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Annex (B)

No: 465440000099 Date(g): 16/5/2018 | Date(h): 2/9/1439 Status: In-Force

Translated Document

Effective from Aug 12 2018 - Aug 11 2018
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Acknowledgment of Acceptance of Credit Risks for Real Estate Financing with Variable Term Costs
 

I, [Client’s Full Name Written by Hand], acknowledge that I have applied to [Lender’s Name Printed] (the Lender) for real estate financing in the form of [Real Estate Financing Type], and that the Lender has provided me with a comprehensive explanation of [Real Estate Financing Type], including the terms and conditions of this financing contract, the risks associated with [Real Estate Financing Type], and has answered all my inquiries, specifically:   
 1-The Lender explained that the term cost associated with [Real Estate Financing Type] is variable, which means it may increase or decrease during the contract period. The agreed-upon installment may rise or fall, and the Lender provided examples showing that the installment amount could significantly increase (Example: the agreed installment in the contract: 3500 SAR, could become 5500 SAR or 7500 SAR). The Lender explained the mechanism for recalculating the term cost concerning the reference rate and the dates for recalculating the term cost.   
 2-I reviewed a disclosure form for the real estate financing offer detailing the term cost associated with [Real Estate Financing Type], the minimum monthly installment amount throughout the contract duration, and the maximum possible monthly installment amount.   
 3-The Lender provided me with the real estate financing offer, which included clear copies containing all data from the real estate financing contract, its attachments, the disclosure form for the real estate financing offer, and this acknowledgment form. I took these documents to review them outside the Lender’s premises and to present them to anyone I choose for opinion and advice. The offer’s validity was not less than fifteen business days.   
 4-The Lender provided me with a credit advisor who contacted me and provided a [telephone/face-to-face] comprehensive explanation of [Real Estate Financing Type], including the terms and conditions of this financing contract, the risks associated with [Real Estate Financing Type], and answered all my inquiries.   
After reviewing all details of the real estate financing offer and understanding them clearly, and after studying all my obligations and considering all future possibilities and the related burdens and commitments not previously undertaken before signing the contract, I hereby, of my own free will, accept the obligations arising from this type of real estate financing upon signing the contract and all its attachments.