Buy Sell Agreement Between Co Owners Of Real Property Template for Saudi Arabia

1. Right of First Refusal: Optional section detailing process for offering shares to existing co-owners before external sale, recommended when parties want to maintain control over ownership composition

2. Management Rights: Optional provisions governing property management decisions, recommended for properties requiring active management

3. Profit Distribution: Optional section detailing how rental income or other profits are distributed, recommended for income-generating properties

4. Insurance Requirements: Optional section specifying insurance obligations, recommended for high-value properties

5. Mortgage Provisions: Optional section addressing existing or future mortgage arrangements, needed if property is or may be mortgaged

6. Sharia Compliance Declaration: Optional detailed section confirming compliance with Islamic principles, recommended for traditional parties or Islamic financing

7. Tax Matters: Optional section addressing tax responsibilities, recommended when complex tax implications exist

1. Property Details Schedule: Detailed technical description of the property, including maps, plans, and registration documents

2. Ownership Schedule: Current ownership percentages and historical ownership information

3. Valuation Methodology: Detailed procedures for property valuation, including appointed valuers and specific methods

4. Required Notices and Forms: Templates for various notices and forms required under the agreement

5. Power of Attorney: Standard form of power of attorney for property transfers

6. Property Management Schedule: Details of property management arrangements if applicable

7. Registration Requirements: Checklist of documents required for property transfer registration with Saudi authorities