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Deed Of Absolute Sale With Assumption Of Mortgage

Deed Of Absolute Sale With Assumption Of Mortgage Template for Qatar

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Key Requirements PROMPT example:

Deed Of Absolute Sale With Assumption Of Mortgage

"I need a Deed of Absolute Sale with Assumption of Mortgage for a residential property in Al Waab, Qatar, where the buyer will assume an existing Islamic mortgage from Qatar Islamic Bank, with completion planned for March 2025; the document must comply with Sharia law principles."

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Document background
The Deed of Absolute Sale With Assumption of Mortgage is a specialized legal instrument used in Qatar when transferring property ownership where an existing mortgage is in place and the buyer wishes to assume the seller's mortgage obligations rather than obtaining new financing. This document type is particularly relevant in Qatar's real estate market where property transfers must comply with both civil law requirements and Islamic finance principles. The deed serves multiple purposes: it documents the absolute transfer of property ownership, formalizes the assumption of mortgage obligations, and ensures compliance with Qatar's property registration requirements. The document includes comprehensive details about the property, existing mortgage terms, party obligations, and necessary approvals from financial institutions. It's commonly used in both residential and commercial property transactions where maintaining existing financing arrangements is advantageous to all parties.
Suggested Sections

1. Parties: Identifies the Seller, Buyer, and Current Mortgagee with their complete legal names and addresses

2. Background: Outlines the current ownership status, existing mortgage details, and intention to transfer both property and mortgage obligations

3. Definitions: Defines key terms used throughout the deed including Property, Mortgage, Purchase Price, Outstanding Mortgage Amount

4. Property Details: Comprehensive description of the property including location, boundaries, title details, and registration information as per Qatar property registration requirements

5. Sale and Purchase: Details the absolute and irrevocable sale of the property from Seller to Buyer

6. Purchase Price: Specifies the total purchase price, payment terms, and breakdown of direct payment versus assumed mortgage amount

7. Mortgage Assumption: Details of the mortgage being assumed, including outstanding balance, terms, and conditions of assumption

8. Consent of Mortgagee: Formal documentation of the mortgagee's approval of the mortgage assumption

9. Representations and Warranties: Standard declarations by both parties regarding their capacity to enter into the agreement and the status of the property

10. Completion Requirements: Steps required to complete the transfer including registration requirements and documentation

11. Costs and Taxes: Allocation of transfer costs, registration fees, and any applicable taxes

12. Governing Law and Jurisdiction: Specifies Qatar law as governing law and Qatar courts' jurisdiction

Optional Sections

1. Power of Attorney: Required if any party is acting through an authorized representative

2. Foreign Ownership Compliance: Required if the buyer is non-Qatari, detailing compliance with Law No. 13 of 1988

3. Property Inspection Results: Including if a recent property inspection has been conducted and findings need to be acknowledged

4. Outstanding Liens or Encumbrances: Required if there are any additional liens or encumbrances beyond the primary mortgage

5. Spousal Consent: Required if the property is matrimonial property under applicable laws

6. Islamic Finance Compliance: Required if the mortgage involves Islamic financing structures

7. Condition of Property: Detailed section about property condition if selling 'as-is' or with specific conditions

Suggested Schedules

1. Schedule 1 - Property Description: Detailed technical description of the property including plot number, survey details, and building specifications

2. Schedule 2 - Existing Mortgage Details: Complete details of the mortgage being assumed including payment schedule and terms

3. Schedule 3 - Title Documents: List and copies of all relevant title documents and registration certificates

4. Schedule 4 - Payment Schedule: Detailed breakdown of payments, including direct payments to seller and assumed mortgage amounts

5. Appendix A - Property Plans: Official property plans and drawings as registered with Qatar authorities

6. Appendix B - Mortgagee Consent Documents: Formal documentation from mortgagee approving the assumption of mortgage

7. Appendix C - Due Diligence Reports: Any relevant property inspection reports, valuation reports, or other due diligence documents

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

















































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Relevant Industries

Real Estate

Banking & Financial Services

Legal Services

Property Development

Construction

Islamic Finance

Property Management

Mortgage Services

Insurance

Relevant Teams

Legal

Real Estate Operations

Mortgage Services

Compliance

Risk Management

Property Management

Financial Operations

Islamic Banking

Document Management

Client Relations

Relevant Roles

Real Estate Lawyer

Property Manager

Mortgage Officer

Real Estate Agent

Banking Relationship Manager

Legal Counsel

Compliance Officer

Property Developer

Real Estate Transaction Manager

Financial Controller

Risk Manager

Islamic Finance Specialist

Title Officer

Real Estate Operations Director

Mortgage Underwriter

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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