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Mortgage Purchase Agreement for United Arab Emirates

Mortgage Purchase Agreement Template for United Arab Emirates

A comprehensive legal document governed by UAE law that facilitates the transfer of mortgage rights and obligations from one party to another. This agreement template is structured to comply with UAE Federal laws, Central Bank regulations, and emirate-specific requirements, particularly those of Dubai and Abu Dhabi. It includes provisions for both conventional and Islamic mortgage transfers, incorporating necessary safeguards for all parties involved while ensuring adherence to local property registration requirements and financial regulations.

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What is a Mortgage Purchase Agreement?

The Mortgage Purchase Agreement Template is designed for use in the United Arab Emirates when transferring existing mortgage rights and obligations between parties. This document is essential in scenarios where mortgage portfolios are being sold, restructured, or transferred between financial institutions, or when individual mortgages are being reassigned. The template incorporates crucial elements required by UAE Federal Law, Central Bank regulations, and specific emirate-level requirements, particularly those of Dubai and Abu Dhabi. It includes provisions for both conventional and Islamic financing structures, ensuring compliance with Sharia principles where applicable. The document addresses key aspects such as property registration requirements, transfer mechanisms, payment terms, and regulatory approvals, while providing flexibility to accommodate various types of mortgage purchases within the UAE legal framework.

What sections should be included in a Mortgage Purchase Agreement?

1. Parties: Identification of the Seller, Purchaser, and any relevant financial institutions or mortgage providers

2. Background: Context of the transaction, including brief description of the property and existing mortgage arrangement

3. Definitions: Defined terms used throughout the agreement, including technical and financial terms

4. Sale and Purchase: Core terms of the transaction, including the asset being purchased and purchase price

5. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, payment schedule, and method of payment

6. Mortgage Assignment: Terms of the mortgage transfer or assignment from seller to purchaser

7. Conditions Precedent: Prerequisites that must be satisfied before completion

8. Completion: Process and requirements for completing the transaction

9. Seller's Representations and Warranties: Statements of fact and assurances given by the seller regarding the property and mortgage

10. Purchaser's Representations and Warranties: Statements of fact and assurances given by the purchaser

11. Registration and Transfer: Requirements for registering the transfer with relevant authorities

12. Costs and Taxes: Allocation of transaction costs, fees, and applicable taxes

13. Notices: Communication procedures between parties

14. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction details

What sections are optional to include in a Mortgage Purchase Agreement?

1. Islamic Finance Provisions: Required when the mortgage follows Sharia principles, including relevant Islamic financing structures

2. Property Management: Included when the agreement covers interim property management arrangements

3. Broker Provisions: Required when real estate brokers are involved in the transaction

4. Foreign Ownership Provisions: Required when the purchaser is a non-UAE national, addressing specific foreign ownership requirements

5. Default and Enforcement: Additional provisions regarding default scenarios and enforcement rights

6. Insurance: Specific insurance requirements beyond standard provisions

7. Third Party Rights: Required when there are relevant third party interests or rights

8. Force Majeure: Extended force majeure provisions beyond standard clauses

What schedules should be included in a Mortgage Purchase Agreement?

1. Property Details: Detailed description of the property, including title details and registration information

2. Existing Mortgage Details: Details of the current mortgage being purchased, including outstanding amounts and terms

3. Payment Schedule: Detailed breakdown of payment installments and dates

4. Required Registrations: List of all necessary registrations and filings with relevant authorities

5. Form of Transfer Instruments: Templates of required transfer documentation

6. Due Diligence Documents: List of required due diligence documents and their status

7. Property Condition Report: Current condition of the property if relevant to the transaction

8. Relevant Permits and Licenses: Copies or details of all relevant permits and licenses

Authors

Alex Denne

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

Publisher

Ƶ

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions












































Clauses






























Relevant Industries

Banking and Financial Services

Real Estate

Property Development

Islamic Finance

Mortgage Services

Commercial Property

Residential Property

Legal Services

Financial Advisory

Property Investment

Relevant Teams

Legal

Real Estate

Mortgage Operations

Compliance

Risk Management

Property Finance

Corporate Affairs

Banking Operations

Investment

Islamic Banking

Property Services

Document Management

Relevant Roles

Legal Counsel

Real Estate Manager

Mortgage Officer

Property Finance Manager

Compliance Officer

Real Estate Director

Banking Operations Manager

Investment Manager

Property Portfolio Manager

Risk Manager

Islamic Finance Specialist

Real Estate Transaction Manager

Corporate Lawyer

Financial Controller

Chief Legal Officer

Property Services Director

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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