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Commercial Real Estate Sales Contract

Commercial Real Estate Sales Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

Commercial Real Estate Sales Contract

"I need a Commercial Real Estate Sales Contract for the purchase of a 10,000 square meter warehouse facility in Riyadh Industrial City, with specific provisions for existing tenant agreements and environmental compliance requirements for chemical storage."

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Document background
The Commercial Real Estate Sales Contract is a fundamental document used in Saudi Arabia for transferring ownership of commercial properties, including office buildings, retail spaces, industrial facilities, and other business-related real estate. This contract type is essential for any commercial property transaction within the Kingdom and must comply with both Saudi civil law and Sharia principles. It includes comprehensive details about the property, parties involved, payment terms, and transfer procedures, while ensuring alignment with local real estate regulations and Islamic finance requirements. The document is particularly important given Saudi Arabia's growing commercial real estate sector and the increasing number of local and international business transactions, especially in light of the Kingdom's Vision 2030 economic transformation plan.
Suggested Sections

1. Parties: Identification of seller and purchaser with full legal names, addresses, and commercial registration 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 and Saudi legal terms

4. Property Description: Detailed description of the commercial property, including location, boundaries, size, and registration details as per the title deed

5. Purchase Price and Payment Terms: Total purchase price, payment schedule, and method of payment in compliance with Sharia principles

6. Condition of Property: Current state of the property, any defects, and agreed condition at completion

7. Warranties and Representations: Seller's warranties regarding ownership, authority to sell, and property condition

8. Completion Requirements: Steps required for completion, including registration with relevant authorities and transfer of title

9. Pre-Completion Obligations: Responsibilities of both parties before completion, including obtaining necessary permits

10. Post-Completion Obligations: Requirements after completion, including registration, utility transfers, and handover procedures

11. Default and Remedies: Consequences of breach by either party and available remedies

12. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction of Saudi courts

13. Notices: Process for formal communications between parties

14. General Provisions: Standard contractual provisions including entire agreement, amendments, and severability

Optional Sections

1. Due Diligence: Detailed provisions for buyer's investigation rights - include when property requires significant investigation

2. Environmental Matters: Environmental compliance and responsibilities - include for industrial or potentially contaminated properties

3. Existing Tenancies: Details of current lease agreements - include when property has existing tenants

4. Development Obligations: Future development requirements - include when property involves development commitments

5. Foreign Investment Provisions: Additional requirements for foreign buyers - include when purchaser is non-Saudi

6. Zoning and Land Use: Specific zoning requirements - include when property use may change or requires specific permits

7. Financing Provisions: Sharia-compliant financing arrangements - include when purchase involves Islamic financing

8. Property Management Transition: Handover of management responsibilities - include for large commercial properties

Suggested Schedules

1. Property Plans and Drawings: Official plans, maps, and architectural drawings of the property

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

3. Property Certificates: Current certificates from relevant authorities regarding property status

4. Inventory of Fixtures and Fittings: List of items included in the sale

5. Existing Contracts: Details of service contracts, maintenance agreements, and other ongoing obligations

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

7. Payment Schedule: Detailed breakdown of payment installments and timing

8. Required Permits and Licenses: List of current permits and licenses associated with the property

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
Consideration
Contract Price
Defects
Deposit
Effective Date
Encumbrances
Environmental Laws
Existing Leases
Fixtures and Fittings
Force Majeure
Governmental Authority
Handover Date
Improvements
Land
Material Adverse Effect
Municipality
Notary Public
Occupation Certificate
Permits
Permitted Use
Property
Property Documents
Purchase Price
Registration
Regulatory Approvals
Related Parties
Representations and Warranties
Sale Assets
Seller's Warranties
Sharia Compliant
Sukuk
Title Deed
Transfer Date
Utilities
VAT
Zoning Requirements
Clauses
Property Description
Purchase Price
Payment Terms
Title Transfer
Registration Requirements
Due Diligence
Warranties and Representations
Condition of Property
Compliance with Laws
Environmental Compliance
Sharia Compliance
Property Inspection
Insurance
Risk and Liability
Default and Remedies
Force Majeure
Assignment
Confidentiality
Notices
Dispute Resolution
Governing Law
Severability
Entire Agreement
Amendment
Property Handover
Utilities Transfer
Tax Obligations
Broker Fees
Existing Tenancies
Municipality Requirements
Zoning Compliance
Construction Permits
Property Maintenance
Termination
Indemnification
Further Assurance
Relevant Industries

Commercial Real Estate

Retail

Industrial

Hospitality

Office Space

Warehousing and Logistics

Healthcare Facilities

Educational Facilities

Mixed-use Development

Manufacturing

Religious Facilities

Banking and Financial Services

Relevant Teams

Legal

Real Estate

Compliance

Finance

Operations

Business Development

Risk Management

Facilities Management

Asset Management

Property Development

Investment

Relevant Roles

Real Estate Director

Property Manager

Commercial Director

Legal Counsel

Compliance Officer

Investment Manager

Facilities Manager

Asset Manager

Development Director

Chief Financial Officer

Real Estate Broker

Property Valuer

Business Development Manager

Contract Manager

Risk Manager

Industries
Saudi Real Estate Law (Royal Decree No. M/50): Primary legislation governing real estate transactions, ownership, and registration of property in Saudi Arabia. Covers requirements for valid property transfers and documentation.
Law of Real Estate Registration (Royal Decree No. M/6): Regulates the registration of real estate properties and transactions, including the requirements for title deed registration and transfer procedures.
Commercial Court Law (Royal Decree No. M/32): Governs commercial transactions and disputes in Saudi Arabia, including those related to commercial real estate sales.
Anti-Money Laundering Law (Royal Decree No. M/20): Includes provisions relevant to real estate transactions to prevent money laundering through property purchases.
Value Added Tax (VAT) Law: Governs the application of VAT to commercial real estate transactions in Saudi Arabia.
Foreign Investment Law (Royal Decree No. M/1): Relevant if any party to the transaction is a foreign investor, governing foreign ownership of commercial real estate.
Regulations of Ownership of Real Estate Units (Royal Decree No. M/5): Covers regulations regarding ownership of real estate units and common areas in commercial buildings.
Civil Transactions Provisions in Islamic Law: Sharia principles governing contracts and commercial transactions, including the prohibition of Riba (interest) and requirements for valid sales 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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