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Mortgage Loan Sale Agreement

Mortgage Loan Sale Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Mortgage Loan Sale Agreement

"I need a Mortgage Loan Sale Agreement for the transfer of a portfolio of 50 residential mortgage loans from Al Rajhi Bank to Saudi National Bank, to be completed by March 2025, with continued servicing arrangements by the seller."

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Document background
The Mortgage Loan Sale Agreement is a crucial document used when a financial institution in Saudi Arabia wishes to transfer part or all of its mortgage loan portfolio to another institution. This type of transaction must comply with both Sharia principles and Saudi banking regulations, particularly those issued by SAMA. The agreement covers the sale of mortgage loans secured against real estate properties, including residential and commercial mortgages. It is commonly used in portfolio restructuring, asset securitization, or as part of strategic business decisions. The document includes comprehensive details about the loan portfolio, transfer mechanics, borrower rights, and regulatory compliance requirements. Given the Islamic finance context of Saudi Arabia, special attention is paid to ensuring the transaction structure meets Sharia requirements, with appropriate certifications and approvals from relevant Sharia boards.
Suggested Sections

1. Parties: Identification of the seller and purchaser of the mortgage loans, including their legal status and authority to enter into the agreement

2. Background: Context of the transaction, including brief description of the mortgage portfolio being sold

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation

4. Sale and Purchase: Core terms of the sale including the agreement to sell and purchase the mortgage loans

5. Purchase Price and Payment: Details of the purchase price, payment method, and timing

6. Conditions Precedent: Conditions that must be satisfied before the sale becomes effective

7. Completion: Process and requirements for completing the transfer of the mortgage loans

8. Representations and Warranties: Statements of fact and assurances from both parties, including Sharia compliance declarations

9. Seller's Covenants: Ongoing obligations of the seller regarding the mortgage loans

10. Transfer Mechanics: Detailed process for transferring the mortgage loans and related security

11. Notice to Borrowers: Requirements and process for notifying borrowers of the transfer

12. Regulatory Compliance: Obligations regarding compliance with Saudi banking and finance laws

13. Confidentiality: Provisions regarding confidential information and its protection

14. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction for disputes

15. Miscellaneous: Standard boilerplate provisions including severability, amendments, and notices

Optional Sections

1. Servicing Arrangements: Required if the seller will continue to service the mortgage loans post-sale

2. Buy-Back Provisions: Include if the seller has the right or obligation to repurchase certain loans under specific circumstances

3. Third Party Rights: Include if there are any third party servicers or guarantors involved

4. Data Protection: Required if personal data transfer is significant part of the transaction

5. Anti-Money Laundering Provisions: Detailed AML provisions if not covered sufficiently in regulatory compliance section

6. Islamic Finance Provisions: Additional Sharia-specific provisions if not adequately covered in main sections

7. Force Majeure: Include if parties want specific provisions for unforeseen circumstances

8. Step-In Rights: Include if purchaser requires rights to step into seller's position in certain circumstances

Suggested Schedules

1. Schedule 1 - The Mortgage Loans: Detailed list and characteristics of the mortgage loans being sold

2. Schedule 2 - Loan Documents: List of all documentation relating to each mortgage loan

3. Schedule 3 - Form of Transfer Notice: Template for notices to be sent to borrowers

4. Schedule 4 - Seller's Power of Attorney: Form of power of attorney for completing transfer formalities

5. Schedule 5 - Completion Documents: List of documents required for completion

6. Schedule 6 - Eligibility Criteria: Criteria that mortgage loans must meet to be included in the sale

7. Schedule 7 - Property Details: Details of the properties securing the mortgage loans

8. Appendix A - Sharia Compliance Certificate: Certificate from Sharia board approving the transaction structure

9. Appendix B - Required Regulatory Approvals: List of required regulatory approvals and their status

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions















































Clauses







































Relevant Industries

Banking

Islamic Finance

Real Estate

Financial Services

Mortgage Lending

Property Development

Investment Banking

Asset Management

Legal Services

Regulatory Compliance

Relevant Teams

Legal

Compliance

Risk Management

Islamic Banking

Treasury

Credit

Real Estate Finance

Investment

Documentation

Regulatory Affairs

Asset Management

Portfolio Management

Transaction Management

Relevant Roles

Chief Financial Officer

Head of Legal

Compliance Officer

Islamic Finance Specialist

Mortgage Portfolio Manager

Risk Management Director

Treasury Manager

Senior Legal Counsel

Regulatory Compliance Manager

Investment Manager

Portfolio Analyst

Credit Risk Officer

Documentation Manager

Sharia Compliance Officer

Real Estate Finance Manager

Chief Risk Officer

Transaction Manager

Asset Management Director

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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