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Residential Sale Agreement
"I need a Residential Sale Agreement for a luxury villa in Riyadh's Diplomatic Quarter, with the sale including all existing furniture and appliances, and completion scheduled for March 2025. The buyer is a foreign diplomat, so the agreement needs to address foreign ownership requirements."
1. Parties: Identification of the seller and buyer with their full legal names, national ID numbers/Iqama numbers, and contact details
2. Background: Context of the sale, including brief property description and parties' intention to enter into the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including title deed number, location, size, and boundaries
5. Purchase Price: Agreed purchase price, payment terms, and method of payment
6. Payment Schedule: Breakdown of payment installments and due dates
7. Completion: Process and requirements for completing the sale, including title transfer procedures
8. Seller's Warranties: Seller's representations regarding property ownership, condition, and legal status
9. Buyer's Warranties: Buyer's representations regarding financial capacity and compliance with ownership laws
10. Property Handover: Terms and process for physical handover of the property
11. Taxes and Fees: Allocation of responsibility for Real Estate Transaction Tax and other applicable fees
12. Governing Law: Confirmation of Saudi law application and Sharia compliance
13. Dispute Resolution: Process for resolving disputes through Saudi courts or alternative methods
14. Notices: Method and addresses for formal communications between parties
15. Execution: Signature requirements and execution formalities
1. Mortgage Provisions: Required when the property purchase involves mortgage financing
2. Foreign Ownership Compliance: Required when the buyer is a non-Saudi national
3. Condition Precedents: Include when completion is subject to specific conditions being met
4. Property Management: Required when the property is part of a managed complex or compound
5. Defect Liability: Include for new properties or recently completed developments
6. Tenant Rights: Required when the property is sold with existing tenants
7. Utilities Transfer: Include when specific arrangements are needed for utility account transfers
8. Furniture and Fixtures: Required when the sale includes specific furniture or fixed installations
9. Development Obligations: Include when the property is part of an ongoing development project
1. Property Title Deed: Copy of the official property title deed and translation if required
2. Property Plans: Official plans showing property boundaries and building layouts
3. Inventory List: Detailed list of any included furnishings, fixtures, and equipment
4. Payment Schedule: Detailed breakdown of payment installments and due dates
5. Property Certificates: Copies of building permits, completion certificates, and other relevant documentation
6. Maintenance Records: History of property maintenance and any ongoing maintenance contracts
7. Utility Documents: Current utility documents and account information
8. Building Rules: If applicable, rules and regulations of the building or compound
9. Due Diligence Reports: Technical and legal inspection reports
Authors
Property
Title Deed
Completion Date
Completion
Deposit
Purchase Price
RETT
Seller
Buyer
Business Day
Effective Date
Encumbrances
Force Majeure
Handover Date
Municipality
Notary Public
Payment Schedule
Property Documents
Registration Office
Relevant Authority
Sakk
Title Transfer
Warranties
Defects
Fixtures and Fittings
Common Areas
Building Rules
Utilities
Due Diligence
Vacant Possession
Property Manager
Service Charges
Maintenance Fees
Permitted Use
Background Check
Broker
Applicable Laws
Sharia Compliance
Notice
Sale and Purchase
Property Description
Purchase Price
Payment Terms
Deposit
Title Transfer
Seller Warranties
Buyer Warranties
Property Condition
Due Diligence
Completion
Pre-Completion Obligations
Post-Completion Obligations
Property Handover
Risk and Insurance
Default
Termination
Force Majeure
Taxes and Fees
Registration
Notices
Assignment
Entire Agreement
Amendments
Severability
Governing Law
Dispute Resolution
Confidentiality
Further Assurance
Compliance
Property Inspection
Utilities Transfer
Representations
Legal Costs
Third Party Rights
Waiver
Time of Essence
Counterparts
Real Estate
Banking & Finance
Legal Services
Property Development
Construction
Insurance
Property Management
Facility Management
Professional Services
Public Sector
Legal
Real Estate
Compliance
Property Management
Sales
Documentation
Risk Management
Finance
Operations
Customer Relations
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Compliance Officer
Contract Manager
Real Estate Developer
Property Consultant
Title Officer
Mortgage Officer
Real Estate Investment Manager
Property Valuation Specialist
Transaction Coordinator
Legal Documentation Specialist
Risk Assessment Manager
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