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Foreclosure Deed

Foreclosure Deed Template for Saudi Arabia

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Key Requirements PROMPT example:

Foreclosure Deed

"I need a Foreclosure Deed for a commercial property in Riyadh's business district, where Al Ahli Bank is foreclosing on a defaulted mortgage by ABC Trading Company, with the foreclosure sale scheduled for March 2025."

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Document background
The Foreclosure Deed is a crucial legal instrument in Saudi Arabian property law, used when a borrower defaults on their mortgage obligations and legal proceedings have concluded in favor of the lender. This document becomes necessary after all required notice periods have expired and appropriate legal procedures, including court approvals, have been completed. The deed must strictly comply with Saudi Arabia's Real Estate Mortgage Law, Law of Enforcement, and Sharia principles. It contains comprehensive details about the property, parties involved, default circumstances, and the legal basis for the transfer. The Foreclosure Deed serves as the official record of property transfer and is required for registration with Saudi authorities, making it essential for both legal compliance and property rights protection.
Suggested Sections

1. Title and Date: Official title of the document, date of execution, and reference numbers

2. Parties: Identification of all parties: Mortgagee (Creditor), Mortgagor (Defaulting Party), and any relevant government authorities or court officials

3. Property Details: Comprehensive description of the foreclosed property, including title deed number, location, boundaries, and size

4. Background: History of the mortgage agreement, default events, and steps taken prior to foreclosure

5. Definitions: Key terms used throughout the document

6. Legal Authority: Citation of relevant laws and court orders authorizing the foreclosure

7. Default Declaration: Formal declaration of default and specific breaches of the mortgage agreement

8. Compliance Statement: Confirmation of compliance with all legal requirements and notice periods

9. Transfer of Title: Legal language effecting the transfer of property ownership

10. Consideration: Details of the foreclosure sale price or property valuation

11. Representations and Warranties: Statements regarding the property's condition and legal status

12. Execution: Signature blocks and attestation requirements

Optional Sections

1. Third Party Rights: Required when there are additional lienholders or interested parties with claims on the property

2. Tenant Provisions: Included when the property is subject to existing lease agreements

3. Environmental Declarations: Required for industrial or commercial properties with potential environmental issues

4. Redemption Rights: Included when local law provides for a redemption period

5. Islamic Finance Compliance: Required when the original mortgage was structured under Islamic finance principles

6. Power of Attorney: Included when any party is acting through an attorney or agent

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property including maps and surveys

2. Default Notices: Copies of all default notices and communication regarding the default

3. Court Orders: Copies of relevant court orders or judicial approvals

4. Property Valuation Report: Independent valuation report of the property

5. Title Search Report: Current title search showing all encumbrances and interests

6. Payment History: Record of payments and defaults under the original mortgage

7. Regulatory Approvals: Copies of any required regulatory or governmental approvals

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 legal definitions
Applicable Law
Business Day
Court Order
Default Event
Default Notice
Effective Date
Enforcement Law
Foreclosure Process
Foreclosure Sale
Islamic Finance Requirements
Loan Agreement
Ministry
Mortgage
Mortgage Agreement
Mortgaged Property
Mortgagee
Mortgagor
Notice Period
Original Purchase Price
Outstanding Amount
Possession Date
Property
Property Registration Office
Property Title
Real Estate Mortgage Law
Redemption Period
Regulatory Authorities
Related Rights
Relevant Authority
SAMA
Saudi Law
Security Interest
Sharia Principles
Title Deed
Transfer Date
Transfer Documentation
Valuation Report
Relevant Industries

Banking & Financial Services

Real Estate

Islamic Finance

Legal Services

Construction & Development

Commercial Property

Residential Property

Industrial Property

Government & Public Sector

Professional Services

Relevant Teams

Legal

Real Estate

Compliance

Risk Management

Credit Administration

Islamic Banking

Property Registration

Collections

Corporate Affairs

Asset Management

Relevant Roles

Legal Counsel

Property Manager

Real Estate Officer

Compliance Officer

Risk Manager

Credit Manager

Islamic Finance Specialist

Property Registrar

Foreclosure Attorney

Bank Manager

Real Estate Director

Mortgage Officer

Chief Legal Officer

Real Estate Investment Manager

Collection Manager

Property Rights Specialist

Industries
Real Estate Mortgage Law (Royal Decree No. M/49): Primary legislation governing mortgage and foreclosure procedures in Saudi Arabia, including requirements for valid mortgage registration and enforcement rights
Law of Enforcement (Royal Decree No. M/53): Regulates the enforcement of judgments and foreclosure procedures, including the process of property seizure and sale
Saudi Arabian Monetary Authority (SAMA) Rules: Regulations governing financial institutions' involvement in mortgage financing and foreclosure processes
Civil Transactions Law (Based on Sharia Principles): Fundamental principles governing property transactions and contracts under Islamic law, ensuring compliance with Sharia requirements
Real Estate Registration Law: Governs the registration and documentation of real estate ownership and transfers in Saudi Arabia
Finance Companies Control Law: Regulates finance companies involved in mortgage lending and their rights in foreclosure situations
Anti-Money Laundering Law: Ensures compliance with AML regulations in property transactions and ownership transfers during foreclosure
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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