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Real Estate Bill Of Sale

Real Estate Bill Of Sale Template for Saudi Arabia

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Key Requirements PROMPT example:

Real Estate Bill Of Sale

"I need a Real Estate Bill of Sale for the transfer of a commercial warehouse property in Riyadh Industrial City, where the buyer is a foreign corporation and the closing is planned for March 2025, with payment to be made in three installments."

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Document background
The Real Estate Bill of Sale is a crucial document used in Saudi Arabian property transactions to formalize and legally document the transfer of real estate ownership from seller to buyer. This document is essential for both residential and commercial property transactions in Saudi Arabia, requiring strict adherence to local real estate laws, Shariah principles, and registration requirements. It must include specific elements mandated by Saudi law, such as detailed property descriptions, party information, and purchase terms. The document serves as official evidence of the transaction and is required for property registration with relevant authorities. It's particularly important given Saudi Arabia's unique legal framework, which combines modern real estate regulations with Islamic law principles.
Suggested Sections

1. Parties: Identification of the seller and buyer with full legal names, national ID numbers/commercial registration numbers, and addresses as required by Saudi law

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

3. Definitions: Key terms used throughout the document, including property-specific terminology and legal concepts

4. Property Description: Detailed description of the real estate including location, dimensions, deed number, and plot number as per official records

5. Purchase Price: Statement of the agreed purchase price and payment terms in compliance with Shariah principles

6. Transfer of Ownership: Clear statement of transfer of title and ownership from seller to buyer

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

8. Registration and Transfer Procedures: Process for official registration and transfer of title at relevant government offices

9. Closing Requirements: Conditions and documents required for completing the transfer

10. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for disputes

Optional Sections

1. Property Condition: Detailed description of property condition, used when selling property 'as-is' or with specific condition notes

2. Foreign Ownership Compliance: Additional provisions required when buyer is a non-Saudi national or entity

3. Existing Tenancies: Details of any existing lease agreements, required when property is sold with sitting tenants

4. Municipal Compliance: Statements regarding zoning and land use compliance, needed for commercial properties

5. Shariah Compliance Declaration: Explicit declaration of compliance with Islamic principles, often included for institutional buyers

6. Tax Matters: Provisions regarding tax obligations and payments, required when applicable under Saudi regulations

Suggested Schedules

1. Property Title Deed: Copy of official property ownership documentation

2. Property Plan: Official survey plan or property layout from municipal authorities

3. Payment Schedule: Detailed breakdown of payment terms and installments if applicable

4. Property Photographs: Recent photographs documenting current condition of the property

5. Due Diligence Documents: Copies of permits, certificates, and compliance documents

6. Property Inspection Report: Technical report on property condition and systems

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
Consideration
Deposit
Effective Date
Encumbrances
Purchase Price
Seller
Buyer
Closing
Transfer Date
Municipal Approval
Property Registration Certificate
Deed Number
Plot Number
Land Area
Built-up Area
Permitted Use
Relevant Authority
Registration Office
Shariah Compliant
Title Transfer
Warranties
Zoning Requirements
Occupation Certificate
Property Documents
Completion Certificate
Material Adverse Change
Due Diligence
Notary Public
Business Day
Force Majeure
Outstanding Liabilities
Possession Date
Property Rights
Regulatory Approvals
Sukuk
Vacant Possession
Clauses
Property Description
Purchase Price
Payment Terms
Transfer of Title
Representations and Warranties
Property Condition
Due Diligence
Closing Conditions
Registration Requirements
Shariah Compliance
Regulatory Compliance
Title Insurance
Property Inspection
Environmental Compliance
Governing Law
Dispute Resolution
Force Majeure
Assignment
Notices
Entire Agreement
Severability
Amendments
Counterparts
Further Assurance
Municipal Compliance
Property Access
Vacant Possession
Existing Tenancies
Utilities Transfer
Tax Obligations
Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Hospitality

Industrial

Healthcare

Education

Banking & Finance

Construction & Development

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Asset Management

Facilities Management

Investment

Operations

Risk Management

Corporate Affairs

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Corporate Lawyer

Compliance Officer

Real Estate Agent

Property Developer

Facilities Manager

Investment Manager

Asset Manager

Real Estate Director

Chief Legal Officer

Property Acquisition Manager

Real Estate Investment Analyst

Transaction Manager

Industries
Saudi Real Estate Law (Royal Decree No. M/50): Primary legislation governing real estate transactions, ownership, and transfer of property in Saudi Arabia
Registered Real Estate Mortgage Law (Royal Decree No. M/49): Regulates property mortgages and sets requirements for registration of real estate transactions
Foreign Investment Law (Royal Decree No. M/1): Governs foreign ownership of real estate and investment regulations in Saudi Arabia
Saudi Civil Code: Contains general principles of contract law and obligations applicable to real estate transactions
Shariah Law Principles: Islamic legal principles that govern all transactions including property sales and must be complied with in real estate dealings
Real Estate Registration Law: Regulates the registration and documentation requirements for real estate transactions
Municipal and Rural Affairs Ministry Regulations: Governs zoning, land use, and development restrictions for properties
Real Estate Ownership and Investment by Non-Saudis (Royal Decree No. M/15): Specific regulations regarding non-Saudi nationals' rights to own and invest in real estate
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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