The Mortgage Assumption Letter serves as a crucial document in UAE real estate transactions where one party seeks to take over the mortgage obligations of another. This document is particularly relevant when property is being transferred but the existing mortgage terms are favorable or when a complete refinancing is not desired. The letter must comply with UAE Federal Law No. 14 of 2008 and relevant emirate-specific regulations, including Dubai Law No. 7 of 2006 for properties in Dubai. The document typically includes comprehensive details about the property, existing mortgage terms, and the assuming party's financial credentials. For Sharia-compliant mortgages, additional considerations regarding Islamic banking principles must be addressed. The Mortgage Assumption Letter forms part of the larger transaction documentation and requires approval from the mortgage lender before the assumption can be completed.
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1. Letter Header: Date, recipient bank/financial institution details, reference numbers
2. Subject Line: Clear indication that this is a Mortgage Assumption request/letter
3. Property Identification: Specific details of the mortgaged property including title deed number and property registration details
4. Current Mortgage Details: Existing mortgage information including account number, outstanding amount, and current mortgagor details
5. Assumption Request: Formal request to assume the mortgage obligations and transfer responsibilities
6. New Mortgagor Information: Complete details of the assuming party including identification and contact information
7. Financial Qualification: Statement of financial capability and creditworthiness of the assuming party
8. Acknowledgment of Terms: Confirmation of understanding existing mortgage terms and conditions
9. Execution Block: Signature blocks for all relevant parties
1. Islamic Finance Compliance: Required when the original mortgage is Sharia-compliant, stating commitment to maintain Islamic banking principles
2. Co-Signor Information: Include when there are additional parties guaranteeing the mortgage
3. Payment History Statement: Optional section showing current mortgagor's payment history, useful for strengthening the assumption request
4. Property Valuation Reference: Include when there's a recent property valuation supporting the assumption request
1. Original Mortgage Agreement: Copy of the existing mortgage agreement being assumed
2. Property Title Deed: Copy of the property ownership documentation
3. Financial Statement: Current mortgage statement showing outstanding balance and payment history
4. Assuming Party Documents: Supporting documents including ID, visa status, and financial credentials of the assuming party
5. Property Evaluation Report: Recent property valuation report if required by the bank
Relevant legal definitions
Assumption Date
Assuming Party
Bank
Completion Date
Current Mortgagor
Due Diligence
Effective Date
Encumbrance
Facility Agreement
Identity Card
Interest Rate
Land Department
Loan Amount
Maturity Date
Mortgage
Mortgage Account
Mortgage Agreement
Outstanding Balance
Payment Schedule
Property
Purchase Price
Real Estate Register
Registration Fee
Security
Title Deed
Transfer Date
Assuming Party
Bank
Completion Date
Current Mortgagor
Due Diligence
Effective Date
Encumbrance
Facility Agreement
Identity Card
Interest Rate
Land Department
Loan Amount
Maturity Date
Mortgage
Mortgage Account
Mortgage Agreement
Outstanding Balance
Payment Schedule
Property
Purchase Price
Real Estate Register
Registration Fee
Security
Title Deed
Transfer Date
Clauses
Relevant Industries
Banking & Finance
Real Estate
Legal Services
Islamic Banking
Property Development
Mortgage Services
Financial Advisory
Relevant Teams
Legal
Mortgage Services
Real Estate
Compliance
Islamic Banking
Property Registration
Customer Relations
Credit Assessment
Documentation
Relevant Roles
Mortgage Officer
Real Estate Lawyer
Property Manager
Bank Manager
Legal Counsel
Islamic Banking Specialist
Compliance Officer
Real Estate Agent
Property Registration Officer
Financial Advisor
Mortgage Underwriter
Banking Relationship Manager
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