The Agreement For Advance Payment For Purchase Of Flat is a crucial document in UAE real estate transactions, particularly in the context of off-plan or under-construction property purchases. This agreement type emerged from the need to protect buyers' interests while providing developers with secure funding mechanisms for construction projects. It is mandated by UAE real estate regulations, particularly in major emirates like Dubai and Abu Dhabi, where significant property development occurs. The document must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and various emirate-specific real estate regulations. It includes essential provisions for escrow accounts, payment schedules, construction timelines, and completion procedures, ensuring transparency and security in property transactions. The agreement is particularly relevant for off-plan purchases where advance payments are required before property completion.
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1. Parties: Identification of the Seller/Developer and Buyer with full legal names, addresses, and registration details
2. Background: Context of the transaction, including project details and developer's authority to sell
3. Definitions: Key terms used throughout the agreement including Property, Advance Payment, Completion Date, etc.
4. Property Details: Comprehensive description of the flat including unit number, floor, building, area, and included fixtures
5. Purchase Price and Payment Terms: Total purchase price, advance payment amount, payment schedule, and payment methods
6. Escrow Arrangements: Details of the escrow account and management of advance payments as per UAE law
7. Completion and Handover: Conditions for completion, handover process, and timeline
8. Seller's Obligations: Commitments regarding construction, quality, timeframes, and regulatory compliance
9. Buyer's Obligations: Payment obligations, cooperation requirements, and compliance with regulations
10. Representations and Warranties: Key statements and guarantees from both parties
11. Default and Remedies: Consequences of default by either party and available remedies
12. Termination: Circumstances allowing termination and consequences
13. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction
14. Notices: Process for formal communications between parties
15. General Provisions: Standard clauses including entire agreement, amendments, and severability
1. Mortgage Arrangements: Include when buyer requires mortgage financing, detailing lender requirements and conditions
2. Third Party Rights: Include when there are specific third-party interests or rights affecting the property
3. Service Charges: Include for properties in managed communities with service charge obligations
4. Defect Liability Period: Include for new properties to specify warranty period and covered defects
5. Interior Modifications: Include if buyer is permitted to make modifications before completion
6. Parking Allocation: Include when parking spaces are separately allocated or charged
7. Force Majeure: Include detailed force majeure provisions if required beyond standard provisions
8. Assignment Rights: Include if either party has specific rights to assign the agreement
1. Schedule 1 - Property Specification: Detailed technical specifications of the flat including floor plans and finishes
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments with due dates
3. Schedule 3 - Project Timeline: Construction and completion milestones
4. Schedule 4 - Title Documents: Copies of relevant title and ownership documents
5. Schedule 5 - Building Rules and Regulations: Applicable building rules and community guidelines
6. Schedule 6 - Form of Completion Notice: Template for the formal completion notice
7. Schedule 7 - Snag List Template: Format for recording and addressing defects
8. Appendix A - Property Layout Plans: Detailed architectural plans of the flat
9. Appendix B - Developer's Licenses: Copies of relevant developer licenses and permits
Relevant legal definitions
Advance Payment
Agreement
Apartment
Applicable Laws
Building
Buyer
Completion Date
Completion Notice
Construction Milestone
Developer
Development
Escrow Account
Escrow Agent
Final Payment
Handover Date
Land
Master Community
Payment Schedule
Project
Property
Purchase Price
RERA
Seller
Service Charges
Specification
Title Deed
Unit Area
Unit Number
Working Day
Agreement
Apartment
Applicable Laws
Building
Buyer
Completion Date
Completion Notice
Construction Milestone
Developer
Development
Escrow Account
Escrow Agent
Final Payment
Handover Date
Land
Master Community
Payment Schedule
Project
Property
Purchase Price
RERA
Seller
Service Charges
Specification
Title Deed
Unit Area
Unit Number
Working Day
Clauses
Payment Terms
Property Description
Title and Ownership
Representations and Warranties
Conditions Precedent
Completion
Default
Termination
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Entire Agreement
Severability
Escrow Arrangements
Construction Standards
Handover
Defects Liability
Registration
Insurance
Maintenance
Remedies
Amendments
Waiver
Indemnification
Compliance with Laws
Third Party Rights
Confidentiality
Survival
Property Description
Title and Ownership
Representations and Warranties
Conditions Precedent
Completion
Default
Termination
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Entire Agreement
Severability
Escrow Arrangements
Construction Standards
Handover
Defects Liability
Registration
Insurance
Maintenance
Remedies
Amendments
Waiver
Indemnification
Compliance with Laws
Third Party Rights
Confidentiality
Survival
Relevant Industries
Real Estate Development
Property Investment
Construction
Banking and Finance
Real Estate Management
Legal Services
Property Services
Construction Materials
Interior Design
Facilities Management
Relevant Teams
Legal
Real Estate
Sales
Compliance
Finance
Operations
Customer Relations
Property Management
Project Development
Construction Management
Relevant Roles
Real Estate Developer
Property Sales Manager
Legal Counsel
Compliance Officer
Real Estate Agent
Property Manager
Sales Director
Contract Manager
Project Manager
Development Director
Finance Manager
Customer Service Manager
Operations Manager
Real Estate Investment Manager
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