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Commercial Real Estate Purchase Contract

Commercial Real Estate Purchase Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

Commercial Real Estate Purchase Contract

"I need a Commercial Real Estate Purchase Contract for a foreign technology company acquiring a 5-story office building in Riyadh's Digital City, with completion planned for March 2025, including specific provisions for foreign ownership compliance and data center infrastructure requirements."

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Document background
The Commercial Real Estate Purchase Contract is essential for any transaction involving the purchase of commercial property in Saudi Arabia. This document is designed to facilitate complex commercial property transactions while ensuring compliance with Saudi laws, regulations, and Sharia principles. It is particularly important as it must address specific requirements of the Saudi real estate market, including the Real Estate Registration Law, municipality regulations, and where applicable, foreign ownership restrictions. The contract includes comprehensive provisions covering property description, payment terms, conditions precedent, warranties, and completion requirements. It serves as the primary legal instrument for documenting the terms and conditions of the property transfer, protecting both buyer's and seller's interests, and ensuring the transaction meets all regulatory requirements.
Suggested Sections

1. Parties: Identification of buyer and seller with full legal names, addresses, and registration details

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

3. Definitions: Key terms used throughout the agreement

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

5. Purchase Price: Agreed purchase price, payment terms, and method of payment

6. Payment Structure: Breakdown of payments including deposits, installments, and completion payment

7. Conditions Precedent: Conditions that must be satisfied before completion

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

9. Buyer's Warranties: Warranties regarding financial capacity and legal authority to purchase

10. Completion Requirements: Steps to be taken for completion of the transaction

11. Property Handover: Process and requirements for transferring possession

12. Title Transfer: Procedures for legal transfer of title

13. Taxes and Fees: Allocation of transaction taxes, registration fees, and other costs

14. Termination: Circumstances and procedures for contract termination

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

16. Dispute Resolution: Procedures for resolving disputes including jurisdiction

Optional Sections

1. Foreign Ownership Compliance: Required when buyer is a foreign entity, detailing compliance with foreign ownership restrictions

2. Financing Arrangements: Include when purchase involves Sharia-compliant financing arrangements

3. Tenant Rights: Required when property is sold with existing tenants

4. Development Obligations: Include when property requires specific development or renovation works

5. Environmental Compliance: Required for properties with potential environmental concerns

6. Zoning Requirements: Include when property use requires specific zoning compliance

7. Agent Representations: Required when transaction involves real estate agents

8. Due Diligence Period: Include when buyer requires specific period for due diligence

9. Force Majeure: Optional clause for unforeseen circumstances affecting contract performance

Suggested Schedules

1. Property Plans: Official plans and drawings of the property

2. Title Documents: Copies of title deed and ownership history

3. Property Certificates: Municipal certificates, zoning certificates, and other official documents

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

5. Property Inventory: List of fixtures, fittings, and equipment included in sale

6. Due Diligence Reports: Technical, legal, and environmental assessment reports

7. Existing Contracts: Copies of relevant existing contracts affecting the property

8. Municipality Approvals: Copies of relevant municipal permits and approvals

9. Power of Attorney: If applicable, documents authorizing representatives to act

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
Relevant legal definitions
Agreement
Applicable Laws
Business Day
Completion
Completion Date
Conditions Precedent
Consideration
Deposit
Due Diligence Period
Effective Date
Encumbrance
Environmental Laws
Fixtures and Fittings
Force Majeure Event
Governing Law
Handover Date
Lease Agreements
Legal Title
Municipality Approvals
Notary Public
Parties
Permitted Use
Property
Purchase Price
Real Estate Registration Authority
Registration Fees
Related Parties
Relevant Authority
RETT
Saudi Riyal
Schedules
Seller's Warranties
Sharia Principles
Sukuk
Title Deed
Transfer Date
VAT
Zoning Requirements
Clauses
Property Description
Purchase Price
Payment Terms
Title Transfer
Due Diligence
Conditions Precedent
Warranties and Representations
Completion
Property Handover
Registration Requirements
Fees and Taxes
Municipality Compliance
Environmental Compliance
Zoning Requirements
Property Inspection
Insurance
Default and Remedies
Force Majeure
Assignment
Amendments
Notices
Entire Agreement
Severability
Governing Law
Dispute Resolution
Confidentiality
Third Party Rights
Foreign Ownership Compliance
Sharia Compliance
Anti-Money Laundering
Termination
Indemnification
Further Assurance
Language
Counterparts
Relevant Industries

Real Estate

Commercial Property Development

Retail

Manufacturing

Hospitality

Healthcare

Education

Logistics

Banking and Finance

Professional Services

Industrial

Technology

Relevant Teams

Legal

Real Estate

Finance

Compliance

Operations

Risk Management

Business Development

Property Management

Investment

Corporate Development

Relevant Roles

Real Estate Director

Commercial Property Manager

Legal Counsel

Corporate Lawyer

Chief Financial Officer

Property Development Manager

Facilities Manager

Investment Manager

Real Estate Investment Analyst

Compliance Officer

Risk Manager

Business Development Director

Operations Director

Asset Manager

Property Acquisition Manager

Industries
Real Estate Registration Law (2002): Governs the registration and documentation of real estate ownership and transactions in Saudi Arabia, including the procedures for property transfer and registration requirements
Commercial Court Law: Regulates commercial transactions and disputes, including those related to commercial real estate purchases and sales
Foreign Investment Law: Regulates foreign ownership of real estate and business activities in Saudi Arabia, including restrictions and requirements for foreign investors
Municipality and Rural Affairs Law: Governs zoning regulations, building permits, and land use requirements for commercial properties
Anti-Money Laundering Law: Ensures compliance with financial regulations and prevention of money laundering in real estate transactions
Value Added Tax (VAT) Law: Governs the application of VAT on commercial real estate transactions and related services
Real Estate Transaction Tax (RETT) Royal Decree: Establishes the tax framework for real estate transactions, including exemptions and rates
Civil Transactions Law: Provides general principles for contracts and transactions under Saudi law, including property sales
Sharia Law Principles: Islamic law principles that govern commercial transactions, including the prohibition of riba (interest) and requirements for valid contracts
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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