Deed Of Sale Condominium Template for Saudi Arabia

The Deed Of Sale Condominium is a crucial legal instrument in Saudi Arabian real estate transactions, specifically designed for transferring ownership of individual units within multi-unit buildings. This document is essential when selling or purchasing a condominium unit in Saudi Arabia, ensuring compliance with both civil law requirements and Sharia principles. It captures all necessary details about the property, including unit specifications, common area rights, ownership obligations, and building regulations. The deed must conform to Saudi Arabia's Real Estate Registration Law and Regulated Real Estate Co-Ownership Law, making it a comprehensive document that protects both seller's and buyer's interests while ensuring proper registration with relevant authorities. Used primarily in urban areas and developing communities, this document has become increasingly important with the growth of condominium developments in Saudi Arabian cities.

1. Parties: Identification of the Seller and Buyer with full legal names, national ID numbers, and contact details as required under Saudi law

2. Background: Context of the sale, including the Seller's current ownership status and intention to transfer

3. Definitions: Key terms used throughout the deed, including technical and legal terminology

4. Property Description: Detailed description of the condominium unit, including unit number, floor, building details, and registered title information

5. Common Areas: Description of shared facilities and the unit's percentage share in common areas

6. Sale and Purchase: Core transaction terms including purchase price and confirmation of sale in accordance with Sharia principles

7. Payment Terms: Purchase price, payment schedule, and method of payment

8. Ownership Transfer: Process and conditions for transferring title, including registration requirements

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

10. Buyer's Acknowledgments: Buyer's confirmation of property inspection and acceptance of condition

11. Condominium Rules: Reference to building regulations and owner association rules

12. Tax Obligations: Responsibility for transfer taxes and fees

13. Completion Requirements: Steps required to complete the transaction

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