The Agreement Between Buyer And Seller Of Property is a fundamental legal document used in Saudi Arabian real estate transactions to formalize property transfers. This agreement is essential for any real estate transaction in Saudi Arabia, whether residential, commercial, or industrial, and must comply with both civil law requirements and Sharia principles. It serves as the primary document establishing the rights and obligations of both parties, detailing the property specifications, purchase price, payment terms, and conditions for transfer. The agreement must be structured to meet the requirements of the Saudi Ministry of Justice for property registration and transfer, incorporating necessary provisions for foreign ownership if applicable, and ensuring all aspects of the transaction are documented in accordance with local regulations and customs. This document type is particularly important as it forms the basis for the official transfer of property ownership in the Saudi land registry system.
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1. Parties: Identification of the seller and buyer with complete legal names, addresses, and official ID numbers as per Saudi requirements
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Property Description: Detailed legal description of the property including title deed number, location, boundaries, and total area
5. Purchase Price: Agreed purchase price, payment terms, and method of payment in compliance with Sharia principles
6. Payment Structure: Schedule of payments including deposits, installments, and final payment arrangements
7. Title and Ownership: Confirmation of seller's ownership and guarantee of clear title transfer
8. Completion: Process and requirements for completing the sale, including registration requirements
9. Seller's Warranties: Warranties regarding property condition, ownership, and absence of encumbrances
10. Buyer's Warranties: Warranties regarding financial capacity and compliance with ownership requirements
11. Property Handover: Terms and process for physical handover of the property
12. Governing Law: Confirmation of Saudi law and Sharia principles as governing law
13. Dispute Resolution: Process for resolving disputes under Saudi jurisdiction
1. Foreign Ownership Compliance: Required when buyer is non-Saudi, detailing compliance with foreign ownership regulations
2. Financing Arrangements: Include when purchase involves Sharia-compliant financing or installment payments
3. Property Management: Required when sale includes ongoing property management arrangements
4. Tenant Rights: Include when property is sold with existing tenants
5. Development Obligations: Required for undeveloped land with development requirements
6. Condition Precedents: Include when sale is subject to specific conditions being met
7. Municipal Approvals: Required when property requires specific municipal permissions or changes
8. Agent Provisions: Include when transaction involves real estate agents or brokers
1. Property Details Schedule: Detailed technical description, plans, and photographs of the property
2. Title Documents: Copies of title deed and ownership history
3. Payment Schedule: Detailed breakdown of payment installments and dates
4. Property Inspection Report: Technical inspection results and property condition assessment
5. Inventory List: List of fixtures, fittings, and items included in the sale
6. Property Certificates: Relevant certificates including building permits and compliance certificates
7. Outstanding Liabilities: List of any utilities, taxes, or fees to be settled before completion
8. Required Approvals: List of necessary governmental and regulatory approvals
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Finance
Construction
Retail
Hospitality
Industrial
Commercial Property
Residential Property
Legal Services
Property Development
Investment & Asset Management
Religious Endowments (Awqaf)
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Asset Management
Investment
Operations
Risk Management
Due Diligence
Business Development
Transactions
Corporate Services
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Compliance Officer
Real Estate Director
Property Developer
Investment Manager
Asset Manager
Contract Manager
Real Estate Broker
Title Officer
Property Valuation Specialist
Due Diligence Officer
Real Estate Transaction Coordinator
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