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The Agreement For Sale Of Mortgaged Property is a crucial document used when transferring ownership of property that is subject to an existing mortgage in Saudi Arabia. This agreement is necessary when a mortgagor wishes to sell their property while there is an outstanding mortgage, requiring careful consideration of the mortgagee's rights and the mechanism for either discharging or transferring the mortgage. The document must comply with various Saudi regulations, including the Real Estate Finance Law, Capital Market Law, and Sharia principles. It typically includes detailed provisions for the protection of all parties' interests, payment arrangements, property transfer procedures, and regulatory compliance requirements. This agreement is particularly important in the Saudi Arabian context due to the unique requirements of Islamic finance and local property laws, requiring specific structuring to ensure enforceability and compliance with both civil and Sharia law.

1. Parties: Identification of the Seller (Current Mortgagor), Buyer, and Mortgagee (Financial Institution)

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

3. Definitions: Key terms used throughout the agreement, including Property, Mortgage, Purchase Price, and Completion Date

4. Sale and Purchase: Core transaction terms, including property description, purchase price, and payment terms

5. Mortgage Details: Details of existing mortgage, outstanding amount, and arrangements for discharge or transfer

6. Purchase Price and Payment: Payment structure, timing, and mechanisms for funds transfer

7. Completion Requirements: Conditions precedent, required approvals, and completion process

8. Property Transfer: Process and requirements for transferring property ownership

9. Representations and Warranties: Statements of fact and assurances from all parties

10. Seller's Obligations: Specific duties of the seller before and at completion

11. Buyer's Obligations: Specific duties of the buyer before and at completion

12. Mortgagee's Rights and Obligations: Rights and duties of the financial institution

13. Default and Remedies: Consequences of breach and available remedies

14. Governing Law and Jurisdiction: Application of Saudi law and dispute resolution mechanisms

15. Notices: Communication procedures between parties

16. General Provisions: Standard boilerplate clauses including amendments, severability, and entire agreement