Assignment Deed For Resale Flat Template for Saudi Arabia

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Key Requirements PROMPT example:

Assignment Deed For Resale Flat

"I need an Assignment Deed For Resale Flat for a property in Riyadh, where the buyer is a non-Saudi national requiring special permits, with completion scheduled for March 2025."

Document background
The Assignment Deed For Resale Flat is a crucial legal document used in Saudi Arabian property transactions when transferring ownership of previously owned residential units. This document type became increasingly important following Saudi Arabia's real estate market reforms and the implementation of the Real Estate Ownership and Investment Law. The deed serves as official evidence of property transfer, incorporating all necessary elements required by Saudi law, including property details, party information, consideration, and various declarations and warranties. It must be executed in accordance with both civil law requirements and Sharia principles, which form the foundation of Saudi Arabia's legal system. The document is particularly relevant in urban areas with high-density residential developments and must comply with recent regulations introduced under Saudi Vision 2030's real estate initiatives.
Suggested Sections

1. Parties: Identification of the Assignor (current owner) and Assignee (new buyer), including their full legal names, national ID numbers/Iqama numbers, and contact details

2. Background: Brief history of the property ownership, including original purchase details and reason for assignment

3. Definitions: Key terms used throughout the deed, including Property, Assignment Date, Completion Date, and Purchase Price

4. Property Details: Comprehensive description of the flat, including unit number, building details, location, and title deed number

5. Consideration: Details of the purchase price, payment terms, and confirmation of receipt

6. Assignment: Formal assignment clause transferring all rights, title, and interest in the property

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

8. Registration Requirements: Procedures and obligations regarding property registration with relevant authorities

9. Completion Requirements: Steps to be taken to complete the assignment, including documentation and payments

10. Governing Law: Confirmation that the deed is governed by Saudi Arabian law and Sharia principles

Optional Sections

1. Mortgage Details: Required if the property has an existing mortgage that needs to be discharged

2. Non-Saudi Ownership Provisions: Required if the assignee is a non-Saudi national, including necessary permits and approvals

3. Property Management Arrangements: Required if there are ongoing management contracts or service agreements to be transferred

4. Spouse Consent: Required if the property is part of marital assets or if spouse consent is necessary under applicable laws

5. Power of Attorney: Required if any party is acting through an authorized representative

6. Tax Declarations: Required for compliance with Real Estate Transaction Tax (RETT) requirements

Suggested Schedules

1. Schedule 1 - Property Description: Detailed technical description of the property, including floor plans and boundaries

2. Schedule 2 - Title Documents: Copies of original title deed and other relevant ownership documents

3. Schedule 3 - Payment Schedule: Breakdown of payment terms and installments if applicable

4. Schedule 4 - Property Condition Report: Current condition of the property and any agreed repairs or modifications

5. Appendix A - Required Permits: Copies of all necessary permits and approvals for the transfer

6. Appendix B - Property Photographs: Recent photographs of the property and its major features

7. Appendix C - Building Rules and Regulations: Applicable building rules and maintenance obligations

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 legal definitions
Clauses
Relevant Industries

Real Estate

Banking & Finance

Legal Services

Property Development

Construction

Insurance

Property Management

Urban Planning

Public Sector Administration

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Documentation

Corporate Services

Operations

Customer Relations

Administrative Services

Relevant Roles

Real Estate Lawyer

Property Manager

Legal Counsel

Conveyancing Officer

Real Estate Agent

Mortgage Officer

Property Registration Officer

Compliance Officer

Real Estate Transaction Manager

Legal Document Specialist

Property Rights Administrator

Title Insurance Officer

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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