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Mortgage Assumption Agreement

Mortgage Assumption Agreement Template for Netherlands

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Key Requirements PROMPT example:

Mortgage Assumption Agreement

"I need a Mortgage Assumption Agreement for a residential property in Amsterdam, where my sister will take over my existing mortgage from ABN AMRO bank starting March 1, 2025, with the original mortgage terms remaining unchanged except for the borrower details."

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Document background
The Mortgage Assumption Agreement is a crucial document used in Dutch property transactions where an existing mortgage is transferred from one party to another. This type of agreement is commonly utilized in situations such as property sales where the buyer wishes to take over the seller's existing mortgage, or in family transfers where a mortgage needs to be reassigned. The document must comply with Dutch financial regulations and property law, including the Financial Supervision Act and Dutch Civil Code. It contains detailed information about the original mortgage, property specifications, terms of assumption, and the rights and obligations of all parties involved. The agreement requires careful consideration of the assuming party's creditworthiness and the lender's approval, making it a significant document in both residential and commercial real estate transactions in the Netherlands.
Suggested Sections

1. Parties: Identification of all parties: current borrower (assignor), assuming party (assignee), and lender

2. Background: Context of the original mortgage, property details, and reason for assumption

3. Definitions: Definitions of key terms used throughout the agreement

4. Original Mortgage Details: Details of the existing mortgage including loan amount, interest rate, and term

5. Property Description: Legal description and details of the mortgaged property

6. Terms of Assumption: Core terms and conditions of the mortgage assumption

7. Assignee's Commitments: New borrower's obligations and commitments under the assumed mortgage

8. Assignor's Release: Terms of release of the original borrower from mortgage obligations

9. Lender's Consent: Explicit consent from the lender for the assumption

10. Representations and Warranties: Statements of fact and guarantees from all parties

11. Costs and Fees: Allocation of costs related to the assumption process

12. Governing Law: Confirmation of Dutch law application and jurisdiction

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Co-Signor Provisions: Include when there is a co-signor or guarantor for the assuming party

2. Property Insurance: Include when specific insurance requirements need to be transferred or modified

3. Escrow Provisions: Include when there are existing escrow arrangements for taxes or insurance

4. Due-on-Sale Waiver: Include when the lender specifically waives due-on-sale clause

5. Modification of Original Terms: Include when any original mortgage terms are being modified as part of the assumption

6. Private Mortgage Insurance: Include when PMI is required or being transferred

7. Special Conditions: Include when there are property-specific or borrower-specific conditions

Suggested Schedules

1. Schedule A - Property Details: Detailed legal description of the property and cadastral information

2. Schedule B - Original Mortgage Document: Copy or summary of the original mortgage agreement

3. Schedule C - Payment Schedule: Updated amortization schedule and payment terms

4. Schedule D - Financial Statements: Financial information of the assuming party

5. Appendix 1 - Property Valuation: Current property valuation report or assessment

6. Appendix 2 - Due Diligence Documents: Credit checks, income verification, and other due diligence materials

7. Appendix 3 - Insurance Certificates: Property insurance documentation and requirements

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
Assumption Date
Assignor
Assignee
Lender
Original Mortgage
Assumption Amount
Property
Deed of Transfer
Mortgage Deed
Outstanding Balance
Monthly Payment
Interest Rate
Completion Date
Due Date
Encumbrances
Escrow Account
Insurance Requirements
Land Registry
Loan Terms
Maturity Date
Mortgage Conditions
Original Loan Agreement
Payment Schedule
Principal Sum
Property Address
Registration
Security Rights
Transfer Date
Valuation Report
Kadaster
Notarial Deed
Dutch Civil Code
Financial Supervision Act
Representations and Warranties
Default Events
Effective Date
Clauses
Identification of Parties
Recitals
Definitions
Transfer of Rights
Assumption of Obligations
Consent
Property Description
Financial Terms
Payment Obligations
Interest Rate
Security
Representations and Warranties
Conditions Precedent
Release
Registration
Insurance
Default
Remedies
Assignment
Notices
Amendments
Governing Law
Jurisdiction
Severability
Entire Agreement
Costs and Expenses
Force Majeure
Execution
Notarial Requirements
Due Diligence
Compliance
Property Maintenance
Tax Provisions
Escrow Arrangements
Title Warranties
Relevant Industries

Banking & Financial Services

Real Estate

Legal Services

Insurance

Mortgage Lending

Property Development

Housing & Construction

Relevant Teams

Legal

Mortgage Operations

Credit Risk

Compliance

Real Estate Operations

Financial Advisory

Underwriting

Property Services

Documentation

Relevant Roles

Mortgage Advisor

Real Estate Attorney

Bank Manager

Credit Risk Officer

Property Lawyer

Notary

Financial Advisor

Real Estate Agent

Mortgage Underwriter

Compliance Officer

Real Estate Transaction Manager

Banking Legal Counsel

Industries
Dutch Civil Code Book 3 (Burgerlijk Wetboek Boek 3): Contains fundamental property law provisions, including rules about the transfer of property rights and security rights (including mortgage rights)
Dutch Civil Code Book 7 (Burgerlijk Wetboek Boek 7): Regulates specific agreements including provisions about mortgage loans and related contracts
Financial Supervision Act (Wet op het financieel toezicht): Governs financial services and institutions, including mortgage providers, and sets requirements for mortgage transfers
Consumer Credit Act (Wet op het consumentenkrediet): Provides consumer protection regulations for credit agreements, including mortgage loans
Mortgage Credit Directive (Hypotheekrichtlijn): EU directive implemented in Dutch law, providing rules for mortgage credit agreements for consumers
Dutch Land Registry Act (Kadasterwet): Regulates the registration of real estate transactions and mortgage rights in the public registers
General Data Protection Regulation (GDPR/AVG): Regulates the processing of personal data in the agreement and related documentation
Money Laundering and Terrorist Financing Prevention Act (Wwft): Requires customer due diligence and verification procedures in real estate transactions
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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