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Holding Deposit Contract

Holding Deposit Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

Holding Deposit Contract

I need a Holding Deposit Contract for a commercial property in Dubai Marina, with a 5% deposit (AED 250,000) to be held in escrow until March 2025, including provisions for due diligence and potential mortgage approval.

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Document background
The Holding Deposit Contract is a crucial document in UAE real estate transactions, used when a potential buyer or tenant wishes to secure their interest in a property while finalizing the main transaction. This document is particularly important in the UAE's dynamic property market, where securing properties during the negotiation phase is common practice. The contract specifies the deposit amount (typically 5-10% of the transaction value), holding period, and conditions for refund or forfeit, all while ensuring compliance with UAE Federal Laws and local emirate regulations. It serves as a preliminary binding agreement that protects both parties' interests during the period between initial agreement and final transaction completion. The document is commonly used in both residential and commercial property transactions and must align with RERA guidelines when used in Dubai. The Holding Deposit Contract has become increasingly standardized in the UAE to ensure proper documentation of property transactions and compliance with anti-money laundering regulations.
Suggested Sections

1. Parties: Details of the property owner/seller and the potential buyer/tenant making the deposit

2. Background: Context of the transaction, including brief description of the property and purpose of the holding deposit

3. Definitions: Key terms used throughout the agreement including 'Holding Deposit', 'Property', 'Completion Date', etc.

4. Property Details: Comprehensive description of the property including address, title details, and relevant registration information

5. Deposit Amount: Specification of the holding deposit amount, payment method, and receipt confirmation

6. Purpose of Deposit: Clear statement of what the deposit secures and the rights it confers

7. Duration: Period for which the property will be held, including start and end dates

8. Main Transaction Terms: Key terms of the intended final transaction (sale or lease) that the deposit secures

9. Deposit Handling: Details of how the deposit will be held, including escrow arrangements if applicable

10. Conditions for Refund: Circumstances under which the deposit will be refunded

11. Conditions for Forfeit: Circumstances under which the deposit may be forfeited

12. Governing Law: Confirmation of UAE law application and jurisdiction

Optional Sections

1. Due Diligence Period: Terms for any due diligence period, used when buyer requires time for property inspection or document review

2. Mortgage Clause: Include when the final transaction is contingent on mortgage approval

3. Multiple Parties: Additional provisions for when there are multiple buyers or sellers

4. Agent Authorization: Include when real estate agents are involved in the transaction

5. Property Condition: Specific provisions about the current state of the property, used for properties under construction or requiring repairs

6. Foreign Investment: Additional provisions required for non-UAE resident buyers

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property information including floor plans, title details, and RERA registration

2. Schedule 2 - Payment Details: Complete breakdown of the deposit payment and bank account details

3. Schedule 3 - Property Photos: Current photographs of the property condition

4. Appendix A - Required Documents: List of documents required from both parties for the final transaction

5. Appendix B - Due Diligence Checklist: Checklist of items to be verified during the due diligence period

6. Appendix C - Terms of Final Transaction: Summary of key terms for the intended final sale or lease agreement

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
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Clauses






























Relevant Industries

Real Estate

Property Development

Residential Property

Commercial Property

Property Management

Legal Services

Banking and Finance

Construction

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Sales

Compliance

Property Management

Business Development

Operations

Contract Administration

Risk Management

Customer Relations

Relevant Roles

Real Estate Agent

Property Manager

Legal Counsel

Contract Manager

Property Developer

Real Estate Director

Compliance Officer

Sales Manager

Leasing Manager

Real Estate Transaction Coordinator

Business Development Manager

Property Consultant

Legal Administrator

Real Estate Operations 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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