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House Ownership Contract

House Ownership Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

House Ownership Contract

"I need a House Ownership Contract for selling my 3-bedroom villa in Riyadh to a local buyer, with completion planned for March 2025, including provisions for the existing tenant's lease agreement to be honored until its expiration."

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Document background
The House Ownership Contract is a fundamental legal instrument used in Saudi Arabia for documenting and executing the transfer of residential property ownership. This document is essential for any property sale transaction within the Kingdom, whether between individuals, corporate entities, or a combination thereof. The contract must comply with both civil law requirements and Islamic Sharia principles, which govern property transactions in Saudi Arabia. It includes comprehensive details about the property, parties involved, financial terms, and transfer procedures, while incorporating recent regulatory changes under Saudi Vision 2030's real estate reforms. The document is typically required for property registration with the Ministry of Justice and local municipalities, and may need additional provisions when involving foreign buyers or mortgage financing.
Suggested Sections

1. Parties: Identification of the seller and buyer with full legal names, national ID numbers, and contact details

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

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

4. Property Description: Detailed description of the property including address, dimensions, deed number, and plot number

5. Purchase Price: The agreed purchase price and payment terms, including method and timing of payments

6. Transfer of Ownership: Terms and process for transferring property ownership through official channels

7. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with regulations

8. Property Condition: Current condition of the property and any agreed repairs or modifications

9. Registration and Transfer Costs: Allocation of costs related to property registration and transfer

10. Possession and Risk: Terms for property handover and transfer of risk

11. Governing Law: Confirmation of Saudi law and Sharia principles as governing law

12. Dispute Resolution: Process for resolving disputes under Saudi jurisdiction

13. Execution: Signature requirements and execution formalities

Optional Sections

1. Foreign Ownership Compliance: Required when buyer is a foreign national, detailing compliance with foreign ownership regulations

2. Mortgage Details: Required when the property has an existing mortgage or will be mortgaged as part of the purchase

3. Property Management: Required for properties within managed communities, detailing service charges and regulations

4. Construction Completion: Required for off-plan properties or properties under construction

5. Tenant Rights: Required when the property is currently leased to tenants

6. Utilities Transfer: Optional section detailing the transfer of utility accounts and deposits

7. Furniture and Fixtures: Required when the sale includes specific furniture or fixtures

8. Environmental Compliance: Required for properties in environmentally sensitive areas or with specific environmental requirements

Suggested Schedules

1. Property Title Deed: Copy of the official property title deed and registration details

2. Property Plans: Architectural plans, layout drawings, and property boundaries

3. Inventory List: Detailed list of included fixtures, fittings, and any furniture if applicable

4. Property Photographs: Current photographs documenting the property's condition

5. Building Permits: Copies of relevant building permits and certificates

6. Payment Schedule: Detailed schedule of payment installments if applicable

7. Property Inspection Report: Technical inspection report detailing property condition

8. Municipality Certificates: Relevant certificates from local municipality regarding zoning and compliance

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
Title Deed
Completion Date
Deposit
Purchase Price
Effective Date
Encumbrances
Force Majeure
Municipality
Ownership Transfer Date
Parties
Seller
Buyer
Possession Date
Property Documents
Registration Authority
Sharia Compliance
Title
Transfer Fees
Utilities
Warranty Period
Building
Common Areas
Deed Number
Land
Payment Schedule
Permitted Use
Plot Number
Property Plan
Real Estate Register
Regulatory Approvals
Service Charges
Succession Certificate
Zoning Requirements
Business Day
Confidential Information
Default
Dispute
Governmental Authority
Liability
Notices
Representatives
Clauses
Sale and Purchase
Property Description
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Property Condition
Due Diligence
Registration Requirements
Handover
Transfer of Risk
Default and Remedies
Force Majeure
Property Insurance
Utilities and Services
Taxes and Fees
Regulatory Compliance
Sharia Compliance
Environmental Compliance
Foreign Ownership
Mortgage and Financing
Assignment and Transfer
Notices
Confidentiality
Dispute Resolution
Governing Law
Severability
Entire Agreement
Amendment
Language
Costs and Expenses
Property Inspection
Municipal Compliance
Termination
Survival
Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Development

Property Management

Insurance

Urban Planning

Municipal Services

Facilities Management

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Documentation

Operations

Investment

Risk Management

Facilities

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Real Estate Agent

Property Developer

Compliance Officer

Real Estate Transaction Manager

Property Acquisition Manager

Real Estate Investment Manager

Title Officer

Property Valuation Specialist

Mortgage Officer

Real Estate Documentation Specialist

Real Estate Operations Manager

Industries
Real Estate Ownership Law: The fundamental law governing property ownership rights, transfer of ownership, and property boundaries in Saudi Arabia
Real Estate Registration Law: Governs the mandatory registration of real estate properties and the documentation requirements for property ownership transfer
Islamic Law (Sharia) Principles: Religious legal principles that govern property transactions, including prohibitions on certain types of financing arrangements and requirements for valid sales
Foreign Real Estate Ownership Law: Regulations concerning foreign ownership of real estate in Saudi Arabia, including restrictions and special permissions required
Municipality Building Codes: Local regulations governing property specifications, building standards, and zoning requirements
Real Estate Transaction Tax Law: Regulations concerning taxes and fees applicable to property transactions, including the recently implemented Real Estate Transaction Tax (RETT)
Off-Plan Sales Law: Regulations governing the sale of properties before completion, if applicable to new properties
Real Estate Broker Law: Regulations governing the role and responsibilities of real estate brokers in property transactions
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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