Selling Real Estate Contracts in Saudi Arabia require careful consideration of both civil law and Sharia principles. This document template is designed for use in property transactions within Saudi Arabia, whether for residential, commercial, or industrial properties. It incorporates essential elements required by the Ministry of Justice and other regulatory bodies, ensuring compliance with local real estate laws and recent reforms under Vision 2030. The contract template is structured to handle various transaction types, from straightforward property sales to complex developments, incorporating necessary provisions for both local and foreign buyers (subject to foreign ownership restrictions). It includes comprehensive sections covering property details, payment mechanisms, transfer procedures, and regulatory compliance requirements, making it suitable for use by real estate professionals, legal practitioners, and property developers operating in the Saudi market.
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1. Parties: Identification of seller and purchaser with full legal names and details
2. Background: Context of the sale and brief property description
3. Definitions: Key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including title deed number, location, boundaries, and area
5. Purchase Price: Agreed price and payment terms including deposit arrangements
6. Payment Terms: Detailed payment schedule and method of payment
7. Completion Requirements: Conditions and procedures for completing the sale
8. Seller's Warranties: Warranties regarding ownership, encumbrances, and property condition
9. Property Handover: Process and timing for transferring possession
10. Registration and Transfer: Procedures for official property registration and transfer
11. Notices: Communication procedures between parties
12. Governing Law: Confirmation of Saudi law and Sharia compliance
13. Dispute Resolution: Process for handling disputes under Saudi law
1. Foreign Ownership Compliance: Required when purchaser is non-Saudi, addressing specific requirements and restrictions
2. Broker Provisions: Include when real estate brokers are involved in the transaction
3. Condition Precedents: Specific conditions that must be met before completion, if any
4. VAT Provisions: Required when the transaction is subject to VAT
5. Mortgage Details: Include when property is being purchased with mortgage financing
6. Development Obligations: Required for off-plan properties or properties under construction
7. Municipal Approvals: Include when specific municipal permits or approvals are pending
8. Existing Tenancies: Required when property is sold with existing tenants
1. Property Schedule: Detailed property specifications, plans, and boundaries
2. Title Documents: Copies of title deed and other ownership documents
3. Payment Schedule: Detailed breakdown of payment installments and dates
4. Property Inspection Report: Technical report on property condition and any defects
5. Inventory List: List of fixtures, fittings, and other items included in the sale
6. Required Permits: Copies of relevant permits and approvals
7. Power of Attorney: If applicable, documents authorizing representatives
8. Property Photos: Documentary photographs of the property condition
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Investment & Asset Management
Property Management
Islamic Finance
Housing Development
Commercial Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Business Development
Investment
Operations
Risk Management
Documentation
Relevant Roles
Real Estate Manager
Legal Counsel
Property Developer
Compliance Officer
Real Estate Broker
Contract Manager
Property Manager
Investment Manager
Real Estate Attorney
Transaction Manager
Development Director
Sales Manager
Chief Legal Officer
Real Estate Partner
Property Acquisition Manager
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