The Property Sales Agreement is a crucial legal document used in Saudi Arabia for real estate transactions between parties. It serves as the primary instrument for documenting the transfer of property ownership, whether for residential, commercial, or industrial purposes. This agreement must comply with both Saudi civil law and Shariah principles, making it distinct from property agreements in other jurisdictions. The document is essential when any real estate property is being sold in Saudi Arabia, requiring careful attention to local registration requirements, ownership restrictions (particularly for foreign buyers), and specific cultural and legal considerations. It includes comprehensive details about the property, parties involved, payment terms, and transfer procedures, while ensuring all aspects of the transaction are properly documented and legally enforceable under Saudi law.
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1. Parties: Identification of seller and buyer with full legal names, addresses, and ID/CR numbers
2. Background: Context of the sale and brief description of the property and transaction
3. Definitions: Key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including title deed number, location, size, and boundaries
5. Purchase Price: Details of the purchase price, payment terms, and method of payment
6. Payment Terms: Schedule of payments, deposit requirements, and final payment arrangements
7. Conditions Precedent: Conditions that must be satisfied before completion
8. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with laws
9. Property Transfer: Process and obligations for transferring property ownership
10. Registration: Requirements and process for property registration with relevant authorities
11. Handover: Terms and conditions for physical possession of the property
12. Costs and Taxes: Allocation of transaction costs, fees, and applicable taxes
13. Default and Termination: Consequences of default and termination rights
14. Governing Law: Confirmation of Saudi law and Shariah principles as governing law
15. Dispute Resolution: Process for resolving disputes under Saudi jurisdiction
1. Broker Provisions: Include when a real estate broker is involved in the transaction
2. Financing Provisions: Include when buyer is obtaining financing or mortgage
3. Foreign Ownership Compliance: Include when buyer is a non-Saudi national or entity
4. Maintenance Obligations: Include for properties requiring specific maintenance arrangements before transfer
5. Development Obligations: Include for off-plan properties or properties under construction
6. Shariah Compliance Declaration: Include when explicitly required by parties or financing institutions
7. VAT Provisions: Include when transaction is subject to VAT
8. Property Management: Include when property is part of a managed complex or development
1. Property Description Schedule: Detailed technical description of the property including plans and specifications
2. Title Documents: Copies of title deed and other ownership documents
3. Payment Schedule: Detailed breakdown of payment installments and dates
4. Property Inspection Report: Technical inspection report of the property condition
5. Inventory List: List of fixtures, fittings, and items included in the sale
6. Required Permits: Copies of relevant permits and certificates
7. Property Plans: Architectural plans and drawings of the property
8. Powers of Attorney: If applicable, powers of attorney for representatives
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Hospitality
Retail
Industrial
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Business Development
Facilities Management
Contract Administration
Asset Management
Investment
Risk Management
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Compliance Officer
Real Estate Broker
Property Manager
Contract Manager
Business Development Manager
Investment Manager
Facilities Manager
Chief Legal Officer
Real Estate Director
Transaction Manager
Asset Manager
Property Consultant
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