Document background
The Residential Contract of Sale is a fundamental legal document used in Saudi Arabia for transferring ownership of residential properties. This document is essential for any residential property transaction in the Kingdom, whether involving individual buyers and sellers or corporate entities. It must comply with both Saudi civil law and Sharia principles, incorporating recent regulatory changes including the Real Estate Transaction Tax and electronic documentation requirements. The contract covers all crucial aspects of the property sale, from initial agreement through to completion, including property specifications, payment terms, warranties, and transfer procedures. It's particularly important to note that this document must align with the Ministry of Justice's requirements and the Real Estate Registration Law, while also considering any specific requirements for foreign ownership if applicable. The contract serves as the primary evidence of the transaction and forms the basis for property registration with relevant authorities.
