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The Deed of Sale Assumption of Mortgage is a crucial document in Saudi Arabian real estate transactions where an existing Sharia-compliant mortgage is involved. It is used when a buyer wishes to purchase a property by taking over the seller's existing Islamic mortgage obligations rather than obtaining new financing. The document must carefully navigate both Saudi civil law requirements and Islamic finance principles, ensuring that all aspects of the transaction comply with Shariah law, particularly regarding the prohibition of conventional interest (riba). The deed includes comprehensive details about the property, the existing mortgage terms, payment structures, and the rights and obligations of all parties. It requires approval from the Islamic finance institution and must be registered with relevant Saudi authorities, including the Ministry of Justice. This document type is particularly relevant in cases where assuming an existing mortgage offers advantages over new financing or where the existing Islamic financing terms are favorable to the buyer.

1. Parties: Identification of the Seller (current property owner), Buyer (assuming party), and Original Mortgagee (Islamic finance institution)

2. Background: Context of the existing mortgage, property purchase, and intention to transfer both property and mortgage obligations

3. Definitions: Key terms used throughout the deed, including Islamic finance terminology

4. Property Description: Detailed legal description of the property, including title deed number and registration details

5. Existing Mortgage Details: Description of the current Sharia-compliant mortgage, including original amount, outstanding balance, and payment terms

6. Sale and Transfer: Terms of property sale and transfer from seller to buyer

7. Mortgage Assumption: Terms and conditions of the mortgage assumption, including buyer's acceptance of responsibilities

8. Purchase Price and Payment: Details of the purchase price, payment structure, and any adjustments

9. Representations and Warranties: Declarations by all parties regarding their capacity, authority, and property status

10. Mortgagee Consent: Terms of the Islamic finance institution's approval of the transfer

11. Closing Requirements: Conditions and documents required for completing the transfer

12. Registration and Transfer Process: Steps for registering the transfer with relevant authorities

13. Governing Law and Jurisdiction: Confirmation of Saudi law application and Sharia compliance