The Real Estate Purchase Agreement Addendum is a crucial document used in Saudi Arabian property transactions when parties need to modify or supplement their original purchase agreement. It becomes necessary when circumstances require changes to the original terms, such as price adjustments, property specification updates, closing date modifications, or additional conditions. The document must comply with Saudi Arabian law, including the Real Estate Registration Law, Islamic Shariah principles, and municipal regulations. This addendum serves as a legal bridge between the original agreement and new terms, ensuring all modifications are properly documented and enforceable. It's particularly important in the Saudi context where real estate transactions must maintain strict adherence to both civil law requirements and Islamic financial principles.
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1. Parties: Identification of all parties to the addendum, matching those in the original purchase agreement
2. Background: Reference to the original purchase agreement, including its date and purpose, and the reason for this addendum
3. Definitions: Key terms used in the addendum, including references to definitions in the original agreement
4. Reference to Original Agreement: Explicit statement connecting this addendum to the original purchase agreement and its continued validity
5. Modifications to Original Agreement: Specific changes, additions, or modifications to the original agreement's terms
6. Effect on Original Agreement: Statement clarifying which original terms remain in effect and which are superseded
7. Consideration: Any additional or modified financial terms, ensuring Shariah compliance
8. Representations and Warranties: Additional or modified representations by either party
9. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
10. Execution: Signature requirements and execution details
1. Additional Property Details: Used when the addendum involves changes to property specifications or boundaries
2. Modified Payment Terms: Include when payment schedule or methods are being altered
3. Conditions Precedent: Used when adding new conditions that must be met before closing
4. Third Party Rights: Include when the addendum affects or involves additional parties
5. Force Majeure: Used when adding or modifying force majeure provisions
6. Municipal Approvals: Include when changes require additional governmental or municipal approvals
7. Broker Provisions: Used when modifying terms related to broker involvement or commission
8. Islamic Finance Provisions: Include when modifications affect Shariah-compliant financing arrangements
1. Schedule A - Modified Property Description: Updated or additional property details, specifications, or boundaries
2. Schedule B - Revised Payment Schedule: Modified payment terms or schedules
3. Schedule C - Additional Documentation: List of new required documents or certificates
4. Appendix 1 - Updated Property Plans: Modified floor plans, layouts, or property maps
5. Appendix 2 - Regulatory Approvals: Copies of new required permits or approvals
6. Appendix 3 - Modified Closing Checklist: Updated list of requirements for closing
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Commercial Property
Residential Property
Real Estate Investment
Islamic Banking & Finance
Property Management
Urban Development
Infrastructure Development
Relevant Teams
Legal
Real Estate Operations
Compliance
Property Management
Business Development
Risk Management
Investment
Finance
Operations
Contract Administration
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Broker
Compliance Officer
Legal Counsel
Contract Manager
Real Estate Development Manager
Property Development Director
Investment Manager
Real Estate Transaction Coordinator
Real Estate Operations Manager
Islamic Finance Specialist
Real Estate Portfolio Manager
Business Development Manager
Risk Management Officer
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