Agreement To Buy And Sell (Real Estate) Template for Saudi Arabia

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Key Requirements PROMPT example:

Agreement To Buy And Sell (Real Estate)

"I need an Agreement To Buy And Sell (Real Estate) for a commercial warehouse property in Riyadh Industrial City, where the buyer is a foreign manufacturing company requiring special municipality approvals, with completion planned for March 2025."

Document background

The Agreement To Buy And Sell (Real Estate) is a crucial legal document used in Saudi Arabia for property transactions between sellers and buyers, whether individuals or corporate entities. This agreement is essential when transferring ownership of any real estate property in Saudi Arabia, including residential, commercial, or industrial properties. It must comply with both Saudi Arabian law and Shariah principles, incorporating specific local requirements such as proper registration with relevant authorities, municipality approvals, and where applicable, foreign ownership restrictions. The document typically includes comprehensive details about the property, price, payment terms, warranties, and completion requirements, while ensuring all necessary legal protections are in place for both parties. It's particularly important given Saudi Arabia's developing real estate market and the increasing complexity of property transactions in the region.

Suggested Sections

1. Parties: Full legal identification of the seller and buyer, including ID/CR numbers and addresses

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

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

4. Property Description: Detailed description of the property, including title deed number, location, size, and boundaries

5. Purchase Price: States the total purchase price and currency

6. Payment Terms: Details of how and when payments will be made, including any deposits or installments

7. Completion: Process and requirements for completing the sale, including registration requirements

8. Seller's Warranties: Warranties regarding ownership, absence of encumbrances, and property condition

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

10. Property Handover: Terms and process for physical handover of the property

11. Registration and Transfer: Process for legal transfer of title and registration requirements

12. Taxes and Fees: Allocation of responsibility for various taxes, fees, and expenses

13. Governing Law: Confirmation of Saudi law and Shariah principles as governing law

14. Dispute Resolution: Process for resolving disputes, including jurisdiction and venue

Optional Sections

1. Condition Precedents: Used when completion is subject to certain conditions being met first

2. Financing Arrangements: Include when purchase involves mortgage or external financing

3. Due Diligence: When buyer requires a period to conduct property investigations

4. Property Management: Used when property is part of a managed development or compound

5. Existing Tenancies: Include when property is sold with existing tenants

6. Development Obligations: Used for off-plan sales or properties requiring development

7. Foreign Ownership Provisions: Include when buyer is a foreign entity or individual

8. Broker Provisions: Include when real estate brokers are involved in the transaction

Suggested Schedules

1. Property Details: Detailed technical description, including plans, maps, and photographs

2. Title Documents: Copies of title deed and other ownership documents

3. Payment Schedule: Detailed breakdown of payment installments and dates

4. Property Inventory: List of fixtures, fittings, and contents included in the sale

5. Due Diligence Reports: Technical, legal, and environmental reports if applicable

6. Municipality Certificates: Relevant permits, certificates, and approvals

7. Service Agreements: Details of ongoing service contracts affecting the property

8. Property Rules: Any applicable building or community rules and regulations

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Construction

Banking & Finance

Property Development

Hospitality

Retail

Industrial

Healthcare

Education

Professional Services

Manufacturing

Logistics

Relevant Teams

Legal

Real Estate

Compliance

Finance

Operations

Risk Management

Business Development

Property Management

Facilities Management

Investment

Corporate Affairs

Administration

Relevant Roles

Real Estate Manager

Property Development Manager

Legal Counsel

Corporate Lawyer

Compliance Officer

Chief Financial Officer

Investment Manager

Asset Manager

Facilities Manager

Property Manager

Real Estate Broker

Business Development Manager

Contract Manager

Risk Manager

Company Director

Chief Executive Officer

Find the exact document you need

Simple Buy Sell Agreement (Real Estate)

A Saudi Arabian law-governed agreement for the sale and purchase of real estate property, outlining key terms and conditions while ensuring compliance with local regulations and Sharia principles.

How a Sales & Marketing Lead uses Genie AI to reduce contract drafting time by 95%

Let's create your Agreement To Buy And Sell (Real Estate)

Authors

Alex Denne

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