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Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage Template for United Arab Emirates

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Key Requirements PROMPT example:

Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage

"I need a Deed of Sale of Motor Vehicle with Assumption of Mortgage under UAE law for transferring my 2023 Mercedes-Benz GLE to a buyer who will take over my existing mortgage with Emirates NBD, with completion planned for January 2025."

Document background
The Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage is a specialized legal instrument used in the United Arab Emirates when transferring ownership of a mortgaged vehicle while maintaining the existing financing arrangement. This document is particularly relevant when the buyer wishes to take over the seller's remaining mortgage payments rather than arranging new financing. It must comply with UAE Federal Traffic Law, banking regulations, and RTA requirements, making it more complex than a standard vehicle sale agreement. The deed includes comprehensive details about the vehicle, current mortgage terms, conditions for transfer, and necessary approvals from the mortgagee. It's commonly used in both private and commercial vehicle sales where existing financing is in place, and requires careful attention to both UAE vehicle transfer regulations and banking requirements for mortgage assumption.
Suggested Sections

1. Parties: Identifies the Seller, Buyer, and Mortgagee (bank/financial institution), including their full legal names, addresses, and identification details as required by UAE law

2. Background: Explains the current ownership and mortgage situation of the vehicle, and the parties' intention to transfer both ownership and mortgage obligations

3. Definitions: Defines key terms used throughout the deed, including 'Vehicle', 'Existing Mortgage', 'Completion Date', and other relevant terms

4. Sale and Purchase: Details the agreement to sell and purchase the vehicle, including the purchase price and payment terms

5. Mortgage Assumption: Specifies the terms of mortgage assumption, including outstanding amount, payment schedule, and interest rate

6. Warranties and Representations: Contains warranties from seller regarding vehicle ownership and condition, and from buyer regarding capability to assume mortgage

7. Completion Requirements: Lists the conditions and requirements for completing the transfer, including RTA registration procedures

8. Rights and Obligations: Details ongoing rights and obligations of all parties post-completion

9. Governing Law and Jurisdiction: Specifies UAE law as governing law and establishes jurisdiction for disputes

Optional Sections

1. Insurance Requirements: Required if specific insurance arrangements need to be maintained as part of mortgage conditions

2. Vehicle Maintenance Obligations: Include if the mortgage agreement requires specific maintenance standards

3. Security Deposit: Include if a security deposit is required by the mortgagee

4. Default and Remedies: Detailed section on default scenarios and remedies, required for higher-value vehicles or complex mortgage arrangements

5. Third-Party Guarantor: Include if a guarantor is required for the mortgage assumption

Suggested Schedules

1. Schedule 1 - Vehicle Details: Comprehensive details of the vehicle including make, model, year, VIN, registration number, and condition report

2. Schedule 2 - Existing Mortgage Details: Full details of the existing mortgage including original amount, outstanding amount, payment schedule, and terms

3. Schedule 3 - Required Documents: List of all documents required for transfer of ownership and mortgage assumption

4. Schedule 4 - Payment Schedule: Detailed schedule of remaining mortgage payments to be assumed by the buyer

5. Appendix A - Vehicle Inspection Report: Recent inspection report from authorized UAE testing center

6. Appendix B - Bank Approval: Written approval from mortgagee for the mortgage assumption

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions


































Clauses






























Relevant Industries

Automotive

Banking & Financial Services

Legal Services

Insurance

Transportation

Consumer Services

Vehicle Financing

Relevant Teams

Legal

Finance

Compliance

Sales

Credit & Risk

Documentation

Vehicle Registration

Customer Service

Contract Administration

Relevant Roles

Legal Counsel

Finance Manager

Automotive Sales Manager

Bank Officer

Compliance Officer

Contract Administrator

Vehicle Registration Officer

Credit Manager

Documentation Specialist

Risk Assessment Officer

Legal Administrator

Auto Finance Specialist

Industries






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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