The Notice of Intent to Foreclose is a crucial document in Saudi Arabia's mortgage enforcement process, required before any foreclosure action can be initiated. It must be issued in compliance with the Real Estate Finance Law (Royal Decree No. M/50) and related SAMA regulations. This notice serves as the first formal step in the foreclosure process, giving borrowers a final opportunity to cure their default before legal proceedings commence. The document must include specific information about the default, cure period, and consequences, while ensuring compliance with both civil and Shariah law requirements. It's typically issued after informal collection attempts have failed and represents a significant escalation in the enforcement process. The notice must be drafted carefully to ensure it meets all legal requirements under Saudi law and includes all necessary information to make it legally enforceable.
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1. Sender Details: Full legal name and contact information of the financial institution or mortgagee
2. Date: Official date of the notice issuance
3. Recipient Details: Full name and address of the borrower/mortgagor
4. Subject Line: Clear identification as a Notice of Intent to Foreclose
5. Loan Information: Details of the loan agreement, including date, original amount, and current balance
6. Property Description: Legal description and address of the mortgaged property
7. Default Description: Specific details of the default, including amounts owed and duration of default
8. Legal Authority: Reference to relevant Saudi laws and regulations authorizing the foreclosure
9. Cure Period: Specified timeframe within which the borrower can cure the default
10. Required Actions: Clear statement of what the borrower must do to avoid foreclosure
11. Consequences: Description of what will happen if the default is not cured
12. Contact Information: Details of whom to contact for payment or queries
1. Payment History: Detailed history of payments and defaults when there are multiple instances of default
2. Shariah Compliance Statement: Statement confirming the compliance with Islamic finance principles, used when the loan is Islamic-based
3. Previous Notifications: Reference to any previous notices or communications regarding the default
4. Available Assistance Programs: Information about any available payment assistance or modification programs
5. Power of Attorney: Details of any power of attorney if the notice is being sent by a representative
6. Language Translation Notice: Notice about availability of translation if the borrower is known to be non-Arabic speaking
1. Payment Summary Schedule: Detailed breakdown of amounts owed, including principal, profit/interest, and fees
2. Default Timeline: Chronological listing of relevant dates including payment due dates, default dates, and deadline for cure
3. Property Documentation: Copies of relevant property and mortgage registration documents
4. Legal Citations: Full text of relevant Saudi laws and regulations referenced in the notice
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