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Assignment Of Real Estate Purchase And Sale Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Assignment Of Real Estate Purchase And Sale Agreement

"I need an Assignment of Real Estate Purchase and Sale Agreement for transferring my rights in a Dubai Marina apartment purchase to a corporate buyer, with completion scheduled for March 2025; the original purchase agreement was signed with Emaar Properties and the property is still under construction."

Document background
The Assignment Of Real Estate Purchase And Sale Agreement is essential in UAE property transactions where the original purchaser wishes to transfer their rights and obligations under a purchase agreement to a new buyer before completion. This document is commonly used in off-plan property sales, investment transactions, and corporate restructuring situations. It must comply with UAE federal laws and emirate-specific regulations, particularly in Dubai and Abu Dhabi where distinct property laws exist. The agreement needs to address key elements including property details, consideration, registration requirements with the Land Department, and any necessary third-party consents. It's particularly important in the UAE market where property development and investment are significant economic drivers, and where specific rules govern property ownership and transfer rights.
Suggested Sections

1. Parties: Identifies the Assignor (original purchaser), Assignee (new purchaser), and Original Seller, including full legal names and addresses

2. Background: Recitals explaining the original purchase agreement details, property information, and the intention to assign the purchase rights

3. Definitions: Defines key terms including Property, Original Agreement, Assignment Date, Completion Date, and other relevant terms

4. Assignment: Core provision transferring all rights, title, and interest in the Original Agreement from Assignor to Assignee

5. Consideration: Details of the assignment price and payment terms between Assignor and Assignee

6. Original Seller's Consent: Acknowledgment and consent from the Original Seller to the assignment (if obtained as part of the agreement)

7. Representations and Warranties: Statements by the Assignor regarding their right to assign, status of the Original Agreement, and property details

8. Completion: Process and requirements for completing the assignment, including registration requirements

9. Registration and Compliance: Provisions regarding registration with relevant land department and compliance with local real estate laws

10. Costs and Taxes: Allocation of registration fees, transfer fees, and other costs associated with the assignment

11. Governing Law and Jurisdiction: Specifies UAE law as governing law and relevant emirate's courts' jurisdiction

Optional Sections

1. Conditions Precedent: Used when the assignment is subject to specific conditions that must be met before it becomes effective

2. Original Seller Obligations: Include when there are specific continuing obligations of the Original Seller that need to be addressed

3. Broker Provisions: Required when real estate brokers are involved in the assignment transaction

4. Power of Attorney: Include when the Assignee grants power of attorney to handle registration or related matters

5. Anti-Money Laundering: Additional compliance provisions for high-value transactions or when required by the authorities

6. Escrow Arrangements: Include when payment is to be handled through an escrow account

7. Further Assurance: Optional clause requiring parties to take additional steps to perfect the assignment if needed

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including unit number, size, location, and any included fixtures

2. Schedule 2 - Original Purchase Agreement: Copy or key details of the original sale and purchase agreement being assigned

3. Schedule 3 - Payment Schedule: Breakdown of payment terms and installments for the assignment consideration

4. Schedule 4 - Required Registrations: List of all necessary registrations and filings with relevant authorities

5. Appendix A - Property Documents: Copies of relevant property documents, plans, and certificates

6. Appendix B - Powers of Attorney: Copies of any relevant powers of attorney (if applicable)

7. Appendix C - Consent Documents: Original Seller's consent and any other required third-party consents

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























Clauses




























Relevant Industries

Real Estate

Construction

Property Development

Hospitality

Retail

Commercial Office

Industrial

Residential Development

Infrastructure

Healthcare

Education

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Investment

Operations

Finance

Development

Acquisitions

Corporate Affairs

Risk Management

Relevant Roles

Real Estate Manager

Property Development Director

Legal Counsel

Contracts Manager

Real Estate Agent

Property Investment Manager

Compliance Officer

Real Estate Transaction Specialist

Property Portfolio Manager

Chief Investment Officer

Real Estate Operations Manager

Development Project Manager

Corporate Lawyer

Property Acquisition Manager

Real Estate Finance Manager

Industries







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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