Real Estate Contract Termination Agreement

Real Estate Contract Termination Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

"I need a Real Estate Contract Termination Agreement for a luxury apartment purchase in Dubai Marina, where both parties have mutually agreed to terminate due to financing issues, with the handover of property and final settlement to be completed by March 15, 2025."

Document background

The Real Estate Contract Termination Agreement is a crucial document used in the UAE real estate market when parties need to formally end their contractual relationship regarding property transactions. It is particularly relevant in situations involving property sale cancellations, development project terminations, or when parties mutually agree to end their real estate obligations. The document must comply with UAE federal laws, including the UAE Civil Code and specific emirate-level real estate regulations. It typically includes detailed provisions for financial settlements, property handover procedures, and mutual releases, while addressing specific requirements of UAE property registration authorities. This agreement is essential for protecting all parties' interests and ensuring proper documentation of the termination in accordance with local legal requirements.

Suggested Sections

1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and any registration numbers

2. Background: Details of the original contract being terminated, including date, property details, and reason for termination

3. Definitions: Key terms used throughout the agreement, including defined terms from the original contract where relevant

4. Termination: Express agreement to terminate the original contract and the effective date of termination

5. Settlement Terms: Financial settlement including any payments, refunds, or compensation between parties

6. Property Handover: Process and timeline for returning the property, keys, and related documents

7. Mutual Release: Mutual release from obligations under the original contract, subject to terms of the termination agreement

8. Representations and Warranties: Confirmation that parties have authority to enter into termination and statements about property condition

9. Confidentiality: Obligations regarding confidentiality of the termination terms and original transaction

10. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction for disputes

11. Entire Agreement: Confirmation that this document represents the entire agreement regarding the termination

Optional Sections

1. Broker Provisions: Include when real estate brokers were involved in the original transaction, addressing any commission refunds or obligations

2. Third Party Rights: Include when there are mortgages, liens, or other third-party interests in the property

3. Tax Implications: Include when there are specific tax consequences of the termination that need to be addressed

4. Dispute Resolution: Include detailed arbitration or mediation procedures if parties want to specify alternative dispute resolution

5. Survival Clauses: Include when certain obligations need to survive the termination

6. Force Majeure: Include when termination is related to force majeure events

7. Registration Requirements: Include specific provisions about de-registration when the original contract was registered with authorities

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including title deed number and location

2. Schedule 2 - Payment Records: Summary of all payments made under the original contract and settlement calculations

3. Schedule 3 - Handover Checklist: List of items to be returned or checked during property handover

4. Schedule 4 - Outstanding Obligations: List of any outstanding obligations and how they will be handled

5. Appendix A - Original Contract: Copy of the original contract being terminated

6. Appendix B - Property Documentation: Copies of relevant property documentation including title deed and floor plans

7. Appendix C - Settlement Calculations: Detailed calculations of any financial settlements, including any deductions or compensations

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Banking & Finance

Legal Services

Property Development

Property Management

Real Estate Investment

Hospitality

Retail

Commercial Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Corporate Affairs

Risk Management

Operations

Business Development

Asset Management

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Contracts Manager

Property Manager

Real Estate Broker

Compliance Officer

Real Estate Director

Transaction Manager

Legal Director

Chief Legal Officer

Real Estate Partner

Property Sales Manager

Development Director

Asset Manager

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