The Assumption Of Mortgage Form is a crucial document in Saudi Arabian real estate transactions where an existing mortgage is transferred to a new borrower. This document is typically used when a property is being sold but has an existing mortgage that the buyer wishes to take over, or in cases of family transfers or business restructuring. The form must comply with the Real Estate Finance Law of 2012, SAMA regulations, and Sharia principles that govern Islamic finance in Saudi Arabia. It includes detailed information about the property, original mortgage terms, assuming party's credentials, payment obligations, and lender's approval. The document serves as both a legal record of the transfer and a binding agreement that protects all parties' interests while ensuring regulatory compliance.
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1. Parties: Identifies the original borrower (transferor), the assuming party (transferee), and the lender/financial institution
2. Background: Brief context about the original mortgage, property, and reason for assumption
3. Definitions: Key terms used throughout the document, including Property, Original Mortgage, Assumption Date, etc.
4. Property Details: Complete legal description of the mortgaged property, including title deed number and location
5. Original Mortgage Information: Details of the original mortgage being assumed, including registration number and outstanding balance
6. Terms of Assumption: Core terms of the mortgage assumption, including payment amounts, schedule, and conditions
7. Transferee's Acknowledgments: Assuming party's confirmation of understanding and accepting all mortgage obligations
8. Transferor's Representations: Original borrower's declarations regarding the mortgage status and property condition
9. Lender's Consent: Financial institution's formal approval of the assumption and any conditions attached
10. Effective Date and Closing: When the assumption takes effect and closing requirements
11. Governing Law: Confirmation of Saudi law application and Sharia compliance
1. Co-Signer Details: Include when there is a co-signer or guarantor for the assuming party
2. Property Management: Include when there are specific property management arrangements during transition
3. Insurance Requirements: Include when there are special insurance requirements beyond standard coverage
4. Down Payment Terms: Include when the assuming party is making a down payment to the original borrower
5. Special Conditions: Include when there are unique circumstances or additional requirements from the lender
6. Default Remedies: Include when specific default remedies differ from standard mortgage terms
1. Schedule A - Property Description: Detailed legal description of the property including maps and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment amounts, dates, and amortization schedule
3. Schedule C - Original Mortgage Document: Copy of the original mortgage agreement being assumed
4. Schedule D - Property Inspection Report: Current condition report of the property at time of assumption
5. Appendix 1 - Required Documents Checklist: List of all documents required for mortgage assumption completion
6. Appendix 2 - Regulatory Compliance Certificate: Confirmation of compliance with Saudi regulations and Sharia requirements
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Banking & Financial Services
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Housing Development
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Relevant Teams
Legal
Real Estate
Mortgage Services
Islamic Banking
Compliance
Risk Management
Property Management
Documentation
Customer Services
Financial Advisory
Relevant Roles
Mortgage Officer
Real Estate Lawyer
Property Manager
Financial Advisor
Islamic Finance Specialist
Real Estate Agent
Loan Officer
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Property Developer
Banking Manager
Real Estate Transaction Manager
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Documentation Specialist
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