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Memorandum Of Contract For Sale And Purchase Of Property

Memorandum Of Contract For Sale And Purchase Of Property Template for United Arab Emirates

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Key Requirements PROMPT example:

Memorandum Of Contract For Sale And Purchase Of Property

"I need a Memorandum Of Contract For Sale And Purchase Of Property for a luxury residential villa in Dubai Marina, with completion scheduled for March 2025, including provisions for a 20% deposit and mortgage financing arrangements with an Islamic bank."

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Document background
The Memorandum Of Contract For Sale And Purchase Of Property is a crucial document used in UAE real estate transactions to formalize property transfers between sellers and purchasers. It serves as the primary agreement document in both residential and commercial property transactions within the UAE jurisdiction. The memorandum must comply with UAE Civil Code requirements, RERA regulations, and relevant emirate-specific property laws. It captures essential transaction elements including property details, price, payment terms, completion conditions, and party obligations. This document is particularly important in the UAE context as it forms the basis for property registration with relevant authorities and must accommodate specific local requirements such as foreign ownership restrictions, developer approvals, and Islamic finance considerations where applicable.
Suggested Sections

1. Parties: Identification of seller and purchaser with full legal names, addresses, and Emirates ID/passport numbers

2. Background: Context of the transaction including property overview and intention to sell/purchase

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 property with basic terms

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

6. Deposit: Terms relating to initial deposit, holding arrangements, and conditions for return/forfeiture

7. Completion: Requirements and process for completion, including documentation and registration

8. Seller's Obligations: Pre-completion and completion obligations of the seller including document provision

9. Purchaser's Obligations: Pre-completion and completion obligations of the purchaser including payment terms

10. Property Condition: Current state of property and any warranties regarding its condition

11. Registration: Process and requirements for registering the transfer with relevant authorities

12. Termination: Circumstances under which the agreement can be terminated and consequences

13. Governing Law and Jurisdiction: Specification of UAE law application and jurisdiction for disputes

Optional Sections

1. Mortgage Arrangements: Include when purchaser is obtaining mortgage financing, detailing lender requirements and conditions

2. Foreign Ownership: Include when purchaser is non-UAE national, addressing specific requirements and restrictions

3. Service Charges: Include for properties in managed developments, detailing service charge obligations

4. Tenancy Status: Include if property is currently tenanted, addressing existing tenant rights and handover

5. Developer Approval: Include if developer's approval is required for transfer, detailing process

6. Islamic Finance Compliance: Include when transaction involves Islamic financing arrangements

7. Power of Attorney: Include when any party is acting through an attorney, detailing authorization

8. Defect Liability: Include for new properties under developer warranty or specific condition agreements

Suggested Schedules

1. Property Details: Detailed description of property including title details, size, location, and any included fixtures/fittings

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

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

4. Property Plans: Floor plans, location maps, and any relevant architectural drawings

5. Inventory: List of included furnishings or fittings if property sold furnished

6. Due Diligence Documents: Copies of permits, certificates, and compliance documents

7. Service Charge Statement: Current service charge statements and payment history if applicable

8. RERA Approvals: Copies of required RERA forms and approvals

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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