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Mortgage Assumption Agreement

Mortgage Assumption Agreement Template for Belgium

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Key Requirements PROMPT example:

Mortgage Assumption Agreement

"I need a Mortgage Assumption Agreement for a commercial property in Brussels, where a corporate entity is assuming a €2.5M mortgage from an individual borrower, with the transfer to be completed by March 2025."

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Document background
The Mortgage Assumption Agreement is a crucial document used in Belgian real estate transactions when an existing mortgage is transferred from one party to another. This agreement becomes necessary when a property buyer wishes to take over the seller's existing mortgage instead of obtaining new financing. The document must comply with Belgian civil law requirements, including the Belgian Civil Code and Mortgage Law of 1851, and requires formal notarization. It comprehensively outlines the original mortgage terms, property details, rights and obligations being transferred, and the lender's consent conditions. The agreement serves as both a legal record of the assumption and a binding contract that protects all parties' interests while ensuring compliance with Belgian financial regulations and property transfer requirements. It's particularly relevant in situations involving property sales, family transfers, or corporate restructuring where maintaining existing mortgage terms is advantageous.
Suggested Sections

1. Parties: Identification of all parties: Original Borrower (Assignor), Assuming Party (Assignee), and Original Lender

2. Background: Context of the original mortgage, property details, and reason for assumption

3. Definitions: Definitions of key terms used throughout the agreement, including Property, Original Mortgage, Assumption Date, etc.

4. Original Mortgage Details: Specific details of the original mortgage including date, principal amount, interest rate, and remaining balance

5. Property Description: Legal description of the mortgaged property, including cadastral details as required under Belgian law

6. Terms of Assumption: Core terms under which the assuming party takes over the mortgage obligations

7. Rights and Obligations: Detailed description of the rights and obligations being transferred and retained

8. Lender's Consent: Terms of the lender's approval of the assumption and any conditions attached

9. Representations and Warranties: Statements of fact and guarantees from all parties

10. Payment Terms: Details of ongoing payment obligations and any assumption fees

11. Default Provisions: Consequences of default under the assumed mortgage

12. Governing Law: Confirmation of Belgian law governance and jurisdiction

13. Execution: Signature blocks and notarization requirements

Optional Sections

1. Release of Original Borrower: Optional section used when the original borrower is to be fully released from future obligations

2. Co-Borrower Provisions: Include when there are co-borrowers involved in the assumption

3. Insurance Requirements: Detailed insurance obligations when specific insurance arrangements are required by the lender

4. Property Management: Include when there are specific property management requirements or restrictions

5. Due Diligence Results: Include when referencing specific findings from property or financial due diligence

6. Tax Provisions: Special tax considerations or obligations, when applicable

7. Environmental Provisions: Include when there are specific environmental concerns or requirements for the property

Suggested Schedules

1. Original Mortgage Agreement: Copy of the original mortgage agreement being assumed

2. Property Title Details: Official property registration and cadastral information

3. Payment Schedule: Detailed amortization schedule showing remaining payments

4. Property Valuation: Current property valuation report or assessment

5. Lender's Consent Document: Formal written consent from the lender for the assumption

6. Due Diligence Reports: Relevant property inspection and financial review reports

7. Insurance Certificates: Current property insurance documentation

8. Registration Forms: Required forms for Belgian mortgage registry offices

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking & Financial Services

Real Estate

Legal Services

Mortgage & Lending

Property Development

Insurance

Notarial Services

Financial Advisory

Relevant Teams

Legal

Real Estate

Mortgage Services

Credit Administration

Risk Management

Compliance

Property Management

Financial Advisory

Transaction Management

Document Management

Relevant Roles

Real Estate Lawyer

Mortgage Broker

Bank Manager

Credit Officer

Property Manager

Legal Counsel

Notary Public

Real Estate Agent

Financial Advisor

Risk Manager

Compliance Officer

Property Developer

Real Estate Investment Manager

Loan Officer

Transaction Manager

Industries
Belgian Civil Code (Code Civil/Burgerlijk Wetboek): Primary legislation governing property rights, contracts, and obligations in Belgium, particularly Book III, Title XVIII on Mortgages
Belgian Mortgage Law of 16 December 1851: Specific legislation governing the creation, registration, and enforcement of mortgage rights in Belgium
Belgian Consumer Credit Act (Wet op het Consumentenkrediet): Regulates consumer credit agreements and provides protection for consumers in credit transactions, including mortgage-related matters
Act on Market Practices and Consumer Protection: Ensures fair trading practices and consumer protection in financial transactions, including mortgage agreements
Royal Decree on Mortgage Credit (Koninklijk Besluit betreffende de kosten): Regulates costs, fees, and administrative requirements related to mortgage transactions
Belgian Registration Duties Code: Governs the registration requirements and associated fees for real estate transactions and mortgage assumptions
EU Mortgage Credit Directive 2014/17/EU (as implemented in Belgian law): European regulations implemented in Belgian law regarding mortgage credit agreements for consumers and property protection
Belgian Financial Law of 2014: Regulates financial institutions and their role in mortgage lending, including requirements for mortgage assumption processes
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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