Deed Of Sale With Assume Balance Template for Saudi Arabia

The Deed of Sale with Assume Balance is a specialized legal instrument used in Saudi Arabian real estate transactions where the buyer agrees to take over the seller's existing financial obligations as part of the property purchase. This document is particularly relevant in situations where the property has an outstanding mortgage or financial commitment, and the buyer prefers to assume these obligations rather than securing new financing. The deed must carefully balance Sharia law requirements, Saudi real estate regulations, and financial institution policies. It includes comprehensive details about the property, the assumed balance, payment terms, and transfer conditions. This type of agreement is commonly used in both residential and commercial property transactions, especially in cases where the existing financing terms are advantageous or when new financing might be difficult to obtain.

1. Parties: Identification of the Seller and Buyer, including their full legal names, national ID numbers, and contact details as required by Saudi law

2. Background: Context of the sale, including brief description of the property and existence of outstanding balance

3. Definitions: Key terms used in the deed, including Property, Assumed Balance, Settlement Date, etc.

4. Property Details: Comprehensive description of the property, including location, boundaries, size, and registration details as per Saudi property registry

5. Purchase Price and Payment Terms: Total purchase price, breakdown between direct payment and assumed balance, payment schedule

6. Assumed Balance Details: Specification of the outstanding balance being assumed, original creditor details, and terms of assumption

7. Transfer of Ownership: Terms and conditions for the transfer of property ownership, including registration requirements

8. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances (except disclosed balance), and authority to sell

9. Buyer's Undertakings: Commitments regarding assumption of balance, future payments, and compliance with existing loan terms

10. Completion Requirements: Steps required to complete the transaction, including registration and balance transfer procedures

11. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction