The Conditional Deed Of Sale Of Real Property is a crucial legal instrument in Saudi Arabian real estate transactions, used when the transfer of property ownership is subject to specific conditions being met before completion. This document is essential in situations where parties wish to agree on a property sale but need to fulfill certain prerequisites, such as obtaining regulatory approvals, completing due diligence, or arranging financing. It must comply with Saudi Arabia's real estate laws, including the Real Estate Registration Law and Shariah principles, while accommodating foreign investment restrictions where applicable. The deed protects both parties' interests during the conditional period and provides a clear framework for the eventual property transfer, making it particularly valuable in complex real estate transactions or those involving commercial or development properties.
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1. Parties: Identification of the Seller and Buyer with full legal names, addresses, and identification numbers as required under Saudi law
2. Background: Context of the transaction, including brief property description and intention for conditional sale
3. Definitions: Key terms used throughout the deed, including Property, Completion Date, Conditions, and other relevant terms
4. Property Description: Detailed legal description of the property including title deed number, location, boundaries, and total area as per Saudi registration requirements
5. Purchase Price: Agreed purchase price, payment terms, and payment schedule
6. Conditions Precedent: Specific conditions that must be fulfilled before the sale becomes final
7. Completion Mechanism: Process for completing the sale once conditions are met, including registration requirements
8. Seller's Warranties: Warranties regarding ownership, absence of encumbrances, and compliance with Shariah principles
9. Property Handover: Terms and process for physical handover of the property
10. Risk and Insurance: Allocation of risk and insurance requirements during the conditional period
11. Default and Termination: Consequences of default and termination rights
12. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
1. Foreign Ownership Compliance: Required when buyer is non-Saudi, detailing compliance with foreign ownership restrictions
2. Financing Arrangements: Include when purchase involves external financing or installment payments
3. Property Management: Terms for property management during the conditional period if relevant
4. Development Obligations: Include when property sale is conditional on specific development requirements
5. Environmental Compliance: Required for industrial or commercial properties with environmental considerations
6. Strata Title Provisions: Include for properties within multi-unit developments
7. Third Party Rights: Required when there are existing tenants or other third-party rights
1. Property Details Schedule: Detailed technical description, plans, and photographs of the property
2. Title Documents: Copies of title deed and other ownership documents
3. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
4. Conditions Precedent Checklist: List of all conditions and their status
5. Property Inspection Report: Current condition report and any identified issues
6. Required Permits: Copies of relevant permits and approvals
7. Property Plans: Official property plans and surveys
8. Handover Protocol: Detailed procedure for property handover and inspection
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Industrial
Retail
Hospitality
Healthcare
Education
Manufacturing
Logistics
Agricultural
Mixed-use Development
Relevant Teams
Legal
Real Estate
Property Management
Finance
Compliance
Risk Management
Business Development
Investment
Operations
Facilities Management
Relevant Roles
Real Estate Manager
Property Development Director
Legal Counsel
Corporate Lawyer
Real Estate Broker
Property Manager
Facilities Manager
Investment Director
Chief Financial Officer
Business Development Manager
Compliance Officer
Risk Manager
Asset Manager
Acquisition Manager
Real Estate Investment Analyst
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