��������Ƶ

The Mortgage Purchase Agreement is essential for financial institutions and investors operating in Saudi Arabia's real estate finance market. This document is typically used when a financial institution wishes to sell its mortgage portfolio or when investors seek to acquire mortgage assets. The agreement must strictly comply with Saudi Arabian regulations and Sharia law principles, making it distinct from conventional mortgage purchases in non-Islamic jurisdictions. It includes detailed provisions for the transfer of rights, obligations, and securities associated with the mortgage, while ensuring all aspects of the transaction remain Sharia-compliant. The document is particularly relevant in the context of Saudi Arabia's growing secondary mortgage market and the government's initiatives to increase home ownership and develop the real estate financing sector.

1. Parties: Identification of all parties to the agreement including the seller, purchaser, and any relevant financial institutions

2. Background: Context of the transaction and brief description of the mortgage purchase arrangement

3. Definitions: Detailed definitions of terms used throughout the agreement, including Islamic finance terminology

4. Subject Matter of Sale: Detailed description of the mortgage being purchased, including all relevant property details

5. Purchase Price and Payment Terms: Structure of the purchase price, payment schedule, and compliance with Sharia principles

6. Conditions Precedent: Prerequisites that must be satisfied before the agreement becomes effective

7. Representations and Warranties: Statements of fact and assurances from both parties regarding their capacity, authority, and the mortgage's status

8. Transfer and Assignment: Terms governing the transfer of the mortgage and related rights from seller to purchaser

9. Compliance with Sharia: Specific provisions ensuring the transaction complies with Islamic law principles

10. Covenants: Ongoing obligations of both parties throughout the term of the agreement

11. Default and Remedies: Consequences of breach and available remedies for both parties

12. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction for disputes

13. Notices: Process and requirements for formal communications between parties

14. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments