Real Property Sales Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

Real Property Sales Contract

"I need a Real Property Sales Contract for the sale of a commercial warehouse in Riyadh's Industrial City to a foreign corporate buyer, with completion scheduled for March 2025, including specific provisions for industrial zoning compliance and foreign ownership requirements."

Document background

The Real Property Sales Contract is a fundamental legal instrument used in Saudi Arabia for documenting and executing the transfer of real estate ownership. This document is essential for any real property transaction in the Kingdom, whether involving residential, commercial, or industrial properties. It must comply with Saudi Arabian law, including Shariah principles, the Real Estate Registration Law, and various municipal regulations. The contract is typically used when there is a definitive agreement to transfer property ownership, requiring detailed documentation of the property specifications, parties' obligations, payment terms, and transfer procedures. It serves as the primary evidence of the transaction and is required for official property registration with relevant authorities. The document's structure and content are specifically designed to meet Saudi legal requirements while protecting both buyer's and seller's interests in the transaction.

Suggested Sections

1. Parties: Identification of seller and buyer with full legal names and details 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 agreement, including property-specific terminology

4. Sale and Purchase: Core agreement to sell and purchase the property, including the basic terms

5. Property Description: Detailed description of the property including boundaries, deed number, and location

6. Purchase Price: Amount, currency, and payment terms including deposit requirements

7. Payment Terms: Detailed payment schedule, method of payment, and any installment arrangements

8. Completion: Process and requirements for completing the transfer of ownership

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

10. Buyer's Warranties: Warranties regarding ability to purchase and comply with payment terms

11. Registration and Transfer: Process for official registration and transfer of title

12. Taxes and Fees: Allocation of responsibility for various taxes, fees, and charges

13. Notices: How formal communications between parties should be made

14. Governing Law: Confirmation of Saudi law application and Shariah compliance

15. Execution: Signature blocks and execution requirements

Optional Sections

1. Condition Precedents: Specific conditions that must be met before completion, used when there are preliminary requirements

2. Mortgage Arrangements: Details of any mortgage or financing arrangements, included when property is being financed

3. Property Management: Interim management arrangements between contract and completion, used for commercial properties

4. Tenant Rights: Existing tenant arrangements and their handling, included when property is currently leased

5. Development Rights: Any ongoing or planned development rights, used for properties with development potential

6. Foreign Ownership: Special provisions for foreign buyers, included when buyer is non-Saudi

7. Off-Plan Provisions: Special provisions for properties sold before completion, used in off-plan sales

8. Defect Liability: Extended warranties for new properties, included for new construction

9. Broker Provisions: Terms related to broker involvement, included when brokers are involved

Suggested Schedules

1. Property Details: Detailed technical description, including maps, plans, and photographs

2. Title Documents: Copies of existing title deeds and registration documents

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

4. Property Inventory: List of included fixtures, fittings, and contents

5. Due Diligence Results: Summary of property investigations and findings

6. Existing Tenancies: Details of any existing lease agreements

7. Property Certificates: Copies of relevant certificates and permits

8. Municipality Approvals: Copies of relevant municipal approvals and permits

9. Service Contracts: Details of ongoing service 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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Construction

Banking & Finance

Property Development

Hospitality

Retail

Industrial

Commercial Property

Residential Property

Agriculture

Manufacturing

Healthcare

Education

Religious Institutions

Government & Public Sector

Relevant Teams

Legal

Real Estate

Property Management

Finance

Compliance

Operations

Risk Management

Business Development

Asset Management

Investment

Facilities Management

Corporate Services

Acquisitions

Relevant Roles

Real Estate Manager

Property Development Director

Legal Counsel

Compliance Officer

Chief Financial Officer

Investment Manager

Facilities Manager

Asset Manager

Property Manager

Real Estate Broker

Business Development Manager

Contract Manager

Risk Manager

Corporate Counsel

Operations Director

Chief Executive Officer

Real Estate Investment Analyst

Property Acquisition Manager

Find the exact document you need

Simple Buy Sell Agreement (Real Estate)

A Saudi Arabian law-governed agreement for the sale and purchase of real estate property, outlining key terms and conditions while ensuring compliance with local regulations and Sharia principles.

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Real Property Sales Contract

Authors

Alex Denne

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