Full Payment Agreement Of Property for United Arab Emirates

Full Payment Agreement Of Property Template for United Arab Emirates

This document is a comprehensive property purchase agreement governed by UAE law, specifically designed for transactions where the full purchase price is paid in one or more installments without mortgage financing. It incorporates all necessary elements required under UAE property law, including detailed property specifications, payment terms, and transfer procedures. The agreement ensures compliance with UAE Civil Code requirements and local emirate-specific property regulations, while providing clear terms for property transfer, warranties, and completion requirements. It includes provisions for registration with relevant land departments and addresses all necessary legal and procedural requirements for UAE real estate transactions.

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What is a Full Payment Agreement Of Property?

The Full Payment Agreement Of Property is a crucial legal document used in UAE real estate transactions where the buyer pays the full purchase price without mortgage financing. This agreement is essential for both residential and commercial property transactions in the UAE, requiring compliance with federal laws and emirate-specific regulations. It is commonly used in Dubai, Abu Dhabi, and other emirates for outright property purchases, whether between individuals, corporate entities, or a combination thereof. The document includes comprehensive details about the property, payment terms, warranties, and transfer procedures, while ensuring compliance with UAE registration requirements and property ownership laws. It's particularly relevant for cash purchases, corporate acquisitions, and investment property transactions where financing is not required.

What sections should be included in a Full Payment Agreement Of Property?

1. Parties: Identification of buyer and seller with full legal names, addresses, and UAE identification/registration numbers

2. Background: Context of the transaction, brief property description, and intention of parties to enter into a full payment purchase agreement

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, and other relevant definitions

4. Sale and Purchase: Core agreement to sell and purchase the property, including the exact property details and registration information

5. Purchase Price: Specified full payment amount, payment method, and timing of payment

6. Completion Requirements: Conditions to be met before completion, including documentation and registration requirements

7. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and authority to sell

8. Property Handover: Process and timing for transferring possession of the property

9. Registration and Transfer: Procedures for property registration with relevant authorities

10. Costs and Taxes: Allocation of transaction costs, registration fees, and applicable taxes

11. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

What sections are optional to include in a Full Payment Agreement Of Property?

1. Property Management Handover: Required when property is part of a managed community or building, detailing transition of services

2. Utility Transfers: Include when specific arrangements for utility transfer need to be documented

3. Furniture and Fixtures: Required when sale includes specific furniture or fixtures

4. Condition Precedents: Include when there are specific conditions that must be met before completion

5. Post-Completion Obligations: Include when there are specific obligations that continue after completion

6. Foreign Ownership Declaration: Required when buyer is a foreign national, confirming eligibility to own property

7. Defects Liability: Include for new properties or those with known issues requiring resolution

What schedules should be included in a Full Payment Agreement Of Property?

1. Property Description Schedule: Detailed legal and physical description of the property, including title deed details

2. Payment Schedule: Breakdown of payment amount, method, and timing

3. Property Plan: Official property layout and location plans from land department

4. Title Deed Copy: Copy of current title deed marked as appendix

5. Handover Inventory: List of items included in sale and their condition

6. Required Documents List: Checklist of documents required for completion and registration

7. Property Certificates: Relevant certificates including building completion, compliance certificates

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

Payment Agreement

Sector

Banking

Cost

Free to use
Relevant Industries

Real Estate

Banking & Financial Services

Construction & Development

Legal Services

Property Management

Investment & Asset Management

Hospitality & Tourism

Retail & Commercial Property

Residential Property

Industrial & Logistics

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Asset Management

Investment

Operations

Business Development

Risk Management

Finance

Documentation

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Compliance Officer

Real Estate Agent

Property Developer

Investment Manager

Asset Manager

Transaction Manager

Real Estate Director

Chief Legal Officer

Property Portfolio Manager

Real Estate Operations Manager

Contracts Manager

Business Development Manager

Real Estate Investment Analyst

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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