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Tripartite Agreement For Sale Of Property for United Arab Emirates

Tripartite Agreement For Sale Of Property Template for United Arab Emirates

A comprehensive legal document governed by UAE law that establishes a three-way contractual relationship between parties involved in a property sale transaction. This agreement is specifically structured to comply with UAE Federal and local emirate property laws, incorporating necessary provisions for property registration, transfer procedures, and payment mechanisms. It details the rights, obligations, and responsibilities of all three parties, typically including the seller, buyer, and a third party such as a bank or developer, while ensuring compliance with UAE real estate regulations and property registration requirements.

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What is a Tripartite Agreement For Sale Of Property?

The Tripartite Agreement For Sale Of Property is a specialized legal instrument used in the United Arab Emirates real estate sector when a property transaction involves three distinct parties, each with specific rights and obligations. This agreement is particularly relevant in scenarios involving property financing, development projects, or complex real estate transactions where multiple stakeholders need to be formally bound. The document addresses UAE-specific requirements for property registration, transfer procedures, and payment mechanisms, while ensuring compliance with Federal Law No. 5 of 1985 (Civil Code) and relevant emirate-specific property laws. It is commonly used in situations involving bank financing, developer handovers, or when there are specific conditions that require the involvement of a third party to facilitate the property transfer.

What sections should be included in a Tripartite Agreement For Sale Of Property?

1. Parties: Detailed identification of all three parties including full legal names, addresses, and registration details if companies

2. Background: Context of the transaction, relationship between parties, and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including title details, registration number, and location

5. Purchase Price: Details of the purchase price, payment structure, and payment mechanisms

6. Completion Requirements: Conditions precedent, completion obligations, and timing requirements

7. Parties' Obligations: Specific obligations of each party before, during, and after completion

8. Property Registration: Requirements and process for transferring property registration

9. Representations and Warranties: Statements and guarantees made by each party

10. Default and Remedies: Consequences of default and available remedies for each party

11. Termination: Circumstances under which the agreement can be terminated and consequences

12. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction

13. Notices: Process and requirements for formal communications between parties

14. General Provisions: Standard boilerplate clauses including amendments, waiver, and severability

What sections are optional to include in a Tripartite Agreement For Sale Of Property?

1. Escrow Arrangements: Details of escrow account and arrangements if purchase price is held in escrow

2. Mortgage Details: If the property is mortgaged or will be mortgaged, details of the arrangement

3. Developer Obligations: If the property is under construction or newly completed, specific developer obligations

4. Property Management: Interim property management arrangements if relevant

5. Condition of Property: Specific provisions about property condition if selling as-is or with specific conditions

6. Due Diligence: Process and requirements for due diligence if not yet completed

7. Agent Provisions: If real estate agents are involved, their roles and commission arrangements

8. VAT Provisions: Specific provisions about VAT if applicable to the transaction

What schedules should be included in a Tripartite Agreement For Sale Of Property?

1. Property Description Schedule: Detailed technical description of the property including plans and specifications

2. Title Documents: Copies of relevant title documents and registration certificates

3. Payment Schedule: Detailed breakdown of payment amounts and timing

4. Completion Requirements Checklist: List of documents and actions required for completion

5. Form of Transfer Documents: Templates of property transfer documents required by land department

6. Property Handover Protocol: Process and checklist for physical handover of property

7. Due Diligence Documents: List of required due diligence documents and their status

8. Powers of Attorney: Any required powers of attorney for property transfer

Authors

Alex Denne

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

Publisher

Genie AI

Document Type

Sales Agreement

Sector

Sales

Cost

Free to use
Relevant legal definitions











































Clauses










































Relevant Industries

Real Estate

Property Development

Banking & Finance

Construction

Property Investment

Real Estate Investment Trusts (REITs)

Hospitality

Retail Property

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Property Development

Compliance

Corporate Affairs

Sales

Operations

Project Management

Investment

Risk Management

Relevant Roles

Real Estate Manager

Property Development Director

Legal Counsel

Corporate Lawyer

Property Manager

Banking Relationship Manager

Real Estate Investment Manager

Compliance Officer

Property Sales Manager

Development Project Manager

Real Estate Transaction Manager

Contract Administrator

Chief Legal Officer

Real Estate Operations Director

Property Portfolio Manager

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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