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Real Estate Sales Contract Form

Real Estate Sales Contract Form Template for Saudi Arabia

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Key Requirements PROMPT example:

Real Estate Sales Contract Form

"I need a Real Estate Sales Contract Form for selling my residential villa in Riyadh to a Saudi national buyer, with completion scheduled for March 2025, including standard payment terms with a 10% deposit."

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Document background
The Real Estate Sales Contract Form is a crucial legal document used for property transactions in Saudi Arabia. It is designed to facilitate the transfer of real estate ownership while ensuring compliance with Saudi Arabian law, including Shariah principles and the Real Estate Registration Law. This contract is essential for both residential and commercial property sales, incorporating necessary provisions for property description, payment terms, warranties, and completion requirements. It can be adapted for various scenarios including off-plan sales, foreign buyers (subject to ownership restrictions), and properties within managed communities. The document includes all mandatory elements required by Saudi authorities for property registration and transfer, making it suitable for use by individuals, corporations, and real estate developers operating in the Saudi market.
Suggested Sections

1. Parties: Identification of the seller and buyer with full legal names, addresses, and national ID/CR numbers

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

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, and other relevant terminology

4. Property Details: Comprehensive description of the property including title deed number, location, boundaries, and total area

5. Purchase Price: The agreed purchase price, payment terms, and method of payment in compliance with Shariah principles

6. Payment Terms: Detailed schedule of payments including deposits, installments, and final payment

7. Conditions Precedent: Conditions that must be satisfied before the sale can complete

8. Seller's Warranties: Warranties regarding ownership, absence of encumbrances, and property condition

9. Buyer's Warranties: Warranties regarding capacity to purchase and source of funds

10. Completion: Process and requirements for completing the sale including registration requirements

11. Property Handover: Terms and process for physical handover of the property

12. Tax and Fees: Allocation of responsibility for taxes, registration fees, and other costs

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

14. Dispute Resolution: Process for resolving disputes through Saudi courts or agreed alternative means

Optional Sections

1. Foreign Ownership Compliance: Required when buyer is non-Saudi, detailing compliance with foreign ownership regulations

2. Off-Plan Provisions: Required for properties sold before completion, including construction specifications and timelines

3. Mortgage Provisions: Required when the purchase involves Shariah-compliant financing

4. Property Management: Required for properties within managed communities, detailing service charges and obligations

5. Defect Liability: Required for new properties, specifying warranty period and developer's obligations

6. Tenant Rights: Required if property is sold with existing tenants, addressing lease continuation

7. Development Restrictions: Required for undeveloped land, detailing building restrictions and permitted uses

Suggested Schedules

1. Property Title Deed: Copy of the official title deed with English translation if required

2. Property Plans: Architectural drawings, floor plans, and location maps

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

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

5. Municipality Certificates: Relevant permits and certificates from local authorities

6. Property Photographs: Recent photographs documenting property condition

7. Inventory List: For properties sold furnished, detailed inventory of included items

8. Service Charge Schedule: For properties in managed communities, breakdown of service charges

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
Deposit
Completion Date
Completion
Business Day
Effective Date
Seller
Buyer
Encumbrances
Force Majeure
Municipality
Transfer Date
Registration Requirements
Title Documents
Permitted Use
Handover Date
Handover Protocol
Property Documents
Shariah Compliant
Notary Public
Due Diligence Period
Warranties
Material Adverse Change
Default
Regulatory Approvals
Service Charges
Common Areas
Building
Land
Fixtures and Fittings
Payment Schedule
Defects
Defects Liability Period
Intellectual Property Rights
Confidential Information
Applicable Laws
Working Hours
Representatives
Taxes
RETT
Utility Services
Development Rights
Possession
Property Manager
Building Regulations
Zoning Requirements
Contract Period
Dispute
Governing Law
Clauses
Sale and Purchase
Property Description
Title and Ownership
Purchase Price
Payment Terms
Conditions Precedent
Completion
Property Transfer
Seller Warranties
Buyer Warranties
Due Diligence
Property Inspection
Registration Requirements
Regulatory Compliance
Foreign Ownership
Anti-Money Laundering
Property Handover
Risk and Insurance
Taxes and Fees
Default
Termination
Force Majeure
Notices
Assignment
Entire Agreement
Amendments
Severability
Governing Law
Dispute Resolution
Confidentiality
Language
Counterparts
Time of Essence
Further Assurance
Shariah Compliance
Property Defects
Survival
Third Party Rights
Costs and Expenses
Indemnification
Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Development

Property Management

Investment & Asset Management

Insurance

Professional Services

Government & Public Sector

Relevant Teams

Legal

Real Estate

Compliance

Sales

Business Development

Risk Management

Operations

Finance

Property Management

Investment

Asset Management

Document Management

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Compliance Officer

Real Estate Broker

Property Manager

Investment Manager

Real Estate Agent

Contract Manager

Business Development Manager

Asset Manager

Transaction Manager

Real Estate Analyst

Risk Manager

Sales Manager

Property Consultant

Industries
Islamic Shariah Law: The fundamental law system in Saudi Arabia that governs all contracts and transactions, ensuring they comply with Islamic principles, particularly regarding interest (riba) and uncertainty (gharar)
Real Estate Registration Law (2002): Governs the registration and documentation of real estate ownership and transfers, including requirements for property deed registration with the First Notary Public
Regulation of Ownership and Investment in Real Estate by Non-Saudis: Regulates foreign ownership of real estate in Saudi Arabia, including restrictions on ownership in Mecca and Medina, and requirements for foreign investors
Anti-Money Laundering Law: Requirements for verification of funds' sources and reporting obligations in real estate transactions to prevent money laundering
Ministry of Municipal and Rural Affairs Regulations: Regulations governing land use, zoning requirements, and property classifications that affect property rights and usage
Real Estate Transaction Tax (RETT) Law: Governs the 5% value-added tax applicable to real estate transactions and the responsibilities of parties regarding tax payment
Off-Plan Sales Law (Wafi): Regulates the sale of properties before completion, including developer obligations and buyer protections in off-plan sales
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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