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The Real Estate Option Contract (Real Estate) is a specialized agreement used in Saudi Arabian property transactions to provide flexibility and security in real estate acquisitions. It serves as a strategic tool for investors, developers, and property buyers who wish to secure future purchase rights while managing market risks. The document is particularly relevant in the context of Saudi Arabia's evolving real estate market under Vision 2030, requiring careful consideration of both traditional Islamic law principles and modern commercial practices. This contract type is commonly used in property development projects, investment strategies, and complex real estate transactions where parties need time to arrange financing or conduct due diligence. The agreement must strictly comply with Saudi Arabian regulations and Sharia law, particularly regarding property registration requirements and Islamic financial principles.

1. Parties: Identification of the Option Grantor (property owner) and Option Holder, including full legal names, addresses, and national ID/CR numbers as required by Saudi law

2. Background: Context of the agreement, relationship between parties, and brief description of the property and intended transaction

3. Definitions: Key terms used in the agreement, including 'Option Period', 'Strike Price', 'Property', and other relevant terms

4. Grant of Option: Clear statement of the option rights being granted, whether put, call, or both, and the exclusive nature of the rights

5. Option Period: Specific duration of the option, including start and end dates, and any extension mechanisms

6. Exercise Price and Payment: The agreed purchase price (Strike Price) for the property and payment terms upon exercise of the option

7. Exercise Mechanism: Detailed process for exercising the option, including notice requirements and time frames

8. Property Details: Comprehensive description of the property, including title deed information and registration details

9. Option Premium: Amount, payment terms, and status (refundable/non-refundable) of the option premium

10. Representations and Warranties: Statements and guarantees by both parties regarding property ownership, authority to contract, and compliance with Sharia principles

11. Conditions Precedent: Prerequisites for option exercise, including regulatory approvals and documentation requirements

12. Termination: Circumstances and procedures for early termination of the option agreement

13. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction of Saudi courts