Document background
The Deed of Assumption of Mortgage Car is a crucial document used in the United Arab Emirates when an existing vehicle loan needs to be transferred from one borrower to another. This situation commonly arises during vehicle resales where the buyer wishes to take over the existing financing arrangement rather than obtaining new financing. The document must comply with UAE Federal Laws, including the Civil Code, Traffic Law, and Central Bank regulations. It contains detailed information about the vehicle, existing mortgage terms, parties involved, and the specific conditions of the transfer. The deed protects all parties' interests by clearly defining the transfer of rights and obligations, ensuring proper documentation for UAE traffic authorities, and maintaining compliance with financial regulations. This document is particularly important in the UAE market where vehicle financing transfers are common and require strict regulatory compliance.
