The Apartment Sale Agreement is a crucial legal instrument used in Saudi Arabia for transferring ownership of residential apartments between parties. This document is essential when conducting property transactions in the Saudi real estate market, whether for newly constructed or existing apartments. It must comply with Saudi Arabian law, including Sharia principles and recent real estate regulations introduced by the Ministry of Housing. The agreement includes comprehensive details about the property, parties involved, payment terms, and transfer procedures. It's particularly important given Saudi Arabia's growing real estate sector and increasing focus on residential property development. The document serves multiple purposes: establishing legally binding obligations, ensuring proper property transfer documentation, and protecting both buyers' and sellers' rights under Saudi law.
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1. Parties: Identification of the seller and buyer with complete details including ID/Iqama numbers
2. Background: Context of the sale and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the apartment including location, size, boundaries, and registration details
5. Purchase Price: Statement of the total purchase price and payment terms
6. Payment Schedule: Breakdown of payment installments and due dates
7. Title and Ownership: Confirmation of seller's ownership and right to sell
8. Completion and Transfer: Process and requirements for completing the sale and transferring ownership
9. Seller's Warranties: Warranties regarding property condition, ownership, and encumbrances
10. Buyer's Warranties: Warranties regarding financial capacity and compliance with ownership requirements
11. Registration Requirements: Procedures for official registration of the property transfer
12. Handover: Terms and conditions for physical handover of the property
13. Governing Law: Confirmation of Saudi law application and Sharia compliance
14. Dispute Resolution: Process for resolving any disputes related to the agreement
1. Mortgage Provisions: Required if the purchase involves mortgage financing
2. Foreign Ownership Compliance: Required if the buyer is a non-Saudi national
3. Off-Plan Provisions: Required if the apartment is still under construction
4. Furniture and Fixtures: Required if the sale includes specific furniture or fixtures
5. Property Management: Required if there are specific building management arrangements
6. Parking Rights: Required if parking spaces are included in the sale
7. Construction Warranty: Required for newly constructed properties
8. Utilities Transfer: Required if there are specific arrangements for utility transfer
9. Broker Provisions: Required if the sale involves real estate brokers
1. Property Details Schedule: Detailed technical description of the property including floor plans and boundaries
2. Payment Schedule: Detailed breakdown of payment installments and dates
3. Title Deed Documents: Copies of relevant title documentation and registration details
4. Property Condition Report: Detailed report on the current condition of the property
5. Building Rules and Regulations: Copy of applicable building rules and regulations
6. Inventory List: List of any furniture, fixtures, or equipment included in the sale
7. Required Permits: Copies of all relevant permits and certificates
8. Service Charges Schedule: Details of any ongoing service charges or maintenance fees
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Banking & Finance
Legal Services
Property Management
Urban Development
Housing
Investment
Insurance
Relevant Teams
Legal
Real Estate
Compliance
Sales
Business Development
Property Management
Risk Management
Operations
Investment
Contract Administration
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Compliance Officer
Real Estate Broker
Property Manager
Sales Director
Contract Administrator
Business Development Manager
Investment Manager
Real Estate Analyst
Transaction Manager
Risk Manager
Property Consultant
Housing Program Manager
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