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Real Estate Contract Assignment Form

Real Estate Contract Assignment Form Template for United Arab Emirates

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Key Requirements PROMPT example:

Real Estate Contract Assignment Form

I need a Real Estate Contract Assignment Form for transferring my rights in an off-plan 2-bedroom apartment in Dubai Marina to a new buyer, with completion scheduled for March 2025, including developer consent requirements and payment schedule for remaining installments.

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Document background
The Real Estate Contract Assignment Form is a critical document used in UAE real estate transactions when a purchaser (Assignor) wishes to transfer their rights and obligations under an existing property purchase agreement to another party (Assignee). This document is particularly relevant in off-plan property transactions and secondary market deals in the UAE, where contract assignments are common practice. It must comply with UAE federal laws, including the Civil Code, and specific emirate-level regulations such as Dubai's RERA requirements or Abu Dhabi's real estate laws. The form includes essential details about the property, parties involved, consideration amount, and necessary approvals from developers or authorities. It's commonly used in both residential and commercial property transactions, especially in development projects where properties may be assigned before completion.
Suggested Sections

1. Parties: Identification of the Assignor (current contract holder), Assignee (new contract holder), and Developer/Seller (original property seller)

2. Background: Details of the original purchase agreement, property information, and reason for assignment

3. Definitions: Key terms used throughout the document including Property, Original Contract, Assignment Date, and Consideration

4. Subject of Assignment: Clear description of the rights and obligations being assigned under the original purchase contract

5. Consideration: Details of the assignment price and payment terms between Assignor and Assignee

6. Completion Requirements: Steps required to complete the assignment, including registration with relevant authorities

7. Assignor's Warranties: Warranties regarding ownership, right to assign, and status of the original contract

8. Property Status: Current state of the property and any outstanding payments or obligations

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

Optional Sections

1. Developer Consent: Required when the original purchase agreement or applicable laws mandate developer approval for assignment

2. Mortgage Status: Include when the property has an existing mortgage or financing arrangement

3. Broker Involvement: Required when a real estate broker is involved in facilitating the assignment

4. Condition Precedents: Include when there are specific conditions that must be met before the assignment becomes effective

5. VAT Provisions: Required when the assignment transaction is subject to VAT under UAE tax regulations

6. Non-Refundable Deposit: Include when parties agree on a deposit structure for the assignment

7. Third Party Approvals: Required when additional approvals (beyond developer) are needed for the assignment

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including unit number, building, project, and specifications

2. Schedule 2 - Original Purchase Agreement: Copy or key details of the original sale and purchase agreement being assigned

3. Schedule 3 - Payment Schedule: Breakdown of payments made under original contract and remaining payments

4. Schedule 4 - Assignment Consideration: Detailed breakdown of the assignment price and payment terms

5. Appendix A - Required Documents: List of documents required for registration of the assignment

6. Appendix B - Developer's Consent Form: Standard form of developer's consent where required

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
Clauses
Assignment
Consideration and Payment
Representations and Warranties
Property Details
Completion
Developer Consent
Registration Requirements
Costs and Fees
Due Diligence
Condition Precedent
Title and Ownership
Compliance with Laws
Risk and Insurance
Default and Termination
Notices
Further Assurance
Stamp Duty and Registration
Entire Agreement
Severability
Force Majeure
Governing Law
Dispute Resolution
Assignment of Rights
Confidentiality
Third Party Rights
Amendments
Waiver
Indemnification
Survival
Relevant Industries

Real Estate

Construction

Property Development

Financial Services

Legal Services

Property Management

Investment

Banking

Real Estate Investment Trusts (REITs)

Property Finance

Relevant Teams

Legal

Real Estate Operations

Compliance

Property Management

Sales

Contract Administration

Property Development

Investment

Documentation

Risk Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Contract Administrator

Real Estate Investment Manager

Property Sales Manager

Real Estate Transaction Coordinator

Development Director

Legal Document Specialist

Real Estate Operations Manager

Property Rights Specialist

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Fundamental law governing contracts, property rights, and civil transactions in the UAE, including basic principles of contract assignment and property ownership
UAE Federal Law No. 8 of 2004: Regarding financial free zones, which may affect real estate transactions in certain free zone areas
Dubai Law No. 7 of 2006: Concerning real estate registration in Dubai, which governs the registration of property rights and related transactions
Dubai Law No. 13 of 2008: Regulating the Interim Real Estate Register in Dubai, crucial for off-plan properties and assignments
RERA Regulations: Real Estate Regulatory Agency regulations governing real estate transactions and assignments in Dubai
Abu Dhabi Law No. 3 of 2015: Regulating real estate sector in Abu Dhabi, including provisions for property registration and transfer
UAE Federal Law No. 2 of 2015: Concerning Commercial Companies, relevant for real estate transactions involving corporate entities
Dubai Executive Council Resolution No. (6) of 2010: Approving the executive regulation of Law No. 13 of 2008, providing detailed procedures for real estate 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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