The Buy Sell Agreement For Land is a crucial legal document used in Saudi Arabia when transferring ownership of land property between parties. It serves as the primary contract document in real estate transactions, incorporating essential elements required by Saudi law and Sharia principles. This agreement is particularly important as land transactions in Saudi Arabia must comply with specific regulatory requirements, including proper registration with relevant authorities and adherence to foreign ownership restrictions where applicable. The document typically includes detailed property descriptions, payment terms, warranties, and completion requirements, while ensuring all aspects of the transaction are Sharia-compliant. It's commonly used in various contexts, from simple land transfers to complex development projects, and must account for both civil law requirements and local municipal regulations.
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1. Parties: Identification of the Seller and Buyer, including full legal names, addresses, and 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. Sale and Purchase: Core agreement to sell and purchase the land, including the exact description of the property
5. Purchase Price: Detailed breakdown of the purchase price and payment terms in compliance with Sharia principles
6. Completion Requirements: Conditions that must be met before completion, including registration requirements
7. Seller's Warranties: Warranties regarding ownership, absence of encumbrances, and property condition
8. Property Handover: Process and requirements for physical handover of the property
9. Registration and Transfer: Procedures for official registration and transfer of title
10. Costs and Taxes: Allocation of transaction costs, fees, and applicable taxes
11. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
12. Notices: Process for formal communications between parties
13. General Provisions: Standard contractual provisions including entire agreement, amendments, etc.
1. Due Diligence: Optional section when buyer requires specific due diligence period and conditions
2. Development Obligations: Required when the land must be developed within specific timeframes or according to specific requirements
3. Environmental Matters: Necessary when environmental issues or requirements are relevant to the property
4. Foreign Ownership Compliance: Required when buyer is a foreign entity, addressing specific foreign ownership requirements
5. Mortgage Provisions: Required when the purchase involves mortgage financing
6. Municipal Approvals: Needed when specific municipal permits or approvals are required for intended use
7. Broker Provisions: Required when real estate brokers are involved in the transaction
1. Property Description Schedule: Detailed legal description of the land, including boundaries, coordinates, and title deed details
2. Title Documents: Copies of title deed and other ownership documents
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Property Plans: Survey plans, maps, and official property drawings
5. Due Diligence Documents: List of documents provided for due diligence
6. Municipal Certificates: Relevant municipal certificates and zoning documentation
7. Form of Transfer Deed: Template for the official transfer deed to be registered
8. Handover Protocol: Detailed checklist and process for property handover
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Agriculture
Industrial
Retail
Hospitality
Healthcare
Education
Logistics
Manufacturing
Religious Institutions
Government and Public Sector
Relevant Teams
Legal
Real Estate
Compliance
Finance
Property Management
Business Development
Risk Management
Corporate Secretariat
Facilities Management
Investment
Operations
Relevant Roles
Real Estate Manager
Property Development Director
Legal Counsel
Compliance Officer
Chief Financial Officer
Investment Manager
Facilities Manager
Project Manager
Business Development Manager
Risk Manager
Corporate Secretary
General Counsel
Real Estate Broker
Land Acquisition Manager
Property Portfolio Manager
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