Assignable Real Estate Contract for United Arab Emirates

Assignable Real Estate Contract Template for United Arab Emirates

A comprehensive legal document governed by UAE law that facilitates the sale and transfer of real estate property while incorporating specific provisions for future assignment rights. The contract complies with UAE federal laws and relevant emirate-specific regulations, particularly focusing on property registration requirements and transfer procedures. It includes detailed provisions for property description, payment terms, completion requirements, and specific mechanisms for assigning the contract to third parties, all while ensuring compliance with UAE real estate regulations and Sharia principles where applicable.

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What is a Assignable Real Estate Contract?

The Assignable Real Estate Contract is a specialized agreement used in UAE real estate transactions where parties anticipate the potential need to transfer contractual rights to third parties in the future. This document is particularly relevant in the UAE's dynamic real estate market, where investors often need flexibility in managing their property investments. The contract incorporates all standard elements of a real estate sale agreement while adding specific provisions for assignment rights, complying with UAE federal laws and emirate-specific regulations. It's commonly used in off-plan property purchases, investment properties, and commercial real estate transactions where the original purchaser may need to assign their rights before completion. The document includes comprehensive details about the property, payment terms, warranties, and specific procedures for assignment, ensuring all parties' rights are protected under UAE law.

What sections should be included in a Assignable Real Estate Contract?

1. Parties: Identification of the seller, purchaser, and any other relevant parties including full legal names, addresses, and registration details

2. Background: Context of the transaction, including brief property description and intention for assignment rights

3. Definitions: Key terms used throughout the agreement, including property-specific and assignment-related terminology

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

5. Purchase Price: Amount, payment schedule, deposit requirements, and payment mechanisms

6. Assignment Rights: Terms and conditions for assigning the contract, including notice requirements and restrictions

7. Completion: Completion date, process, and requirements for transfer of ownership

8. Seller's Obligations: Responsibilities of the seller including warranties, documentation, and handover requirements

9. Purchaser's Obligations: Responsibilities of the purchaser including payment, due diligence, and compliance requirements

10. Title and Registration: Provisions regarding title transfer, registration process, and related costs

11. Representations and Warranties: Standard and specific warranties from both parties regarding the property and transaction

12. Default and Termination: Consequences of breach, termination rights, and remedies

13. Notices: Communication requirements and methods between parties

14. Governing Law and Jurisdiction: UAE law application and dispute resolution mechanisms

What sections are optional to include in a Assignable Real Estate Contract?

1. Conditions Precedent: Specific conditions that must be met before completion, used when there are pre-completion requirements

2. Mortgage Provisions: Terms relating to existing or new mortgages, used when property is or will be mortgaged

3. Property Management: Interim management arrangements, used for income-generating properties

4. Tenant Provisions: Terms relating to existing tenancies, used when property is sold with sitting tenants

5. Development Obligations: Construction or development requirements, used for off-plan properties

6. Service Charge Provisions: Terms relating to service charges and management fees, used for apartments or managed communities

7. Assignment Fees: Specific fees and costs related to future assignments, used when assignment fees are to be imposed

8. Islamic Finance Provisions: Specific provisions for Sharia compliance, used when Islamic financing is involved

What schedules should be included in a Assignable Real Estate Contract?

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 timing

4. Property Condition Report: Current condition of property and any defects

5. Existing Tenancies: Details of any existing lease agreements

6. Service Contracts: List of ongoing service contracts affecting the property

7. Assignment Requirements: Detailed procedures and requirements for future assignments

8. Property Plans: Architectural plans, floor plans, and location maps

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

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

Purchase Agreement

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Construction

Property Development

Legal Services

Banking and Finance

Property Management

Investment and Asset Management

Real Estate Investment Trusts (REITs)

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Investment

Operations

Contract Administration

Business Development

Asset Management

Risk Management

Finance

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Investment Manager

Property Developer

Compliance Officer

Contract Manager

Real Estate Investment Analyst

Asset Manager

Transaction Manager

Development Director

Real Estate Portfolio Manager

Property Acquisition Manager

Legal Director

Real Estate Operations 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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