The Simple Mortgage Agreement is a fundamental legal instrument used in Saudi Arabian real estate financing transactions to create a security interest over property while ensuring compliance with both civil and Shariah law requirements. This document is typically used when a financial institution provides property financing to individuals or businesses, requiring security over the real estate as collateral. The agreement must conform to the Saudi Arabian Real Estate Finance Law, SAMA regulations, and Islamic banking principles, making it distinct from conventional mortgages used in other jurisdictions. It includes essential elements such as property details, financing terms, rights and obligations of parties, and enforcement mechanisms, all structured to ensure Shariah compliance while providing adequate security for the financing institution.
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1. Parties: Identification of the mortgagor (property owner) and mortgagee (financial institution), including full legal names and addresses
2. Background: Context of the agreement, including the purpose of the mortgage and confirmation of Shariah compliance
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the mortgaged property, including title deed number and location
5. Mortgage Terms: Core financial terms including principal amount, profit rate, and payment schedule
6. Security Creation: Legal creation of the mortgage right over the property
7. Representations and Warranties: Statements of fact and promises by the mortgagor regarding ownership, authority, and property condition
8. Covenants: Ongoing obligations of the mortgagor including property maintenance and insurance requirements
9. Events of Default: Circumstances constituting default and consequences thereof
10. Enforcement Rights: Mortgagee's rights and remedies in case of default, compliant with Saudi enforcement law
11. Term and Termination: Duration of the mortgage and conditions for termination
12. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction of Saudi courts
1. Co-Mortgagor Provisions: Additional terms when property is jointly owned or there are multiple borrowers
2. Property Development Conditions: Special conditions if the property is under construction or development
3. Assignment and Transfer: Terms governing the transfer of mortgage rights, if permitted
4. Insurance Requirements: Detailed insurance obligations beyond standard requirements
5. Regulatory Compliance: Additional compliance requirements for specific property types or zones
6. Force Majeure: Provisions for unforeseen circumstances affecting the property or payments
1. Property Schedule: Detailed property description, including plans, boundaries, and title information
2. Payment Schedule: Detailed breakdown of payment obligations including dates and amounts
3. Insurance Schedule: Specific insurance requirements and minimum coverage details
4. Shariah Structure Schedule: Detailed explanation of the Islamic financing structure used
5. Property Valuation Report: Professional valuation of the property
6. Required Authorizations: List of regulatory approvals and permits required
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Islamic Finance
Property Development
Legal Services
Insurance
Construction
Property Management
Relevant Teams
Legal
Real Estate Finance
Islamic Banking
Risk Management
Compliance
Property Services
Credit Administration
Documentation
Real Estate Operations
Relevant Roles
Legal Counsel
Shariah Compliance Officer
Real Estate Finance Manager
Property Finance Officer
Risk Manager
Mortgage Officer
Real Estate Manager
Credit Risk Officer
Documentation Specialist
Compliance Officer
Property Valuation Specialist
Islamic Banking Officer
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