The Real Estate Contract For Sale By Owner is a crucial document in Saudi Arabia's property market, designed for situations where property owners wish to sell their real estate directly to buyers without using a broker's services. This type of contract has gained increased importance following Saudi Arabia's recent real estate reforms and modernization initiatives under Vision 2030. It must comply with both Shariah Law principles and Saudi civil law requirements, including specific provisions for property registration at the Ministry of Justice. The document is particularly relevant in today's market where digital transformation and direct transactions are becoming more common. It includes comprehensive details about the property, parties involved, payment terms, and transfer procedures, while ensuring all necessary disclosures and warranties are properly documented. This contract type is essential for maintaining legal compliance while protecting the interests of both sellers and buyers in direct property transactions within the Saudi Arabian jurisdiction.
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1. Parties: Full legal identification of the seller and buyer, including national ID numbers/commercial registration numbers
2. Background: Context of the sale and brief description of the property being transferred
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Property Description: Detailed description of the property including title deed number, location, boundaries, and total area
5. Purchase Price and Payment Terms: Agreed purchase price, payment schedule, and method of payment
6. Seller's Representations and Warranties: Declarations regarding property ownership, absence of encumbrances, and compliance with regulations
7. Buyer's Representations and Warranties: Declarations regarding capacity to purchase and financial ability
8. Property Inspection and Condition: Acknowledgment of property condition and any known defects
9. Transfer of Ownership: Process and requirements for legal transfer of title at the Ministry of Justice
10. Costs and Taxes: Allocation of transaction costs, fees, and applicable taxes
11. Completion Procedure: Steps for closing the transaction and handover of the property
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution mechanism
14. Notices: Method and addresses for official communications between parties
15. Entire Agreement: Confirmation that the contract represents the complete agreement between parties
1. Mortgage Financing: Required if buyer is obtaining mortgage financing, including conditions and lender requirements
2. Foreign Ownership Provisions: Required for non-Saudi buyers, including compliance with foreign ownership regulations
3. Property Management During Transition: Required for properties with existing tenants or ongoing management needs
4. Condition Precedents: Required when completion is subject to specific conditions being met
5. Broker Provisions: Required if real estate brokers are involved in the transaction
6. Existing Tenancies: Required if property is sold with existing tenants and lease agreements
7. Development Obligations: Required for undeveloped land with specific development requirements
8. Utility Transfers: Required for properties with existing utility connections and accounts
9. Furniture and Fixtures: Required if sale includes specific furniture or fixed installations
1. Property Title Deed: Copy of official title deed and translation if required
2. Property Plans: Official property plans, boundaries, and building permits
3. Inventory List: List of included furniture, fixtures, and equipment if applicable
4. Payment Schedule: Detailed breakdown of payment installments and dates
5. Property Inspection Report: Technical inspection report and condition assessment
6. Existing Tenancy Documents: Copies of current lease agreements if applicable
7. Municipality Certificates: Relevant municipal permits and certificates
8. Utility Accounts: Details of existing utility accounts and latest bills
9. Transaction Requirements Checklist: List of documents required for title transfer at Ministry of Justice
Relevant legal definitions
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Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Property Management
Insurance
Urban Planning
Facilities Management
Professional Services
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Operations
Property Management
Documentation
Commercial
Facilities Management
Asset Management
Contract Administration
Investment
Relevant Roles
Real Estate Manager
Property Owner
Legal Counsel
Compliance Officer
Real Estate Developer
Property Administrator
Facilities Manager
Contract Manager
Real Estate Analyst
Risk Manager
Commercial Director
Operations Manager
Chief Legal Officer
Property Portfolio Manager
Real Estate Investment Manager
Documentation Specialist
Legal Administrator
Transaction Manager
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