The For Sale By Owner Contract is utilized in Saudi Arabia when property owners wish to sell their real estate directly to buyers without using a real estate broker or agent. This document is essential for ensuring legal compliance with Saudi Arabian property laws and Sharia principles while protecting both parties' interests in the transaction. It includes comprehensive details about the property, payment terms, warranties, and transfer procedures, all aligned with Saudi legal requirements. The contract must comply with the Real Estate Registration Law and various municipal regulations, making it suitable for both residential and commercial property transactions. This document type has become increasingly important with the recent modernization of Saudi Arabia's real estate sector and the growing trend of direct property sales.
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1. Parties: Identification of the seller and buyer with full legal names, national ID numbers/Iqama numbers, and contact details
2. Background: Brief context of the sale and confirmation of the seller's legal ownership and right to sell
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, and other relevant terms
4. Property Description: Detailed description of the property including address, deed number, plot number, and boundaries as per official documentation
5. Purchase Price and Payment Terms: Agreed purchase price, payment schedule, and method of payment including any deposits
6. Completion and Transfer of Ownership: Process and timeline for completing the sale and transferring ownership through official channels
7. Seller's Warranties: Seller's confirmations regarding property ownership, absence of disputes, and property condition
8. Buyer's Obligations: Buyer's commitments including payment, due diligence, and compliance with transfer requirements
9. Property Condition: Statement on the current condition of the property and any known defects
10. Registration and Transfer Costs: Allocation of costs related to property transfer, registration fees, and other expenses
11. Governing Law and Jurisdiction: Confirmation of Saudi law application and relevant court jurisdiction
12. Execution: Signature requirements and execution formalities
1. Fixtures and Fittings: Details of items included/excluded in the sale - used when there are specific items to be listed
2. Conditions Precedent: Specific conditions that must be met before completion - used when there are pending approvals or requirements
3. Property Management: Arrangements for property management between contract signing and completion - used for longer completion periods
4. Existing Tenancies: Details of any existing tenants and lease agreements - used when property is currently rented
5. Municipality Compliance: Specific commitments regarding building regulations - used when there are pending permits or violations
6. Mortgage Release: Provisions for clearing existing mortgages - used when property has existing financing
7. Foreign Ownership Provisions: Additional requirements for non-Saudi buyers - used when buyer is not a Saudi national
1. Property Details Schedule: Comprehensive property information including exact measurements and boundaries
2. Title Deed Documents: Copies of official property ownership documents and plans
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Property Inspection Report: Technical report on property condition and any defects
5. Fixtures and Fittings Inventory: Detailed list of items included in the sale
6. Required Approvals: List of necessary governmental and regulatory approvals
7. Property Photographs: Documentary photographs of property condition at time of sale
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Property Management
Insurance
Investment & Asset Management
Urban Planning
Facilities Management
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Property Management
Asset Management
Operations
Documentation
Transaction Processing
Investment
Relevant Roles
Property Owner
Real Estate Lawyer
Legal Counsel
Property Manager
Compliance Officer
Real Estate Investment Manager
Asset Manager
Property Developer
Facilities Manager
Risk Manager
Legal Document Specialist
Contract Administrator
Real Estate Transaction Coordinator
Property Rights Specialist
Title Registration Officer
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