Novation Agreement (Real Estate) Template for Saudi Arabia

1. Outstanding Payments: Include when there are existing payment obligations to be addressed

2. Third Party Consents: Required when additional third party approvals are needed (e.g., mortgagee consent)

3. Foreign Ownership Compliance: Include when any party is non-Saudi to address foreign ownership requirements

4. Property Management Arrangements: Include when there are ongoing property management contracts to be transferred

5. Transitional Provisions: Include when handover requires specific transitional arrangements

6. Tax Provisions: Include when there are specific tax implications to be addressed

7. Municipal Approvals: Include when specific municipal permits or approvals need to be transferred

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

2. Schedule 2 - Original Contract: Copy or key terms of the original contract being novated

3. Schedule 3 - Outstanding Obligations: List of any outstanding obligations or payments

4. Schedule 4 - Required Consents: List of required third-party consents and their status

5. Schedule 5 - Property Documents: List of relevant property documents to be transferred

6. Appendix A - Property Title Deed: Copy of the property title deed

7. Appendix B - Registration Requirements: Checklist of registration requirements and forms

8. Appendix C - Powers of Attorney: Any required powers of attorney for registration purposes