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The Deed of Assumption of Mortgage Car is a specialized legal instrument used in Saudi Arabia when an existing vehicle mortgage needs to be transferred from one party to another. This document is particularly relevant when the original borrower wishes to transfer their vehicle and associated financing obligations to a new party, subject to the mortgagee's approval. The deed must comply with both Saudi civil law and Islamic finance principles, making it distinct from conventional mortgage transfers in other jurisdictions. It includes comprehensive details about the vehicle, the original mortgage terms, the assuming party's credentials, and the financial institution's consent. This document type is commonly used in vehicle refinancing scenarios, business fleet transfers, or personal circumstances requiring the transfer of vehicle financing obligations. The deed ensures proper documentation for regulatory authorities, financial institutions, and the vehicle registration department.

1. Parties: Identifies the current mortgagor (transferor), new mortgagor (transferee), and mortgagee (financial institution)

2. Background: Details of the original mortgage agreement, vehicle details, and reason for transfer

3. Definitions: Key terms used throughout the deed including Vehicle, Original Mortgage, Outstanding Amount, and Transfer Date

4. Transfer of Obligations: Core provisions detailing the assumption of mortgage obligations by the transferee

5. Consideration: Details of any payments between transferor and transferee, ensuring Sharia compliance

6. Representations and Warranties: Statements from all parties confirming their capacity and authority to enter into the deed

7. Mortgagee Consent: Express consent from the financial institution for the transfer of mortgage obligations

8. Vehicle Condition and Transfer: Statement on vehicle condition and process for physical transfer

9. Registration and Documentation: Requirements for updating vehicle registration and mortgage records

10. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction