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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."
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
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
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
Automotive
Banking & Financial Services
Legal Services
Insurance
Transportation
Consumer Services
Vehicle Financing
Legal
Finance
Compliance
Sales
Credit & Risk
Documentation
Vehicle Registration
Customer Service
Contract Administration
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
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