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Contract To Sell Property

Contract To Sell Property Template for Saudi Arabia

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Key Requirements PROMPT example:

Contract To Sell Property

"I need a Contract To Sell Property for a commercial warehouse in Riyadh's industrial zone, with a planned completion date of March 15, 2025, including specific provisions for existing tenant arrangements and machinery transfer."

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Document background
The Contract To Sell Property is a fundamental legal instrument in Saudi Arabian real estate transactions, essential for documenting and executing property transfers in compliance with local laws and Sharia principles. This document is utilized when transferring ownership of real property, whether residential, commercial, or industrial, and must conform to the requirements set forth by the Ministry of Justice and the Real Estate Registration Law. It serves as the primary agreement between sellers and buyers, detailing all aspects of the transaction including property specifications, financial terms, and transfer procedures. The contract's structure accommodates various property types and transaction complexities while ensuring adherence to Saudi Arabian legal requirements, including necessary approvals from relevant authorities and proper documentation for title transfer.
Suggested Sections

1. Parties: Identification of the seller and buyer with full legal names, addresses, and national ID/commercial registration numbers

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

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Property Description: Detailed legal description of the property including title deed number, location, boundaries, and total area

5. Purchase Price: Agreed purchase price, payment terms, and method of payment in compliance with Sharia law

6. Payment Schedule: Breakdown of payment installments, dates, and conditions for each payment

7. Transfer of Ownership: Process and conditions for transferring property ownership through official channels

8. Seller's Warranties: Seller's representations regarding property ownership, condition, and absence of encumbrances

9. Due Diligence: Buyer's right to inspect and verify property condition and documentation

10. Completion Requirements: Steps required to complete the sale including documentation and registration

11. Costs and Taxes: Allocation of transaction costs, fees, and taxes between parties

12. Governing Law: Confirmation of Saudi law application and Sharia compliance

13. Dispute Resolution: Process for resolving disputes under Saudi law

Optional Sections

1. Foreign Ownership Compliance: Required when buyer is non-Saudi, detailing compliance with foreign ownership regulations

2. Mortgage Details: Include when property has existing mortgage or new financing is involved

3. Property Management: Temporary arrangements for property management between contract signing and completion

4. Condition Precedents: Specific conditions that must be met before completion, if any

5. Vacant Possession: Terms for delivering property free from occupants, if currently occupied

6. Development Rights: Details of any development permits or restrictions, relevant for undeveloped land

7. Utilities Transfer: Process for transferring utility accounts and settling outstanding bills

8. Defect Liability: Extended warranties for specific property aspects, particularly for new buildings

Suggested Schedules

1. Property Details Schedule: Comprehensive property specifications, including plans and boundaries

2. Title Deed Documentation: Copies of title deed and related property ownership documents

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

4. Property Inspection Report: Technical assessment of property condition and any identified issues

5. Municipality Certificates: Relevant municipal approvals and certificates

6. Inventory List: List of fixtures, fittings, or furniture included in the sale

7. Outstanding Liabilities: Details of any existing liabilities or obligations related to the property

8. Required Permits: Copies of relevant permits and licenses

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
Property
Completion Date
Completion
Purchase Price
Deposit
Title Deed
Effective Date
Encumbrances
Force Majeure
Municipality
Parties
Permitted Use
Property Documents
Purchase Price
Relevant Authority
Seller's Warranties
Sharia Compliant
Title Transfer
Vacant Possession
Valuation
Business Day
Confidential Information
Due Diligence
Material Adverse Change
Outstanding Liabilities
Payment Schedule
Property Rights
Registration Fees
Representations
Saudi Law
Term
Transfer Date
Utilities
Zoning Requirements
Defects
Inspection Period
Land Registration Office
Notice
Occupancy Certificate
Building Permit
Common Areas
Development Rights
Environmental Laws
Fixtures and Fittings
Legal Requirements
Property Tax
Survey
Title Insurance
Clauses
Definitions
Sale and Purchase
Property Description
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Due Diligence
Property Condition
Seller Obligations
Buyer Obligations
Completion Requirements
Property Registration
Taxes and Fees
Default and Remedies
Force Majeure
Governing Law
Dispute Resolution
Notices
Assignment
Entire Agreement
Severability
Amendments
Compliance with Laws
Property Insurance
Environmental Compliance
Confidentiality
Further Assurance
Utilities Transfer
Encumbrances
Property Access
Risk Transfer
Indemnification
Termination
Survival
Costs Allocation
Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Development

Commercial Property

Residential Property

Industrial Property

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Asset Management

Corporate Development

Investment

Facilities Management

Risk Management

Operations

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Contracts Manager

Real Estate Broker

Property Manager

Compliance Officer

Real Estate Attorney

Investment Manager

Asset Manager

Facilities Manager

Real Estate Analyst

Development Director

Transaction Manager

Corporate Counsel

Industries
Real Estate Registration Law (2002): Governs the registration and documentation of real estate ownership and transfers in Saudi Arabia, including requirements for valid property transfers and registration procedures
Sharia Law principles: Islamic legal principles that govern commercial transactions, including prohibitions on interest (riba) and requirements for clear terms and fair dealing in property transactions
Foreign Investment Law: Regulates foreign ownership of property in Saudi Arabia, including restrictions on ownership in certain areas and requirements for foreign investors
Saudi Civil Code: Contains general provisions regarding contracts, including requirements for offer and acceptance, capacity of parties, and contract formation
Urban Planning Regulations: Municipal regulations governing land use, zoning, and property development that may affect the property's permitted uses
Property Tax Regulations: Laws governing tax obligations related to property transfers and ownership, including recently implemented value-added tax on commercial properties
Ministry of Justice Documentation Requirements: Specific requirements for contract format, notarization, and registration of property sale agreements
Anti-Money Laundering Law: Regulations requiring verification of funds' sources and buyer identity in real estate transactions to prevent money laundering
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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