Document background
The Car Assume Balance Deed of Sale is a crucial document in Saudi Arabian vehicle financing transactions where the remaining financial obligations are transferred along with the vehicle ownership. This document is commonly used when a vehicle owner wishes to sell their financed vehicle before completing all payments, allowing a new owner to assume the remaining balance under the original financing terms. The document must comply with Saudi Arabian commercial law, traffic regulations, and Sharia principles, making it distinct from similar documents in other jurisdictions. It includes comprehensive details about the vehicle, parties involved, payment obligations, and transfer procedures, while ensuring all necessary approvals from the financing institution are obtained. The document is particularly important in protecting the rights of all parties involved and ensuring a smooth transfer of both asset and liability.
