The Purchase Contract For Home is a fundamental legal document used in Saudi Arabian real estate transactions to formalize the sale and purchase of residential properties. This document is essential when transferring ownership of a home in Saudi Arabia, whether the transaction involves individuals or corporate entities. It must comply with the Kingdom's real estate regulations, including requirements from the Ministry of Justice and the Real Estate General Authority (REGA), while adhering to Sharia law principles. The contract encompasses crucial elements such as property identification, price determination, payment schedules, and transfer procedures, providing legal protection for both buyers and sellers. It's particularly important given Saudi Arabia's specific requirements for property registration and the need to ensure all transactions are Sharia-compliant.
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1. Parties: Identification of the seller and buyer with full legal names, national ID numbers, and contact details
2. Background: Context of the sale and confirmation that the seller is the legal owner of the property
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, and other relevant terms
4. Property Details: Comprehensive description of the property including address, deed number, plot number, and boundaries
5. Purchase Price: Agreed purchase price, payment terms, and method of payment in compliance with Sharia principles
6. Payment Schedule: Breakdown of payment installments, including deposit and completion payment details
7. Completion Requirements: Conditions that must be met before completion, including documentation and registration requirements
8. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with regulations
9. Property Handover: Terms and conditions for the physical handover of the property
10. Registration and Transfer: Process and requirements for official property registration and transfer of ownership
11. Costs and Taxes: Allocation of transaction costs, fees, and applicable taxes between parties
12. Governing Law: Confirmation of Saudi law application and compliance with Sharia principles
13. Dispute Resolution: Process for resolving disputes under Saudi law
14. Notices: Method and addresses for official communications between parties
15. Execution: Signature requirements and execution formalities
1. Condition of Property: Detailed description of property condition, used when selling property as-is or with specific defects
2. Fixtures and Fittings: List of items included/excluded in the sale, used when specific items need to be clarified
3. Third Party Rights: Details of any existing tenancies or rights, used when property is subject to existing agreements
4. Construction Completion: Used for off-plan properties or properties under construction
5. Mortgage Provisions: Required when the purchase involves Islamic financing arrangements
6. Property Management: Included when the property is part of a managed community or complex
7. Defect Liability: Used for new properties to specify warranty periods for defects
8. Utility Transfers: Specific provisions for transferring utility accounts and deposits
1. Property Title Deed: Copy of the official property title deed and registration details
2. Property Plans: Official plans showing property boundaries and dimensions
3. Property Photographs: Recent photographs documenting the current condition of the property
4. Inventory List: Detailed list of fixtures, fittings, and items included in the sale
5. Payment Schedule: Detailed breakdown of payment installments and due dates
6. Property Certificates: Copies of building permits, completion certificates, and other relevant documentation
7. Building Inspection Report: Technical report on property condition if commissioned
8. Service Charge Details: For properties in managed communities, details of service charges and facilities
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Financial Services
Islamic Banking
Construction
Property Development
Property Management
Insurance
Professional Services
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Documentation
Risk Management
Islamic Banking
Customer Relations
Operations
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Compliance Officer
Property Developer
Real Estate Transaction Manager
Islamic Finance Advisor
Conveyancing Lawyer
Real Estate Investment Manager
Property Sales Director
Legal Documentation Specialist
Real Estate Operations Manager
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