co-borrower Provisions: Required when there are multiple borrowers

Suggested Schedules

1. Property Schedule: Detailed property description, including floor plans and title information

2. Payment Schedule: Detailed breakdown of payment amounts, dates, and amortization schedule

3. Insurance Schedule: Specific insurance requirements and minimum coverage details

4. Fees Schedule: Comprehensive list of all applicable fees and charges

5. Form of Transfer Deed: Template for property transfer documentation in case of default

6. Property Valuation Report: Official valuation of the property

7. Required Documents: List of documents required for mortgage registration and completion

8. Powers of Attorney: Templates for any required powers of attorney

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking & Financial Services

Real Estate

Islamic Finance

Insurance

Legal Services

Property Development

Construction

Mortgage Broking

Financial Advisory

Relevant Teams

Legal

Mortgage Operations

Credit Risk

Compliance

Real Estate

Islamic Banking

Documentation

Property Services

Customer Relations

Underwriting

Relevant Roles

Legal Counsel

Mortgage Officer

Bank Manager

Property Lawyer

Compliance Officer

Real Estate Manager

Credit Risk Officer

Islamic Finance Specialist

Property Valuation Expert

Relationship Manager

Mortgage Underwriter

Documentation Specialist

Property Registration Officer

Financial Advisor

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Let's create your Mortgage Contract Agreement

Authors

Alex Denne

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