The Home Purchase Agreement is a fundamental legal document used in Saudi Arabian real estate transactions for the purchase and sale of residential properties. It is essential for documenting the terms and conditions of property transfers in compliance with Saudi law and Sharia principles. This agreement is typically used when individuals or entities are purchasing residential properties, whether they are existing homes, off-plan properties, or newly constructed residences. The document must adhere to the Real Estate Registration Law, Ministry of Housing regulations, and Anti-Money Laundering requirements. It includes crucial details such as property specifications, purchase price, payment terms, completion requirements, and warranties, while ensuring all necessary steps for legal property registration and transfer are properly documented. The agreement serves as the primary evidence of the transaction and protects the rights of all parties involved.
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1. Parties: Identification of buyer and seller with full legal names, national ID numbers, and contact details as required by Saudi law
2. Background: Context of the sale, including brief property description and intention to enter into sale agreement
3. Definitions: Key terms used throughout the agreement, including property-specific terminology and Saudi legal terms
4. Property Description: Detailed legal description of the property, including title deed number, plot details, and location specifications
5. Purchase Price: Total purchase price, payment terms, and method of payment in compliance with Sharia law
6. Payment Terms: Schedule of payments, including deposit and completion payment details
7. Completion: Process and requirements for completing the sale, including registration requirements
8. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with regulations
9. Property Condition: Current condition of the property and any agreed repairs or modifications
10. Title and Registration: Process for title transfer and registration with relevant authorities
11. Risk and Insurance: Transfer of risk and insurance responsibilities
12. Notices: Process for formal communications between parties
13. Governing Law: Confirmation of Saudi law and Sharia principles as governing law
14. Dispute Resolution: Process for resolving disputes under Saudi law
1. Broker Provisions: Include when a licensed real estate broker is involved in the transaction
2. Installment Payment Terms: Include when purchase price is paid in installments, must comply with Law of Sale by Installments
3. Property Management: Include for properties within managed communities or compounds
4. Vacant Possession: Include when property is currently occupied and terms for vacancy are needed
5. Utilities Transfer: Include when specific arrangements for utility transfer are required
6. Furniture and Fixtures: Include when sale includes specific furniture or fixtures
7. Construction Completion: Include for off-plan properties or properties under construction
1. Property Details Schedule: Detailed technical description of property, including boundaries, size, and specifications
2. Title Deed Documents: Copies of current title deed and property registration documents
3. Payment Schedule: Detailed breakdown of payment installments and due dates if applicable
4. Property Inspection Report: Technical report on property condition and any defects
5. Inventory List: List of included furniture, fixtures, and fittings if applicable
6. Property Plans: Official property plans and drawings
7. Regulatory Approvals: Copies of relevant permits and regulatory approvals
Relevant legal definitions
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Relevant Industries
Real Estate
Property Development
Construction
Banking & Finance
Legal Services
Insurance
Property Management
Real Estate Investment
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Documentation
Risk Management
Contract Administration
Investment
Operations
Relevant Roles
Real Estate Lawyer
Property Lawyer
Legal Counsel
Real Estate Agent
Property Developer
Contract Manager
Compliance Officer
Property Manager
Real Estate Investment Manager
Legal Director
Real Estate Transaction Manager
Housing Program Manager
Property Sales Manager
Real Estate Documentation Specialist
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