The Contract For Ownership is a crucial legal instrument used in the United Arab Emirates for documenting and executing property ownership transfers. This document is essential when transferring real estate ownership between parties, whether they are individuals or corporate entities. It must comply with UAE Civil Code (Federal Law No. 5 of 1985) and relevant emirate-specific property laws. The contract typically includes comprehensive details about the property, parties involved, purchase price, payment terms, and specific conditions of the transfer. It's particularly important in the UAE context due to the unique property ownership regulations, especially regarding foreign ownership restrictions and registration requirements with local land departments. The Contract For Ownership serves as the foundational document for property registration and transfer processes, making it indispensable for real estate transactions in the UAE.
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1. Parties: Identification of the seller and buyer, including full legal names, addresses, and relevant identification numbers as per UAE requirements
2. Background: Context of the transaction, including brief history of the property ownership and purpose of the transfer
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology specific to UAE property law
4. Property Details: Comprehensive description of the property including location, size, boundaries, and registration details as per UAE land registry requirements
5. Ownership Rights: Clear statement of the rights being transferred, including any restrictions or conditions under UAE law
6. Purchase Price: Details of the consideration, payment terms, and method of payment
7. Transfer of Title: Process and conditions for transferring legal title, including registration requirements with relevant authorities
8. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with UAE laws
9. Completion: Details of the completion process, including timing and procedures for transfer
10. Governing Law and Jurisdiction: Explicit statement of UAE law governance and jurisdiction for disputes
1. Condition of Property: Detailed description of property condition, used when selling property 'as is' or with specific conditions
2. Foreign Ownership Provisions: Required when buyer is a foreign national, addressing specific requirements and restrictions
3. Mortgage Details: Include when property is subject to existing mortgage or new mortgage arrangements
4. Service Charges: For properties in managed communities, detailing ongoing service charge obligations
5. Developer's Rights: Required for off-plan properties or those still under developer management
6. Power of Attorney: When transaction involves representatives acting on behalf of parties
1. Property Title Deed: Copy of current title deed and registration details
2. Property Plans: Official plans showing property boundaries and layout
3. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
4. Property Inspection Report: Technical report on property condition and specifications
5. No Objection Certificates: Required clearances from relevant authorities
6. List of Fixtures and Fittings: Detailed inventory of items included in the sale
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