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Offer To Purchase A House

Offer To Purchase A House Template for United Arab Emirates

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Offer To Purchase A House Template

I need an Offer to Purchase a House Template for a fully furnished 5-bedroom villa in Dubai Marina, with a 40% upfront payment and the remaining 60% to be paid through Islamic financing by March 2025.

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Document background
The Offer To Purchase A House Template is a crucial document used in UAE real estate transactions when a potential buyer wishes to formalize their intent to purchase a residential property. This template is specifically designed to comply with UAE federal laws and emirate-specific regulations, including requirements set by the Real Estate Regulatory Agency (RERA) and various land departments. It serves as the initial step in the property purchase process, outlining key terms such as purchase price, payment schedule, due diligence requirements, and completion conditions. The document is structured to protect both buyer and seller interests while ensuring compliance with UAE's property laws, anti-money laundering regulations, and escrow requirements. It's particularly important in the UAE market where property transactions must follow specific legal procedures and documentation requirements.
Suggested Sections

1. Parties: Identification of the potential buyer (offeror) and seller (property owner), including full legal names, Emirates ID numbers, and contact details

2. Background: Brief context of the offer, including the buyer's interest in purchasing the property

3. Definitions: Key terms used throughout the document, including 'Property', 'Purchase Price', 'Deposit', 'Completion Date', etc.

4. Property Details: Comprehensive description of the property including address, title deed number, plot number, and registration details as per UAE property registry

5. Purchase Price: The offered purchase amount in AED, payment structure, and deposit details

6. Payment Terms: Detailed breakdown of payment schedule, deposit requirements, and escrow arrangements as per UAE regulations

7. Due Diligence Period: Timeframe and conditions for property inspection, document verification, and title search

8. Completion Requirements: Conditions to be met before transfer of ownership, including documentation and registrations required by UAE authorities

9. Property Transfer: Process and requirements for transferring property ownership through the relevant land department

10. Representations and Warranties: Standard declarations by both parties regarding their capacity to enter into the transaction and property status

11. Default and Termination: Consequences of default by either party and conditions for termination of the offer

12. Governing Law and Jurisdiction: Specification of UAE law application and relevant emirate's courts' jurisdiction

Optional Sections

1. Furniture and Fixtures: Used when the offer includes specific furniture or fixtures, listing all items included in the purchase price

2. Financing Contingency: Include when the offer is contingent on the buyer obtaining mortgage financing from a UAE-licensed bank

3. Tenant Rights: Required when the property is currently tenanted, addressing existing lease agreements and tenant rights

4. Property Condition Requirements: Specific conditions regarding repairs or modifications required before completion

5. Agent Commission: Include when real estate agents are involved, specifying commission arrangements as per RERA regulations

6. Snagging: For new properties, detailing the snagging process and resolution of any defects

7. Service Charge: For properties in managed communities, addressing outstanding and future service charges

8. Maintenance Contracts: When existing maintenance contracts are to be transferred to the buyer

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property specifications, including floor plans, plot size, built-up area, and amenities

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments, dates, and payment methods

3. Schedule 3 - Due Diligence Documents: List of required documents for verification including title deed, building permits, and service charge statements

4. Schedule 4 - Inventory List: Detailed list of furniture and fixtures included in the sale, if applicable

5. Appendix A - Property Photos: Recent photographs of the property's interior and exterior

6. Appendix B - Required Documentation: Checklist of documents required from both parties for property transfer

7. Appendix C - Property Title Search Results: Results of preliminary title search from the relevant land department

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Banking & Finance

Legal Services

Construction & Development

Property Management

Insurance

Investment & Asset Management

Professional Services

Relevant Teams

Legal

Real Estate Operations

Compliance

Property Management

Sales

Document Administration

Risk Management

Customer Relations

Investment Advisory

Transaction Processing

Relevant Roles

Real Estate Lawyer

Property Consultant

Real Estate Agent

Mortgage Advisor

Legal Counsel

Compliance Officer

Property Manager

Real Estate Transaction Manager

Contract Administrator

Real Estate Portfolio Manager

Property Valuation Specialist

Real Estate Investment Advisor

Legal Document Specialist

Real Estate Operations Manager

Industries
UAE Civil Code (Federal Law No. 5 of 1985): The foundational law governing contracts and property rights in the UAE, including provisions for sale and purchase agreements, contractual obligations, and property ownership
UAE Federal Law No. 13 of 2008 (Interim Real Estate Register): Regulates the registration of property transactions and establishes the requirement for recording property sales in the interim register
Law No. 7 of 2006 (Property Registration): Regulates real estate registration in Dubai and establishes the framework for property ownership by UAE and GCC nationals and other foreigners in designated areas
Law No. 3 of 2015: Regulates real estate sector in Abu Dhabi, including provisions for property registration, ownership restrictions, and development regulations
Escrow Law (Law No. 8 of 2007): Regulates escrow accounts for real estate transactions, ensuring secure handling of purchase payments
Federal Law No. 4 of 2012 (Anti-Money Laundering): Contains provisions relevant to real estate transactions to prevent money laundering, requiring proper documentation and verification of funds sources
UAE Consumer Protection Law (Federal Law No. 24 of 2006): Provides protection for property buyers as consumers, ensuring fair treatment and transparency in property transactions
Law No. 9 of 2009 (RERA): Establishes regulations for real estate brokers, their obligations, and responsibilities in property transactions
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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