The For Sale By Owner Purchase Agreement is a crucial legal document used in Saudi Arabia when property owners wish to sell their real estate directly to buyers without engaging a real estate agency. This document is essential for ensuring a legally compliant and structured property transaction under Saudi Arabian law and Sharia principles. It encompasses all necessary elements required by Saudi regulations, including property description, price, payment terms, warranties, and transfer procedures. The agreement is particularly important in the Saudi Arabian context due to specific local requirements for property transfers, including compliance with the Real Estate Registration Law, Ministry of Justice regulations, and where applicable, Foreign Ownership of Real Estate Regulation. It serves as both a binding contract and a comprehensive record of the transaction terms, protecting both parties' interests throughout the sale process.
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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 property ownership history
3. Definitions: Key terms used throughout the agreement defined for clarity
4. Property Description: Detailed description of the property including address, dimensions, deed number, and registration details
5. Purchase Price and Payment Terms: Agreed purchase price, payment schedule, and method of payment
6. Transfer of Ownership: Process and conditions for transferring property ownership, including registration requirements
7. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, condition, and absence of encumbrances
8. Buyer's Representations and Warranties: Buyer's confirmation of capacity to purchase and compliance with relevant laws
9. Closing Process and Requirements: Steps to complete the sale, including documentation and registration requirements
10. Handover Process: Terms and conditions for physical property handover
11. Taxes and Fees: Allocation of responsibility for various taxes and fees related to the transaction
12. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution mechanism
13. Notices: How formal communications between parties should be made
14. Entire Agreement: Confirmation that the document represents the complete agreement between parties
1. Financing Conditions: Used when purchase is contingent on buyer obtaining financing
2. Property Inspection: When buyer requires property inspection before closing
3. Furniture and Fixtures: When sale includes specific furniture or fixtures
4. Foreign Ownership Compliance: Required when buyer is non-Saudi national
5. Tenant Rights: When property is currently leased to tenants
6. Property Management Transition: For properties with existing management services
7. Development Requirements: When property is subject to specific development obligations
8. Special Conditions: Any unique requirements or conditions specific to the transaction
1. Property Title Deed: Copy of official property ownership documentation
2. Property Plans and Drawings: Official plans showing property boundaries and construction
3. Inventory List: Detailed list of included furniture and fixtures if applicable
4. Payment Schedule: Detailed breakdown of payment installments and dates
5. Property Condition Report: Detailed assessment of property condition at time of sale
6. Building Permits and Certificates: Copies of relevant building permits and completion certificates
7. Service Contracts: List of ongoing service contracts affecting the property
8. Utilities Documentation: Current utility accounts and payment status
Relevant legal definitions
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Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Property Management
Urban Planning
Facilities Management
Investment
Insurance
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Operations
Risk Management
Documentation
Facilities
Investment
Administration
Relevant Roles
Real Estate Manager
Property Owner
Legal Counsel
Compliance Officer
Property Developer
Investment Manager
Facilities Manager
Real Estate Investor
Property Surveyor
Contract Administrator
Legal Director
Real Estate Consultant
Property Acquisition Manager
Risk Manager
Documentation Specialist
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