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Real Estate Contract Of Sale

Real Estate Contract Of Sale Template for Saudi Arabia

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Key Requirements PROMPT example:

Real Estate Contract Of Sale

"I need a Real Estate Contract of Sale for a commercial property in Riyadh, Saudi Arabia, where the buyer is a foreign corporation purchasing through a local entity, with completion scheduled for March 2025 and including specific provisions for existing tenant arrangements."

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Document background
The Real Estate Contract of Sale is a fundamental legal document used in Saudi Arabia for transferring property ownership between parties. It serves as the primary instrument for documenting property transactions in compliance with both Saudi civil law and Sharia principles. This document is essential when any party wishes to sell or purchase real estate within the Kingdom, whether for residential, commercial, or industrial purposes. The contract must address specific requirements under Saudi law, including proper property identification, payment terms that comply with Islamic finance principles, and registration procedures with relevant authorities. It includes provisions for property inspection, title verification, and transfer of ownership through official channels, while incorporating necessary protections for both buyer and seller. The document is particularly important given Saudi Arabia's unique legal framework, which combines modern property law with traditional Islamic jurisprudence.
Suggested Sections

1. Parties: Identification of seller and buyer with full legal names, addresses, and identification numbers

2. Background: Context of the transaction and brief description of the property being sold

3. Definitions: Key terms used throughout the agreement defined in accordance with Saudi law and common practice

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

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

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and any deposit requirements

7. Transfer of Ownership: Process and timing for transferring property title through official channels

8. Seller's Obligations: Responsibilities of the seller including property delivery and document provision

9. Buyer's Obligations: Responsibilities of the buyer including payment and completion of transfer requirements

10. Representations and Warranties: Statements of fact and guarantees by both parties regarding the property and their capacity to enter into the agreement

11. Completion: Details of the completion process, timing, and requirements

12. Default and Remedies: Consequences of breach and available remedies under Saudi law

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

14. Execution: Signature blocks and attestation requirements

Optional Sections

1. Conditions Precedent: Specific conditions that must be met before completion, used when certain prerequisites are required

2. Mortgage Arrangements: Details of any Sharia-compliant financing arrangements, included when property is being financed

3. Property Inspection: Terms regarding property inspection rights and process, used for existing properties

4. Vacant Possession: Terms regarding delivery of vacant possession, used when property is currently occupied

5. Foreign Ownership: Additional provisions required for foreign buyers, included when buyer is non-Saudi

6. Construction Completion: Provisions regarding completion of construction, used for off-plan sales

7. Broker Provisions: Terms regarding broker involvement and fees, included when brokers are involved

8. Utilities and Services: Provisions regarding transfer of utilities and services, used for developed properties

9. Joint Ownership: Additional terms for multiple buyers, used when property is being purchased jointly

10. Defect Liability: Terms regarding responsibility for existing or future defects, used for new constructions

Suggested Schedules

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

2. Property Plans: Official plans showing property boundaries and dimensions

3. Payment Schedule: Detailed breakdown of payment installments and due dates

4. Property Inspection Report: Technical report on property condition and specifications

5. Municipality Certificates: Relevant certificates from municipality regarding property status and compliance

6. Power of Attorney: If applicable, power of attorney documentation for representatives

7. Property Photographs: Recent photographs documenting property condition

8. Building Permits: Copies of relevant building permits and approvals

9. Service Contracts: Details of existing service contracts affecting the property

10. Previous Contracts: Relevant previous contracts affecting the property

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
Purchase Price
Completion Date
Completion
Deposit
Business Day
Effective Date
Encumbrance
Force Majeure
Municipality
Notary Public
Parties
Seller
Buyer
Transfer Date
Registration Office
Title Registration
Property Documents
Vacant Possession
Due Diligence
Deed of Transfer
Governmental Authority
Land Registration
Payment Schedule
Permitted Use
Property Rights
Regulatory Approvals
Representations and Warranties
Sakk
Sharia Compliance
Transfer Fees
Utilities
Zoning Requirements
Broker
Defects
Inspection Period
Material Adverse Change
Property Manager
Related Rights
Survey
Tax
Title Search
Closing Documents
Default
Possession Date
Purchase Agreement
Clauses
Property Description
Title Transfer
Purchase Price
Payment Terms
Deposit
Due Diligence
Property Inspection
Representations and Warranties
Seller Obligations
Buyer Obligations
Completion
Registration
Default
Remedies
Force Majeure
Notices
Assignment
Entire Agreement
Governing Law
Dispute Resolution
Confidentiality
Costs and Taxes
Broker Fees
Property Condition
Utilities Transfer
Insurance
Risk of Loss
Termination
Amendments
Severability
Further Assurance
Survival
Time of Essence
Indemnification
Municipal Compliance
Sharia Compliance
Title Insurance
Property Access
Encumbrances
Defects Liability
Environmental Matters
Relevant Industries

Real Estate

Construction

Property Development

Banking & Finance

Legal Services

Property Management

Investment & Asset Management

Urban Development

Housing

Commercial Property

Retail Property

Industrial Property

Hospitality

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Business Development

Acquisitions

Investment

Asset Management

Risk Management

Operations

Finance

Corporate Services

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Real Estate Broker

Property Developer

Investment Manager

Asset Manager

Compliance Officer

Real Estate Agent

Property Consultant

Development Director

Acquisition Manager

Title Officer

Real Estate Analyst

Contract Administrator

Property Valuer

Transaction Manager

Real Estate Partner

Industries
Saudi Real Estate Law (Royal Decree No. M/50): Primary legislation governing real estate transactions, registration requirements, and property rights in Saudi Arabia
Registered Real Estate Mortgage Law (Royal Decree No. M/49): Regulates mortgage transactions and security interests in real estate property
Law of Sale by Installments (Royal Decree No. M/13): Governs installment-based property sales and related financing arrangements
Foreign Investment Law (Royal Decree No. M/1): Regulates foreign ownership of real estate and investment restrictions in Saudi Arabia
Sharia Law Principles: Islamic legal principles governing contracts and property transactions, including prohibition of riba (interest) and gharar (uncertainty)
Off-Plan Sales Law (Royal Decree No. M/50): Regulates the sale of properties before completion and developer obligations
Real Estate Broker Regulation: Governs the role and responsibilities of real estate brokers in property transactions
Saudi Contract Law: General principles of contract formation, validity, and enforcement under Saudi law
Municipality Regulations: Local regulations governing property use, zoning, and development restrictions
Real Estate Ownership and Investment by Non-Saudis (Royal Decree No. M/15): Specific regulations regarding property ownership by non-Saudi nationals
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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