Deed Of Sale With Assumption Of Mortgage Motorcycle for United Arab Emirates

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

A comprehensive legal document governed by UAE law that facilitates the transfer of both ownership and mortgage obligations for a motorcycle from a seller to a buyer. This deed combines elements of a standard sale agreement with specific provisions for the assumption of an existing mortgage, ensuring compliance with UAE Civil Code requirements, traffic authority regulations, and banking laws. The document includes detailed specifications of the motorcycle, current mortgage terms, transfer procedures, and obligations of all parties involved, while incorporating necessary provisions for Islamic finance compliance where applicable.

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What is a Deed Of Sale With Assumption Of Mortgage Motorcycle?

The Deed of Sale with Assumption of Mortgage Motorcycle is a specialized legal instrument used in the United Arab Emirates when transferring ownership of a mortgaged motorcycle while maintaining the existing financing arrangement. This document type is particularly relevant when the buyer wishes to take over the seller's remaining mortgage obligations rather than securing new financing. The deed must comply with UAE Civil Code requirements, traffic authority regulations, and banking laws, including Islamic finance principles where applicable. It includes comprehensive details about the motorcycle, existing mortgage terms, transfer procedures, and obligations of all parties. This document is commonly used in both private sales and dealer-facilitated transactions, requiring careful attention to local registration requirements and financial regulations.

What sections should be included in a Deed Of Sale With Assumption Of Mortgage Motorcycle?

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

2. Background: Outlines the current ownership of the motorcycle, existing mortgage details, and intention to transfer both ownership and mortgage obligations

3. Definitions: Defines key terms used throughout the agreement including Property, Existing Mortgage, Settlement Date, etc.

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

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

6. Representations and Warranties: Seller's warranties regarding ownership, motorcycle condition, and existing mortgage; Buyer's warranties regarding financial capacity

7. Completion Requirements: Lists all requirements for completing the transfer, including documentation, payments, and registrations

8. Transfer Process: Details the process for transferring both ownership and mortgage, including traffic authority requirements

9. Costs and Taxes: Allocates responsibility for transfer fees, registration costs, and any applicable taxes

10. Governing Law and Jurisdiction: Specifies UAE law as governing law and establishes jurisdiction for disputes

What sections are optional to include in a Deed Of Sale With Assumption Of Mortgage Motorcycle?

1. Condition Report: Detailed section about motorcycle condition, used when the motorcycle is sold as-is or has specific known issues

2. Insurance Requirements: Added when specific insurance requirements need to be met before transfer

3. Broker Involvement: Required when a broker is involved in facilitating the sale and mortgage transfer

4. Default Provisions: Additional provisions regarding default scenarios, included when requested by the mortgagee

5. Maintenance Records: Section detailing maintenance history, included for premium or collector motorcycles

What schedules should be included in a Deed Of Sale With Assumption Of Mortgage Motorcycle?

1. Schedule 1: Motorcycle Details: Comprehensive description of the motorcycle including make, model, year, VIN, registration number, and specifications

2. Schedule 2: Existing Mortgage Details: Details of the current mortgage including original amount, outstanding balance, payment terms, and mortgage account number

3. Schedule 3: Transfer Documents: List of all required documents for transfer from traffic authority and mortgage provider

4. Schedule 4: Payment Schedule: Detailed breakdown of all payments including purchase price, mortgage payments, and transfer fees

5. Appendix A: Motorcycle Photographs: Recent photographs of the motorcycle documenting its current condition

6. Appendix B: Maintenance Records: Copies of service history and maintenance records

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

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions
Relevant Industries

Automotive

Financial Services

Banking

Insurance

Legal Services

Transportation

Consumer Goods

Retail

Relevant Teams

Legal

Finance

Compliance

Risk Management

Sales

Operations

Customer Service

Documentation

Vehicle Registration

Underwriting

Relevant Roles

Legal Counsel

Finance Manager

Automotive Sales Manager

Loan Officer

Compliance Officer

Vehicle Registration Officer

Contract Administrator

Risk Manager

Insurance Underwriter

Banking Relationship Manager

Motorcycle Dealer

Property Transfer Specialist

Islamic Finance Specialist

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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