The Deed of Assumption of Mortgage Car is a crucial document used in the United Arab Emirates when an existing vehicle loan needs to be transferred from one borrower to another. This situation commonly arises during vehicle resales where the buyer wishes to take over the existing financing arrangement rather than obtaining new financing. The document must comply with UAE Federal Laws, including the Civil Code, Traffic Law, and Central Bank regulations. It contains detailed information about the vehicle, existing mortgage terms, parties involved, and the specific conditions of the transfer. The deed protects all parties' interests by clearly defining the transfer of rights and obligations, ensuring proper documentation for UAE traffic authorities, and maintaining compliance with financial regulations. This document is particularly important in the UAE market where vehicle financing transfers are common and require strict regulatory compliance.

1. Parties: Identifies all parties: Original Borrower (Transferor), New Borrower (Transferee), and Lender (Mortgagee)

2. Background: Recitals explaining the existing mortgage, vehicle details, and intention to transfer the mortgage obligations

3. Definitions: Defines key terms used throughout the deed including Vehicle, Existing Mortgage, Assumption Date, etc.

4. Assumption of Mortgage: Core terms detailing the transfer of mortgage obligations from original borrower to new borrower

5. Consideration: Details of any payment or consideration between original and new borrower for the assumption

6. Lender's Consent: Express consent of the lender to the assumption of mortgage and any conditions attached

7. Representations and Warranties: Statements of fact and promises by both original and new borrower regarding their capacity and the vehicle

8. Original Borrower's Obligations: Responsibilities of the original borrower including cooperation with transfer process

9. New Borrower's Obligations: Commitments and responsibilities of the new borrower including payment obligations

10. Vehicle Registration and Transfer: Requirements for updating vehicle registration and mortgage records

11. Governing Law and Jurisdiction: Specifies UAE law as governing law and relevant courts' jurisdiction

12. Execution: Signature blocks and execution requirements including notarization if required