Deed Of Absolute Sale With Assumption Of Mortgage Template for United Arab Emirates

The Deed of Absolute Sale with Assumption of Mortgage is a specialized legal document used in the United Arab Emirates when transferring property ownership where an existing mortgage is in place and will be assumed by the buyer. This document is particularly important in the UAE real estate market, where property financing and transfers must comply with both federal and emirate-specific regulations, including UAE Central Bank guidelines and local property laws. The deed combines elements of a standard property sale agreement with specific provisions for mortgage assumption, making it essential for transactions where buyers wish to take over existing financing arrangements rather than securing new mortgages. It includes detailed sections covering property specifications, purchase terms, mortgage details, and assumption conditions, while ensuring compliance with UAE property registration requirements and, where applicable, Islamic finance principles. This document is commonly used in both residential and commercial property transactions and must be properly registered with relevant local authorities to be legally effective.

1. Parties: Identifies and provides full details of the Seller, Buyer, and Current Mortgagee

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, Purchase Price, Mortgage Amount, and Completion Date

4. Property Details: Comprehensive description of the property including title details, location, size, and any registered encumbrances

5. Sale and Purchase: Details the agreement to sell and purchase the property, including the purchase price and payment terms

6. Mortgage Assumption: Specifies the terms and conditions of the mortgage assumption, including remaining balance and payment obligations

7. Representations and Warranties: Statements by both parties regarding their capacity to enter the agreement and the status of the property

8. Seller's Obligations: Lists all obligations of the seller including property transfer requirements and documentation

9. Buyer's Obligations: Details buyer's responsibilities including payment terms and assumption of mortgage obligations

10. Completion Requirements: Specifies all conditions that must be met for completion and the completion process

11. Registration and Transfer: Details the process for registering the transfer with relevant authorities

12. Costs and Taxes: Allocation of transaction costs, registration fees, and applicable taxes

13. Governing Law and Jurisdiction: Specifies UAE law as governing law and relevant courts for dispute resolution