The Agreement To Sell Property is a fundamental legal instrument used in Saudi Arabian real estate transactions to formalize and document the transfer of property ownership. This document is essential when any party (individual or corporate) wishes to sell real estate assets in Saudi Arabia, ensuring compliance with both civil regulations and Sharia principles. The agreement must adhere to the Real Estate Registration Law, Foreign Investment Law (if applicable), and local municipal regulations. It typically includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and transfer procedures. The document serves as the primary evidence of the transaction and is required for official property registration with relevant authorities. It's particularly important given Saudi Arabia's unique legal framework that combines modern commercial law with Islamic principles.
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1. Parties: Identification of the seller and buyer with full legal names, addresses, and national ID/CR numbers
2. Background: Context of the sale and brief description of the property being transferred
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.
4. Property Description: Detailed description of the property including location, dimensions, deed number, and any inclusions/exclusions
5. Purchase Price: Agreed purchase price, payment terms, and method of payment
6. Completion Requirements: Conditions that must be met before completion, including documentation and regulatory requirements
7. Seller's Warranties: Warranties regarding ownership, absence of encumbrances, and property condition
8. Transfer of Ownership: Process and requirements for legal transfer of property ownership
9. Registration and Notarization: Requirements for official registration and notarization of the sale
10. Costs and Taxes: Allocation of transaction costs, fees, and taxes between parties
11. Governing Law: Confirmation of Saudi law and Sharia principles as governing law
12. Dispute Resolution: Process for resolving any disputes related to the agreement
1. Condition of Property: Detailed description of property condition - include if property is not in new condition or has known issues
2. Mortgage Provisions: Include if the property has an existing mortgage or if purchase involves new mortgage financing
3. Foreign Ownership Compliance: Required if buyer is non-Saudi, detailing compliance with foreign ownership regulations
4. Tenant Rights: Include if property is currently leased or has existing tenants
5. Development Obligations: Include if property is undeveloped or requires specific development commitments
6. Utilities and Services: Include if transfer of utilities accounts or service contracts is required
7. Interim Period Provisions: Include if there's a significant gap between signing and completion
1. Property Title Deed: Copy of official property title deed and registration details
2. Property Plans: Official plans showing property boundaries and dimensions
3. Payment Schedule: Detailed schedule of payment installments if not single payment
4. Property Inspection Report: Technical report on property condition and systems
5. Municipality Certificates: Relevant certificates from local municipality regarding property status
6. List of Fixtures and Fittings: Detailed inventory of items included in the sale
7. Required Permits: Copies of all relevant permits and certificates for the property
Relevant legal definitions
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Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Hospitality
Retail
Industrial
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Business Development
Operations
Asset Management
Investment
Risk Management
Relevant Roles
Real Estate Manager
Property Development Manager
Legal Counsel
Corporate Lawyer
Real Estate Broker
Property Manager
Investment Manager
Facilities Manager
Compliance Officer
Contract Manager
Real Estate Investment Director
Chief Legal Officer
Business Development Manager
Asset Manager
Transaction Manager
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