The Contract To Buy And Sell (Real Estate) is a fundamental legal document used in Saudi Arabian property transactions to formalize the transfer of real estate ownership between parties. This document is essential when any party wishes to purchase or sell real property within Saudi Arabia, whether for residential, commercial, or industrial purposes. It must comply with both civil law requirements and Sharia principles, which govern all transactions in the Kingdom. The contract includes crucial elements such as property specifications, payment terms, transfer procedures, and regulatory compliance requirements. It's particularly important to note that this document must adhere to specific Saudi requirements for property registration with the Ministry of Justice and may need additional provisions when dealing with foreign ownership or special economic zones. The contract serves as the primary evidence of the transaction and basis for property registration transfer.
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1. Parties: Identification of the seller and buyer with full legal names, addresses, and identification numbers as required by Saudi law
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Property Description: Detailed description of the property including location, boundaries, size, and title deed number
5. Purchase Price: Agreed purchase price and payment terms in compliance with Sharia principles
6. Payment Terms: Structure and schedule of payments, including deposit and completion payment details
7. Title and Registration: Confirmation of clear title and process for property registration transfer
8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, condition, and absence of encumbrances
9. Buyer's Representations and Warranties: Buyer's declarations regarding capacity to purchase and compliance with relevant laws
10. Completion Requirements: Conditions to be met before completion and transfer of ownership
11. Property Handover: Process and timing for physical possession of the property
12. Costs and Taxes: Allocation of transaction costs, fees, and applicable taxes
13. Default and Remedies: Consequences of breach and available remedies
14. 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 regulations
2. Financing Arrangements: Included when purchase involves Islamic financing or installment payments
3. Property Inspection: Detailed when specific inspection requirements or findings need to be documented
4. Tenant Rights: Required when property is currently leased or has existing tenants
5. Development Requirements: Included for undeveloped land or properties requiring specific development obligations
6. Municipal Approvals: Required when property transfer needs specific municipal clearances or approvals
7. Defect Resolution: Included when known defects exist and require resolution
8. Broker Provisions: Required when real estate brokers are involved in the transaction
1. Property Details Schedule: Comprehensive property specifications, including floor plans and boundaries
2. Title Documents: Copies of title deed and relevant ownership documents
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Property Inspection Report: Technical inspection findings and property condition assessment
5. Required Governmental Forms: Standard forms required by Saudi authorities for property transfer
6. Property Photos and Plans: Visual documentation of the property and architectural plans
7. Utilities and Services: Details of connected utilities and service contracts
8. Previous Permits and Approvals: Copies of relevant municipal permits and approvals
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Financial Services
Legal Services
Property Development
Hospitality
Retail
Industrial
Commercial Property
Residential Property
Government & Public Sector
Islamic Finance
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Asset Management
Investment
Operations
Facilities Management
Risk Management
Corporate Services
Business Development
Contract Administration
Relevant Roles
Real Estate Manager
Property Lawyer
Legal Counsel
Compliance Officer
Real Estate Broker
Property Developer
Asset Manager
Investment Manager
Property Manager
Facilities Manager
Contract Administrator
Real Estate Analyst
Chief Legal Officer
Real Estate Director
Transaction Manager
Development Manager
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