Simple Residential Purchase Agreement Template for Saudi Arabia

The Simple Residential Purchase Agreement is a fundamental legal instrument used for residential property transactions in Saudi Arabia. It serves as the primary document for documenting the transfer of residential property ownership between parties, ensuring compliance with both Saudi civil law and Sharia principles. This agreement is typically used for straightforward residential property transactions where one party (the seller) transfers ownership rights to another party (the buyer) in exchange for an agreed purchase price. The document includes essential elements such as property details, payment terms, warranties, and completion procedures, all structured to meet Saudi legal requirements. The agreement's format and content are designed to facilitate registration with relevant authorities and provide clear evidence of the transaction terms. This document type is particularly important in the Saudi Arabian context, where property transactions must adhere to specific religious and legal frameworks while maintaining transparency and enforceability.

1. Parties: Identification of the Seller and Buyer with full legal names, national ID numbers/Iqama numbers, and contact details

2. Background: Brief context of the transaction and confirmation that the property is eligible for sale/purchase under Saudi law

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

4. Property Details: Comprehensive description of the property including title deed number, location, size, and boundaries as per official documentation

5. Purchase Price: Agreed purchase price, payment terms, and method of payment in compliance with Sharia principles

6. Completion Process: Steps for completing the transaction, including registration requirements and transfer of title

7. Seller's Warranties: Warranties regarding ownership, absence of encumbrances, and compliance with regulations

8. Buyer's Obligations: Responsibilities of the buyer including payment terms and documentation requirements

9. Property Handover: Terms and process for physical handover of the property and transfer of utilities

10. Governing Law: Confirmation that the agreement is governed by Saudi law and Sharia principles

11. Dispute Resolution: Process for resolving disputes under Saudi law