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Holding Deposit Contract

Holding Deposit Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

Holding Deposit Contract

"I need a Holding Deposit Contract for a commercial property purchase in Riyadh, Saudi Arabia, where the deposit will be 10% of the total purchase price of SAR 5,000,000, to be held until March 15, 2025, with specific provisions for Sharia compliance."

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Document background
The Holding Deposit Contract serves as a crucial document in Saudi Arabian property transactions, providing security and commitment between parties involved in property deals. This document is typically used when a prospective buyer expresses serious interest in a property and wishes to secure their position while due diligence, financing arrangements, or other preliminary matters are being completed. The contract must comply with Saudi Arabian civil law and Sharia principles, particularly regarding the handling of deposits and financial transactions. It includes essential details such as the deposit amount, conditions for return or forfeiture, transaction timeframes, and the rights and obligations of all parties involved. The document is particularly important in the Saudi real estate market where holding deposits are commonly used to demonstrate commitment and secure property transactions.
Suggested Sections

1. Parties: Identification of all parties involved, including full legal names, addresses, and official registration numbers if applicable

2. Background: Context of the agreement, including the property details and purpose of the holding deposit

3. Definitions: Key terms used throughout the agreement, ensuring clarity and preventing misinterpretation

4. Deposit Amount: Specification of the holding deposit amount, currency, and payment method

5. Purpose of Deposit: Clear statement of why the deposit is being paid and what it secures

6. Duration: The period for which the holding deposit arrangement will be valid

7. Main Transaction Details: Information about the primary transaction this deposit relates to (e.g., property purchase)

8. Conditions for Return: Circumstances under which the deposit will be returned to the depositor

9. Conditions for Forfeiture: Circumstances under which the deposit may be forfeited

10. Payment Terms: Details of how and when the deposit must be paid

11. Bank Account Details: Specified account for the deposit payment and holding

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

13. Signatures: Execution section for all parties to sign

Optional Sections

1. Sharia Compliance Declaration: Statement confirming the agreement's compliance with Islamic principles - include when parties specifically request Sharia compliance confirmation

2. Third Party Rights: Section addressing the rights of any third parties - include when other parties have interests in the transaction

3. Force Majeure: Provisions for unforeseen circumstances - include for longer-term holding arrangements

4. Confidentiality: Provisions regarding confidentiality of the agreement terms - include for high-value or sensitive transactions

5. Dispute Resolution: Detailed dispute resolution procedures - include for high-value transactions or when specifically requested

6. Language: Specification of prevailing language if contract is bilingual - include when contract is in multiple languages

Suggested Schedules

1. Property Details Schedule: Detailed description of the property including title details, location, and specifications

2. Payment Schedule: Breakdown of payment terms and timelines if the deposit is to be paid in installments

3. Due Diligence Requirements: List of required documents and verifications to be completed

4. Authorization Documents: Copies of relevant authorization documents, power of attorney, or corporate approvals

5. Property Documents: Copies of relevant property documentation including title deeds or plans

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 Industries

Real Estate

Property Development

Construction

Banking & Finance

Islamic Finance

Commercial Property

Residential Property

Retail Property

Industrial Property

Hospitality

Relevant Teams

Legal

Real Estate

Compliance

Sales

Operations

Property Management

Contracts Administration

Investment

Risk Management

Corporate Affairs

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Corporate Lawyer

Property Manager

Real Estate Agent

Compliance Officer

Contract Manager

Transaction Manager

Investment Manager

Real Estate Investment Officer

Legal Director

Chief Legal Officer

Real Estate Operations Manager

Sales Director

Industries
Real Estate Law (Royal Decree No. M/15): The primary legislation governing real estate transactions in Saudi Arabia, including regulations on property ownership, transfer, and registration
Civil Transactions Law: Governs contractual relationships and obligations between parties in Saudi Arabia, including the formation and execution of contracts
Sharia Law Principles: Islamic legal principles that must be adhered to in all contracts, particularly regarding interest (riba) and uncertainty (gharar)
Anti-Money Laundering Law (Royal Decree No. M/20): Regulations concerning financial transactions and due diligence requirements in real estate dealings
Saudi Arabian Monetary Authority (SAMA) Regulations: Guidelines for financial transactions and deposits in the Kingdom, including rules for holding deposits
Consumer Protection Law (Royal Decree No. M/75): Protects consumers' rights in transactions and ensures fair contract terms and transparency
Law of Real Estate Broker Professional Practice: Regulates real estate brokerage activities and related transactions, including handling of deposits
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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