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Contract To Sell Lot

Contract To Sell Lot Template for United Arab Emirates

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Key Requirements PROMPT example:

Contract To Sell Lot

"I need a Contract to Sell Lot under UAE law for a commercial plot in Dubai Business Bay, with completion scheduled for March 2025, including specific provisions for development permissions and phased payments."

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Document background
The Contract To Sell Lot is a fundamental legal document used in UAE real estate transactions for the transfer of land ownership. It is essential for both commercial and residential property dealings, providing a comprehensive framework for land sale transactions in compliance with UAE federal laws and emirate-specific regulations. This document is particularly important in the UAE's dynamic real estate market, where property transactions must adhere to strict legal requirements and registration procedures. The contract includes crucial elements such as property specifications, payment terms, warranties, and completion requirements, while addressing specific UAE requirements for property ownership and transfer. It serves as a vital tool for protecting the interests of both sellers and buyers in land transactions, ensuring compliance with local property laws and registration requirements.
Suggested Sections

1. Parties: Identification of seller and buyer with complete details as per UAE requirements

2. Background: Context of the sale and brief description of the property

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

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

5. Purchase Price: Detailed breakdown of the purchase price and payment schedule

6. Completion: Terms and conditions for completion of the sale, including timing and requirements

7. Seller's Warranties: Warranties regarding ownership, encumbrances, and property condition

8. Property Handover: Process and conditions for transferring possession of the property

9. Registration: Requirements and process for registering the property transfer

10. Costs and Taxes: Allocation of transaction costs, registration fees, and applicable taxes

11. Default and Termination: Consequences of default and conditions for contract termination

12. Notices: Process for formal communications between parties

13. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction

Optional Sections

1. Condition Precedents: Used when there are specific conditions that must be met before completion

2. Development Obligations: Required when the lot is part of a development project with ongoing works

3. Escrow Arrangements: Included when payment is held in escrow pending conditions

4. Mortgage Provisions: Required when the purchase involves mortgage financing

5. Property Management: Included when the property is part of a managed community

6. Construction Timeline: Used for undeveloped lots requiring construction

7. Environmental Conditions: Required when there are specific environmental considerations or restrictions

Suggested Schedules

1. Property Description: Detailed technical description of the lot including boundaries and dimensions

2. Payment Schedule: Detailed breakdown of payment installments and due dates

3. Title Documents: Copies of relevant title and ownership documents

4. Property Plan: Survey plan and location maps of the lot

5. Permitted Use: Zoning information and permitted usage of the lot

6. Outstanding Charges: List of any existing charges, fees or restrictions on the property

7. Handover Checklist: Detailed list of items to be checked during property handover

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Property Development

Banking and Finance

Legal Services

Investment

Hospitality

Retail

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Property Development

Sales

Compliance

Finance

Construction

Project Management

Investment

Operations

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Contracts Manager

Real Estate Agent

Property Investment Manager

Development Director

Land Acquisition Manager

Real Estate Transaction Specialist

Compliance Officer

Property Sales Manager

Real Estate Finance Manager

Construction Manager

Project 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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