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Lease Addendum Change Of Ownership

Lease Addendum Change Of Ownership Template for United Arab Emirates

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Key Requirements PROMPT example:

Lease Addendum Change Of Ownership

"I need a Lease Addendum Change of Ownership for my Dubai retail property being transferred to a new corporate owner effective March 1, 2025, with the current tenant operating a clothing store remaining in place and a property management company being appointed."

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Document background
The Lease Addendum Change Of Ownership is a crucial document used in the United Arab Emirates when leased property undergoes an ownership transfer. This document is essential for maintaining legal clarity and protecting the rights of all parties involved in accordance with UAE Federal Law No. 5 of 1985 (UAE Civil Code) and relevant emirate-specific property regulations. The addendum serves to formally document the transfer of landlord rights and obligations from the original owner to the new owner while ensuring the tenant's lease terms remain unchanged. It includes critical information such as the effective date of transfer, updated payment instructions, security deposit arrangements, and new contact details for notices. This document is particularly important in major UAE real estate markets like Dubai and Abu Dhabi, where property transactions must comply with specific local real estate authority requirements and registration procedures.
Suggested Sections

1. Parties: Identification of all parties: Original Landlord (Transferor), New Landlord (Transferee), and Tenant

2. Background: Reference to original lease agreement, reason for addendum, and brief description of ownership transfer

3. Definitions: Key terms used in the addendum including Property, Original Lease, Transfer Date, etc.

4. Transfer of Ownership: Details of the property ownership transfer and effective date

5. Confirmation of Lease Terms: Statement confirming all original lease terms remain in effect

6. New Landlord Obligations: Assumption of all landlord responsibilities and obligations under the original lease

7. Rent Payment Instructions: Updated payment details and instructions for future rent payments

8. Security Deposit Transfer: Confirmation of security deposit transfer to new owner and continuing obligations

9. Notices: Updated contact information and addresses for notices under the lease

10. Governing Law: Confirmation of UAE law application and relevant emirate-specific regulations

11. Execution: Signature blocks for all parties and execution requirements

Optional Sections

1. Property Management: Include when there are changes to property management arrangements or contact information

2. Additional Terms: Use when new owner and tenant agree to any modifications to the original lease terms

3. Broker Information: Include if a broker was involved in the ownership transfer

4. Utility Accounts: Add when there are specific requirements for transfer or management of utility accounts

5. Maintenance Obligations: Include when there are specific maintenance or repair obligations to be addressed

6. Outstanding Claims: Use when there are any pending claims or disputes that need to be addressed in the transfer

Suggested Schedules

1. Schedule 1 - Original Lease Agreement: Copy of the original lease agreement being modified

2. Schedule 2 - Property Title Deed: Copy of the new owner's title deed or ownership documentation

3. Schedule 3 - Property Details: Detailed description of the leased property including any parking, storage, or common areas

4. Appendix A - Transfer Documentation: Relevant ownership transfer documentation from land department

5. Appendix B - Payment Records: Statement of current rent payments and security deposit status

6. Appendix C - Property Condition Report: Current condition report if required for ownership transfer

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

Commercial Property

Residential Property

Retail

Industrial

Hospitality

Office Space

Mixed-Use Development

Warehousing

Healthcare Facilities

Relevant Teams

Legal

Real Estate

Property Management

Facilities Management

Operations

Administration

Compliance

Asset Management

Contract Administration

Property Services

Relevant Roles

Property Manager

Real Estate Manager

Legal Counsel

Facilities Manager

Asset Manager

Property Administrator

Lease Administrator

Real Estate Director

Compliance Officer

Operations Manager

Contract Manager

Portfolio Manager

Real Estate Transaction Manager

Property Services Coordinator

Legal Administrative Assistant

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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