Purchase Agreement Improved Property Template for United Arab Emirates

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Key Requirements PROMPT example:

Purchase Agreement Improved Property

"I need a Purchase Agreement for Improved Property for acquiring a commercial warehouse in Dubai Industrial City, with completion scheduled for March 2025 and including provisions for existing tenant arrangements to be maintained post-completion."

What is a Purchase Agreement Improved Property?

The Purchase Agreement for Improved Property is a crucial document used in UAE real estate transactions when transferring ownership of developed property between parties. It serves as the primary legal instrument for documenting the terms and conditions of property sales in the UAE, where real estate transactions are subject to specific federal laws and emirate-level regulations. This agreement is essential for both residential and commercial property transactions, incorporating mandatory requirements for property registration, ownership transfer, and compliance with local real estate laws. The document typically includes comprehensive details about the property, payment terms, warranties, and completion requirements, while addressing UAE-specific considerations such as foreign ownership restrictions, registration procedures with the Real Estate Regulatory Agency (RERA), and applicable fees and taxes. It's designed to protect both parties' interests while ensuring the transaction meets all legal requirements under UAE law.

What sections should be included in a Purchase Agreement Improved Property?

1. Parties: Identification of the Seller and Purchaser with full legal names and details

2. Background: Context of the transaction and brief description of the property

3. Definitions: Definitions of key terms used throughout the agreement

4. Sale and Purchase: Core agreement to sell and purchase the property, including the purchase price

5. Property Description: Detailed description of the property including title details and registration information

6. Purchase Price and Payment Terms: Detailed breakdown of the purchase price and payment schedule

7. Completion: Requirements and procedures for completing the transaction

8. Seller's Warranties: Warranties regarding property ownership, condition, and compliance with laws

9. Purchaser's Warranties: Warranties regarding capacity to purchase and source of funds

10. Registration and Transfer: Procedures for property registration and transfer of ownership

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

12. Default and Termination: Consequences of default and termination rights

13. Notices: Process for giving formal notices under the agreement

14. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction

15. General Provisions: Standard boilerplate provisions including entire agreement, amendments, etc.

What sections are optional to include in a Purchase Agreement Improved Property?

1. Financing Arrangements: Include when purchase involves mortgage or other financing

2. Condition Precedents: Include when completion is subject to specific conditions being met

3. Property Management: Include when there are interim management arrangements between signing and completion

4. Tenant Rights: Include when property is subject to existing tenancies

5. Service Contracts: Include when property has ongoing service contracts to be transferred

6. Environmental Matters: Include for industrial or commercial properties with potential environmental concerns

7. Development Rights: Include when property has unused development rights or pending applications

8. Escrow Arrangements: Include when payment is handled through escrow

9. Post-Completion Obligations: Include when parties have continuing obligations after completion

What schedules should be included in a Purchase Agreement Improved Property?

1. Property Details: Detailed technical description of the property including plans and measurements

2. Title Documents: List of title documents and ownership history

3. Fixtures and Fittings: Inventory of included and excluded items

4. Payment Schedule: Detailed breakdown of payment installments and timing

5. Form of Transfer: Template transfer documents required by UAE authorities

6. Property Certificates: Copies of relevant certificates and permits

7. Service Contracts: List and copies of transferable service contracts

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

9. Property Condition Report: Current condition assessment and any identified defects

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

Relevant Industries

Real Estate

Banking & Finance

Hospitality

Retail

Healthcare

Education

Industrial & Manufacturing

Commercial Office

Residential Development

Logistics & Warehousing

Relevant Teams

Legal

Real Estate

Finance

Compliance

Operations

Risk Management

Facilities Management

Corporate Development

Investment

Property Management

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Corporate Lawyer

Real Estate Director

Acquisitions Manager

Facilities Manager

Asset Manager

Investment Manager

Chief Financial Officer

Real Estate Agent

Property Developer

Compliance Officer

Risk Manager

Operations Director

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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