Certificate Of Repossession for United Arab Emirates

Certificate Of Repossession Template for United Arab Emirates

A Certificate of Repossession is a formal legal document used in the United Arab Emirates that officially documents and validates the lawful repossession of property following a default under a loan or lease agreement. The document must comply with UAE federal laws, including Federal Law No. 5 of 1985 (Civil Code) and Federal Law No. 4 of 2020 on Securing Interest in Movable Property, as well as relevant emirate-specific regulations. It serves as official evidence of the repossession process, detailing the property description, circumstances of default, method of repossession, and condition of the asset at the time of recovery.

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What is a Certificate Of Repossession?

The Certificate of Repossession is a crucial document in the UAE's secured lending landscape, used when a creditor exercises their right to repossess property following a payment default or breach of financing terms. This document is essential for compliance with UAE legislation, including Federal Law No. 4 of 2020 on Securing Interest in Movable Property and the UAE Civil Code. It provides detailed documentation of the repossession process, including identification of the parties involved, description of the property, basis for repossession, and the condition of the asset at the time of recovery. The certificate serves multiple purposes: it provides evidence of lawful repossession, protects the creditor from future claims, documents compliance with legal requirements, and forms part of the official record for any subsequent legal proceedings or asset disposal.

What sections should be included in a Certificate Of Repossession?

1. Identification Details: Details of the creditor/financial institution, debtor, and any relevant loan/lease agreement numbers

2. Property Description: Detailed description of the repossessed property including all relevant identifying information (serial numbers, registration numbers, make, model, etc.)

3. Default Declaration: Statement of the default that led to repossession, including relevant dates and amounts

4. Legal Authority: Reference to the legal basis for repossession under UAE law and the original agreement

5. Repossession Details: Date, time, location, and manner of repossession, including names of officials involved

6. Property Condition: Detailed description of the property's condition at the time of repossession

7. Certification: Formal certification statement and signatures of authorized persons

What sections are optional to include in a Certificate Of Repossession?

1. Notice History: Details of notices sent to the debtor prior to repossession - include when there is a requirement to document multiple notices

2. Third Party Claims: Statement regarding any third-party claims or interests in the property - include when there are known third-party interests

3. Personal Property Inventory: List of any personal property found within/on the repossessed property - include when personal items are found during repossession

4. Witness Statement: Statements from witnesses to the repossession - include when witnesses were present during repossession

5. Police Report Reference: Reference to police reports if law enforcement was involved - include when police were present during repossession

What schedules should be included in a Certificate Of Repossession?

1. Schedule A - Photographic Evidence: Photographs of the property at the time of repossession showing its condition

2. Schedule B - Original Agreement: Copy of the original loan/lease agreement showing the security interest

3. Schedule C - Default Notices: Copies of all default notices sent to the debtor

4. Schedule D - Property Condition Report: Detailed condition report including any damage or missing components

5. Schedule E - Inventory List: Detailed inventory of any personal property found and its disposition

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Publisher

Genie AI

Document Type

Affidavit

Cost

Free to use
Relevant Industries

Banking & Financial Services

Automotive Finance

Equipment Leasing

Real Estate

Asset Finance

Commercial Lending

Islamic Banking

Vehicle Leasing

Construction Equipment

Industrial Equipment Leasing

Relevant Teams

Legal

Collections

Risk Management

Operations

Compliance

Asset Recovery

Credit Administration

Documentation

Security

Islamic Banking

Relevant Roles

Collections Manager

Recovery Officer

Legal Counsel

Credit Risk Manager

Asset Recovery Specialist

Compliance Officer

Operations Manager

Branch Manager

Documentation Specialist

Enforcement Officer

Security Manager

Portfolio Manager

Risk Assessment Officer

Islamic Banking Officer

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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