The Lot Purchase Contract is a fundamental legal document used in Saudi Arabian real estate transactions for the transfer of land ownership. It is essential when purchasing undeveloped land, developed lots, or parcels within larger developments in the Kingdom. The document must comply with both Saudi civil law and Shariah principles, incorporating specific requirements for property registration, transfer procedures, and municipality approvals. This contract type is particularly important given Saudi Arabia's strict property registration requirements and the need for clear documentation of ownership transfer. It includes crucial elements such as property specifications, payment terms, completion procedures, and any development obligations, while ensuring alignment with local real estate regulations and practices.
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1. Parties: Identification of the seller and purchaser with full legal names and details as required by Saudi law
2. Background: Context of the transaction and confirmation of the seller's ownership and authority to sell
3. Definitions: Definitions of key terms used throughout the contract
4. Property Description: Detailed description of the lot including exact dimensions, deed number, and location details as per Saudi land registry requirements
5. Purchase Price: The agreed purchase price and payment structure, including deposit requirements
6. Payment Terms: Detailed payment schedule and method of payment in compliance with Shariah principles
7. Completion: Process and requirements for completing the transfer of ownership
8. Seller's Obligations: Responsibilities of the seller including providing necessary documentation and clearances
9. Purchaser's Obligations: Responsibilities of the purchaser including payment and due diligence obligations
10. Registration and Transfer: Process for official registration and transfer at the relevant municipality
11. Representations and Warranties: Standard warranties about ownership, capacity to sell, and property condition
12. Termination: Circumstances under which the contract may be terminated and consequences
13. Governing Law: Confirmation of Saudi law and Shariah principles as governing law
14. Notices: Process for serving formal notices between parties
1. Development Obligations: Required when the lot must be developed within a specific timeframe or manner
2. Foreign Ownership: Required when purchaser is a foreign entity, addressing specific requirements and restrictions
3. Broker Provisions: Required when a real estate broker is involved in the transaction
4. Mortgage Provisions: Required when the purchase involves mortgage financing
5. Off-Plan Provisions: Required for lots that are part of an undeveloped or under-development project
6. Municipality Approvals: Required when specific municipal permits or approvals are pending
7. Environmental Conditions: Required when there are specific environmental requirements or concerns
8. Subdivision Rights: Required when the purchaser may have rights to subdivide the lot
1. Property Plan: Detailed plan showing lot boundaries, dimensions, and location
2. Title Deed: Copy of the current title deed and registration details
3. Payment Schedule: Detailed breakdown of payment installments and due dates
4. Property Restrictions: List of any existing restrictions, easements, or encumbrances
5. Municipality Certificates: Copies of relevant municipality certificates and approvals
6. Due Diligence Documents: List of documents provided for due diligence
7. Completion Requirements: Checklist of documents required for completion
8. Form of Transfer Deed: Template of the transfer deed to be used at completion
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