The Real Estate Agreement Contract is a fundamental legal instrument used in Saudi Arabia for documenting and executing property transactions. This document is essential when transferring ownership of any real estate property within the Kingdom, whether for residential, commercial, or industrial purposes. It must comply with both Saudi civil law and Shariah principles, incorporating specific requirements from the Real Estate Registration Law and related regulations. The agreement is designed to protect both buyers and sellers by clearly defining the property details, purchase terms, payment conditions, and transfer procedures. It is particularly important given Saudi Arabia's unique legal framework, which requires specific formalities for property transfers and registration. The document includes provisions for regulatory compliance, municipality approvals, and proper documentation required by Saudi authorities.
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1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and legal capacity
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the real estate property, including location, boundaries, and title deed details
5. Purchase Price and Payment Terms: Specification of the purchase price, payment schedule, and payment methods
6. Warranties and Representations: Warranties from both parties regarding property ownership, condition, and authority to enter into the agreement
7. Completion Requirements: Conditions and requirements for completing the transaction, including documentation and regulatory approvals
8. Transfer of Ownership: Process and requirements for transferring property ownership
9. Taxes and Fees: Allocation of responsibility for various taxes, registration fees, and other costs
10. Default and Remedies: Consequences of default and available remedies for both parties
11. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
12. Notices: Process for sending and receiving formal notices between parties
13. Execution: Signature requirements and execution formalities
1. Due Diligence: Detailed provisions for property inspection and verification process, used in larger commercial transactions
2. Financing Conditions: Terms related to obtaining financing, included when purchase is subject to financing approval
3. Property Management: Terms for managing the property during transition period, relevant for commercial properties
4. Environmental Matters: Environmental compliance and liability provisions, important for industrial properties
5. Development Rights: Rights and obligations regarding future development, included for undeveloped land
6. Tenant Rights: Provisions regarding existing tenants, included when property is sold with existing leases
7. Shariah Compliance Declaration: Specific declaration of Shariah compliance, included when required by financial institutions
8. Foreign Ownership Compliance: Additional provisions for foreign buyers, included when buyer is non-Saudi
1. Property Details 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 instalments and timing
4. Due Diligence Reports: Technical, legal, and environmental reports from property inspection
5. Existing Tenancies: Details of any existing lease agreements affecting the property
6. Property Photographs: Visual documentation of the property condition
7. Required Permits: Copies of relevant permits and approvals
8. Property Plans: Architectural plans, site plans, and location maps
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Industrial Property
Retail
Hospitality
Healthcare
Education
Manufacturing
Logistics
Religious Institutions
Government
Relevant Teams
Legal
Real Estate
Compliance
Finance
Risk Management
Business Development
Property Management
Asset Management
Investment
Operations
Relevant Roles
Real Estate Manager
Legal Counsel
Property Developer
Real Estate Broker
Compliance Officer
Property Manager
Contract Administrator
Investment Manager
Facilities Manager
Real Estate Analyst
Chief Financial Officer
Risk Manager
Business Development Manager
Asset Manager
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