The As Is Real Estate Contract is a specialized agreement used in Saudi Arabia for property transactions where the buyer explicitly accepts the property in its existing condition. This document is particularly relevant when selling properties that may have known issues or when sellers wish to limit their post-sale obligations regarding the property's condition. The agreement complies with Saudi Arabian law and Sharia principles, including specific provisions for property registration, transfer procedures, and buyer acknowledgments. It's commonly used in both commercial and residential real estate transactions, particularly in situations involving older properties, renovation projects, or quick sales. The document includes comprehensive sections covering property description, condition acknowledgments, transfer procedures, and necessary declarations required by Saudi authorities.
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1. Parties: Identification of the seller and buyer with their full legal names, national ID numbers, and contact information as required under Saudi law
2. Background: Context of the sale and brief description of the property and transaction intent
3. Definitions: Key terms used throughout the agreement, including specific Saudi legal and real estate terminology
4. Property Description: Detailed description of the property including its location, boundaries, size, and registration details as per the Saudi property registry
5. 'As Is' Condition: Clear statement that the property is being sold in its current condition with buyer's acknowledgment of accepting the property 'As Is'
6. Purchase Price and Payment: Purchase price, payment terms, and method of payment in compliance with Sharia principles
7. Property Inspection and Acknowledgment: Buyer's confirmation of property inspection and acceptance of current condition
8. Transfer of Ownership: Process and requirements for transferring property ownership through the Saudi authorities
9. Seller's Representations: Limited representations regarding property ownership and authority to sell
10. Buyer's Acknowledgments: Specific acknowledgments regarding the 'As Is' nature of the sale and waiver of claims
11. Closing and Registration: Requirements and procedures for closing the sale and registering with relevant authorities
12. Governing Law: Confirmation of Saudi law application and Sharia compliance
13. Dispute Resolution: Process for resolving disputes under Saudi jurisdiction
1. Broker Provisions: Required when a real estate broker is involved in the transaction
2. Mortgage Contingency: Included when the purchase is contingent on buyer obtaining Sharia-compliant financing
3. Property Management: Required when the property includes ongoing management obligations or shared facilities
4. Tenant Rights: Necessary when the property is sold with existing tenants
5. Development Restrictions: Required when the property is subject to specific development or use restrictions
6. Municipal Approvals: Included when specific municipal permits or approvals are pending
7. Environmental Matters: Required for properties with known environmental considerations
8. Foreign Ownership: Necessary when the buyer is a foreign entity, addressing specific requirements under Saudi law
1. Property Title Documents: Copies of official property registration and title documents
2. Property Plans: Official plans, surveys, and drawings of the property
3. Disclosure Schedule: Known issues or defects in the property, supporting the 'As Is' sale
4. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
5. Property Inspection Report: Third-party inspection reports or property condition assessments
6. Photographs: Current photographs documenting the property's condition
7. Permits and Certificates: Copies of relevant permits, certificates, and governmental approvals
8. Service Contracts: List and copies of existing service contracts affecting the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Banking and Finance
Legal Services
Property Management
Investment
Hospitality
Retail
Industrial
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Compliance
Operations
Asset Management
Property Management
Risk Management
Business Development
Investment
Facilities Management
Contract Administration
Due Diligence
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Compliance Officer
Real Estate Broker
Property Manager
Investment Manager
Asset Manager
Facilities Manager
Real Estate Director
Contract Administrator
Risk Manager
Business Development Manager
Operations Manager
Chief Legal Officer
Chief Investment Officer
Transaction Manager
Due Diligence Officer
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