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The Deed Of Absolute Sale With Assumption Of Mortgage is a specialized legal instrument used in Saudi Arabian real estate transactions where the buyer not only purchases the property but also takes over the seller's existing mortgage obligations. This document is particularly relevant in situations where the seller has an outstanding mortgage and the buyer wishes to assume that mortgage rather than arrange new financing. The deed must carefully balance the requirements of Saudi Arabian property law, the 2012 Mortgage Law, and Sharia principles, particularly regarding the treatment of debt transfer and interest. It includes comprehensive details about the property, the terms of sale, the existing mortgage conditions, and the specific obligations being assumed by the buyer. The document is crucial for ensuring proper registration of both the property transfer and the mortgage assumption with relevant Saudi Arabian authorities.

1. Parties: Identification of the Seller, Buyer, and current Mortgagee

2. Background: Brief description of the property, existing mortgage, and intention to transfer

3. Definitions: Key terms used throughout the deed including Property, Mortgage, Purchase Price, Outstanding Mortgage Amount

4. Sale and Purchase: Core provisions detailing the absolute and irrevocable sale of the property

5. Purchase Price: Details of the total consideration and payment terms

6. Mortgage Assumption: Terms of the mortgage assumption, including outstanding amount and buyer's undertaking

7. Seller's Representations and Warranties: Declarations regarding property ownership, right to sell, absence of other encumbrances

8. Property Condition: Statement on the condition of the property and buyer's acceptance

9. Transfer of Rights: Provisions for the complete transfer of all rights, titles, and interests

10. Registration and Formalities: Requirements for property registration and mortgage transfer

11. Costs and Taxes: Allocation of transfer costs, registration fees, and applicable taxes

12. Governing Law: Confirmation of Saudi law and Sharia compliance

13. Execution: Signature blocks and attestation requirements