Deed Of Conditional Sale Of Land Template for Saudi Arabia

The Deed of Conditional Sale of Land is a crucial legal instrument in Saudi Arabian real estate transactions, particularly used when the immediate transfer of property ownership is subject to specific conditions or requirements. This document type is essential in various scenarios, including installment-based purchases, development-dependent transfers, or transactions requiring regulatory approvals. It must comply with Saudi Arabia's dual legal framework of Sharia law and civil regulations, including the Real Estate Registration Law and related property regulations. The deed provides comprehensive documentation of the transaction terms, conditions precedent to completion, payment arrangements, and property specifications, while ensuring alignment with local property registration requirements and foreign ownership restrictions where applicable. It serves as a vital tool in modern Saudi Arabian real estate developments, particularly in light of the Kingdom's expanding property market and increasing foreign investment opportunities.

1. Parties: Identification of the seller and buyer with full legal names, identification numbers, and addresses as required by Saudi law

2. Background: Context of the transaction including property ownership history and purpose of the conditional sale

3. Definitions: Key terms used in the deed including Property, Completion Date, Purchase Price, and Conditions

4. Property Description: Detailed legal description of the land including boundaries, dimensions, deed number, and registration details as per Saudi land registry requirements

5. Sale and Purchase Agreement: Core agreement to sell and purchase the property subject to conditions

6. Purchase Price: Agreed purchase price, payment terms, and payment schedule

7. Conditions of Sale: Specific conditions that must be met for the sale to complete, including timing and performance requirements

8. Completion Requirements: Steps required for completion of the sale and transfer of ownership

9. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with Sharia principles

10. Property Handover: Terms and process for physical handover of the property

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

12. Registration and Documentation: Requirements for registration with relevant authorities and documentation process

13. Governing Law and Jurisdiction: Confirmation of Saudi law application and relevant court jurisdiction