The Agreement To Sell Personal Property is a crucial legal instrument used in Saudi Arabia when transferring ownership of personal property from one party to another. This document is essential for both business and individual transactions, providing a clear framework that complies with Saudi commercial law and Sharia principles. It is particularly important in a jurisdiction where verbal agreements, while valid under certain circumstances, may not provide sufficient protection for high-value transactions. The agreement typically includes comprehensive details about the property being sold, pricing terms, warranties, and transfer conditions. It's commonly used for transactions involving vehicles, equipment, valuable items, or other movable assets where formal documentation of ownership transfer is necessary for legal certainty and regulatory compliance. The document serves as evidence of the transaction and helps prevent future disputes by clearly documenting the terms agreed upon by all parties.
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1. Parties: Identifies and provides full details of the seller and buyer, including names, addresses, and any registration numbers
2. Background: Sets out the context of the sale and confirms the seller's ownership of the property
3. Definitions: Defines key terms used throughout the agreement
4. Sale and Purchase: Details the core agreement to sell and purchase the property, including precise description of the property
5. Purchase Price: Specifies the agreed price and payment terms, including any deposits or installments
6. Completion: Sets out the completion process, timing, and delivery arrangements
7. Seller's Representations and Warranties: Contains seller's confirmations about ownership, condition, and qualities of the property
8. Buyer's Representations and Warranties: Contains buyer's confirmations about capacity to purchase and payment ability
9. Risk and Title: Specifies when risk and ownership transfer to the buyer
10. Termination: Sets out circumstances under which the agreement can be terminated
11. Governing Law and Jurisdiction: Confirms Saudi law applies and specifies dispute resolution approach
12. Execution: Signature blocks and execution formalities
1. Conditions Precedent: Used when completion is subject to certain conditions being met
2. Inspection Rights: Include when buyer needs to inspect property before completion
3. Insurance: Required for high-value items or when there's a gap between signing and completion
4. Maintenance and Storage: Include when there's a period between sale and delivery
5. Third Party Rights: Include when the property might be subject to third party interests
6. Export/Import Requirements: Include if property will cross borders
7. Intellectual Property Rights: Include if the property includes or relates to intellectual property
8. Compliance with Sharia: Include specific provisions ensuring compliance with Islamic principles if required by parties
1. Property Description: Detailed description and specifications of the property being sold
2. Condition Report: Detailed report on the current condition of the property
3. Payment Schedule: If payment is to be made in installments
4. Delivery Details: Specific arrangements for delivery or collection
5. Existing Warranties: Copies of any manufacturer or existing warranties
6. Required Certifications: Any certificates or documentation required for the sale
7. Photographs: Visual documentation of the property
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Automotive
Fine Arts and Collectibles
Industrial Equipment
Technology
Agriculture
Construction
Real Estate
Financial Services
Luxury Goods
Small Business
Relevant Teams
Legal
Sales
Procurement
Finance
Operations
Compliance
Risk Management
Asset Management
Commercial
Administration
Business Development
Relevant Roles
Legal Counsel
Contract Manager
Sales Manager
Procurement Manager
Business Development Manager
Asset Manager
Compliance Officer
Property Manager
Operations Manager
Finance Manager
Risk Manager
Commercial Director
General Manager
CEO
CFO
Legal Administrator
Sales Executive
Procurement Officer
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