Residential Real Estate Purchase Contract

Residential Real Estate Purchase Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

"I need a Residential Real Estate Purchase Contract for a 2-bedroom apartment in Dubai Marina, with completion scheduled for March 2025, including provisions for a furnished property sale with an inventory list."

Document background

The Residential Real Estate Purchase Contract is a crucial legal document used in the United Arab Emirates for facilitating the sale and purchase of residential properties. It serves as the primary agreement between buyers and sellers, ensuring all aspects of the property transaction comply with UAE federal laws and specific emirate regulations. This document is essential for both new and resale properties, incorporating all necessary elements required by UAE property law including property details, payment terms, warranties, and completion requirements. It can be adapted for various scenarios including mortgage-based purchases, off-plan properties, and different types of residential units. The contract must be registered with the relevant land department and typically requires certification by authorized legal entities. It includes provisions for both local and international buyers, taking into account UAE's foreign ownership regulations and specific requirements for different emirates.

Suggested Sections

1. Parties: Identification of the seller and buyer with full legal names, Emirates ID numbers, and contact details

2. Background: Brief context of the transaction and confirmation of the seller's right to sell the property

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

4. Property Details: Comprehensive description of the property including location, size, registration details, and TPIN number

5. Purchase Price: The agreed purchase price and breakdown of any deposits or installments

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default

7. Completion Requirements: Conditions for completion, including documentation requirements and registration procedures

8. Seller's Obligations: All obligations of the seller including providing clear title and necessary documentation

9. Buyer's Obligations: All obligations of the buyer including payment terms and registration requirements

10. Warranties and Representations: Warranties from both parties regarding their capacity to enter into the agreement and property condition

11. Default and Termination: Consequences of breach and circumstances allowing termination

12. Registration and Transfer: Process and requirements for property registration with the relevant land department

13. Costs and Fees: Allocation of transaction costs, registration fees, and other expenses

14. Governing Law and Jurisdiction: Confirmation of UAE law application and relevant emirate's courts' jurisdiction

Optional Sections

1. Mortgage Provisions: Required when the purchase involves mortgage financing, detailing lender requirements and conditions

2. Off-Plan Provisions: Required for off-plan properties, including construction milestones and developer obligations

3. Furnishing Inclusion: Used when the sale includes furniture or specific fixtures, with detailed inventory

4. Property Management: Required when the property is part of a managed community, detailing service charges and rules

5. Handover Procedures: Detailed when the property is currently occupied or requires specific handover arrangements

6. Condition Precedents: Used when the sale is subject to specific conditions being met before completion

7. Foreign Ownership: Required when the buyer is a non-UAE national, detailing any specific requirements or restrictions

8. Power of Attorney: Included when any party is acting through a representative

Suggested Schedules

1. Property Floor Plan: Detailed floor plan and area calculation of the property

2. Title Deed Copy: Copy of the current title deed showing ownership and any encumbrances

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

4. Property Inspection Report: Report detailing the current condition of the property

5. Inventory List: List of included furnishings and fixtures if applicable

6. Service Charge Statement: Current status of service charges and maintenance fees

7. NOC Documents: Relevant No Objection Certificates from developer or authorities

8. Property Documents: Additional property-related documents including DEWA premises number, community rules, etc.

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

Banking & Finance

Legal Services

Property Development

Construction

Property Management

Insurance

Facilities Management

Investment & Asset Management

Property Technology

Relevant Teams

Legal

Real Estate

Sales

Compliance

Property Management

Operations

Documentation

Risk Management

Client Relations

Facilities Management

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Manager

Real Estate Director

Compliance Officer

Contract Manager

Property Developer

Sales Manager

Mortgage Advisor

Real Estate Investment Manager

Property Consultant

Legal Director

Transaction Manager

Documentation Specialist

Real Estate Operations Manager

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