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

The Buy And Sell Agreement (Real Estate) is a crucial legal document used in Saudi Arabia for property transactions between sellers and buyers. It serves as the primary instrument for documenting the terms and conditions of real estate transfers, ensuring compliance with both Saudi law and Sharia principles. This document is essential for any property transaction in Saudi Arabia, whether residential, commercial, or industrial. It must include specific elements required by Saudi authorities, such as detailed property descriptions, price and payment terms structured in accordance with Islamic finance principles, and provisions for official registration. The agreement is particularly important given Saudi Arabia's evolving real estate landscape under Vision 2030, which has introduced new regulations and requirements for property transactions. It provides legal protection for all parties involved and serves as the basis for property registration with relevant authorities.

1. Parties: Identification of the seller and buyer, including full legal names, national ID numbers/CR numbers, and contact details

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

3. Definitions: Key terms used throughout the agreement, including property-specific terminology

4. Property Description: Detailed description of the property including location, dimensions, deed number, and any inclusions/exclusions

5. Purchase Price: Agreed purchase price and payment terms, structured to comply with Sharia principles

6. Payment Terms: Schedule of payments, deposit requirements, and completion payment details

7. Title and Registration: Confirmation of seller's ownership and process for title transfer

8. Completion: Details of the completion process, including timing and requirements

9. Seller's Warranties: Warranties regarding property ownership, condition, and legal status

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

11. Property Condition: Statement on the condition of the property and any inspections conducted

12. Handover: Process and timing for physical handover of the property

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

14. Governing Law: Confirmation of Saudi law and Sharia principles as governing law

15. Execution: Signature requirements and execution formalities