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Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage

Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage Template for Nigeria

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Key Requirements PROMPT example:

Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage

"I need a Deed of Sale of Motor Vehicle with Assumption of Mortgage for a 2022 Toyota Camry being sold to a private buyer in Lagos, Nigeria, with the buyer taking over my existing mortgage from FirstBank Nigeria with remaining balance of ₦1,000,000, to be completed by March 15, 2025."

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Document background
The Deed of Sale of Motor Vehicle with Assumption of Mortgage is a specialized legal instrument used in Nigeria when transferring ownership of a vehicle that is subject to an existing mortgage. This document is particularly relevant when the seller wishes to transfer both the vehicle and its associated financial obligations to the buyer, rather than settling the mortgage prior to sale. It must comply with Nigerian federal and state regulations regarding vehicle transfers, secured transactions, and banking laws. The deed includes comprehensive details about the vehicle, the outstanding mortgage, payment terms, warranties, and the specific obligations being assumed by the buyer. It's commonly used in both private and commercial contexts, particularly in situations involving financed vehicles, fleet transfers, or business asset sales.
Suggested Sections

1. Parties: Identification of the Seller, Buyer, and current Mortgagee

2. Background: Context of the sale, existing mortgage details, and purpose of the deed

3. Definitions: Key terms used throughout the deed including Vehicle, Mortgage, Settlement Date, etc.

4. Sale and Purchase: Terms of the vehicle sale including purchase price and payment arrangements

5. Vehicle Details: Comprehensive description of the vehicle including registration number, VIN, make, model, and year

6. Mortgage Assumption: Terms of mortgage assumption, outstanding amount, and payment obligations

7. Seller's Warranties: Warranties regarding vehicle ownership, condition, and existing mortgage

8. Buyer's Acknowledgments: Buyer's acceptance of vehicle condition and mortgage obligations

9. Completion Requirements: Steps for completing the transfer of both vehicle and mortgage

10. Registration and Transfer: Process for transferring vehicle registration and updating mortgage records

11. Costs and Stamp Duty: Allocation of transfer costs, registration fees, and stamp duty

12. Execution Requirements: Formal execution requirements including witnessing and attestation

Optional Sections

1. Insurance Arrangements: Used when specific insurance transfer or new policy requirements need to be detailed

2. Mortgagee Consent: Required when the mortgage agreement specifically requires mortgagee consent for transfer

3. Vehicle Inspection: Include when a formal inspection process is part of the sale conditions

4. Default Provisions: Additional provisions regarding default on mortgage payments or breach of terms

5. Prior Encumbrances: Include when there are other liens or encumbrances besides the primary mortgage

6. Maintenance Records: When detailed service history is part of the sale agreement

Suggested Schedules

1. Schedule 1 - Vehicle Specifications: Detailed technical specifications and features of the vehicle

2. Schedule 2 - Mortgage Details: Complete mortgage terms, payment schedule, and outstanding balance

3. Schedule 3 - Vehicle Documents: List of all vehicle documentation being transferred

4. Schedule 4 - Condition Report: Current condition assessment and any known defects

5. Appendix A - Registration Documents: Copies of current registration papers and transfer forms

6. Appendix B - Insurance Certificates: Relevant insurance documentation and policies

7. Appendix C - Maintenance Records: Service history and maintenance documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Automotive

Financial Services

Banking

Insurance

Legal Services

Transportation

Fleet Management

Vehicle Leasing

Automotive Finance

Relevant Teams

Legal

Finance

Compliance

Risk Management

Sales

Operations

Credit Administration

Documentation

Asset Management

Vehicle Administration

Relevant Roles

Legal Counsel

Finance Manager

Fleet Manager

Automotive Sales Manager

Banking Officer

Compliance Officer

Risk Manager

Vehicle Registration Officer

Credit Manager

Contract Administrator

Legal Documentation Specialist

Asset Manager

Automotive Finance Specialist

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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