The Residential Contract of Sale is a fundamental legal document used in Saudi Arabia for transferring ownership of residential properties. This document is essential for any residential property transaction in the Kingdom, whether involving individual buyers and sellers or corporate entities. It must comply with both Saudi civil law and Sharia principles, incorporating recent regulatory changes including the Real Estate Transaction Tax and electronic documentation requirements. The contract covers all crucial aspects of the property sale, from initial agreement through to completion, including property specifications, payment terms, warranties, and transfer procedures. It's particularly important to note that this document must align with the Ministry of Justice's requirements and the Real Estate Registration Law, while also considering any specific requirements for foreign ownership if applicable. The contract serves as the primary evidence of the transaction and forms the basis for property registration with relevant authorities.
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1. Parties: Identification of the seller and buyer with full legal names, national ID numbers/Iqama numbers, and contact details
2. Background: Context of the sale including brief property description and parties' intention to enter into the transaction
3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty
4. Property Description: Detailed description of the property including address, title deed number, boundaries, and total area
5. Purchase Price: The agreed purchase price, payment terms, and method of payment
6. Payment Schedule: Breakdown of payment installments, dates, and payment mechanisms
7. Completion Requirements: Conditions that must be met for the sale to complete, including documentation and regulatory requirements
8. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with regulations
9. Property Handover: Terms and conditions for physical possession transfer and utilities transfer
10. Title Transfer: Process and requirements for legal title transfer at the relevant authority
11. Default and Remedies: Consequences of breach by either party and available remedies
12. Governing Law: Confirmation of Saudi law and Sharia principles as governing law
13. Notices: Process for formal communications between parties
14. Execution: Signature requirements and execution formalities
1. Mortgage Provisions: Required if the purchase involves mortgage financing, detailing lender requirements and conditions
2. Foreign Ownership: Required for non-Saudi buyers, including specific regulatory requirements and permissions
3. Property Management: Required for properties within managed compounds or communities, detailing service charges and rules
4. Off-Plan Provisions: Required for properties under construction, including completion guarantees and milestone payments
5. Furniture and Fixtures: Required if the sale includes specific furniture or fixtures, with detailed inventory
6. Agent Authorization: Required if either party is represented by an agent, including power of attorney details
7. Condition Precedents: Required if there are specific conditions that must be met before completion
8. Tenant Rights: Required if the property is currently leased, addressing existing tenancy arrangements
1. Property Details Schedule: Detailed technical description of the property including floor plans, area calculations, and boundaries
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 detailing property condition
5. Inventory List: If applicable, detailed list of included furniture, fixtures, and equipment
6. Regulatory Approvals: Copies of relevant permits, certificates, and regulatory approvals
7. Service Charge Schedule: If applicable, breakdown of service charges and management fees
8. Property Plans: Architectural plans, location maps, and property photographs
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Finance
Legal Services
Construction
Property Development
Property Management
Insurance
Public Sector
Residential Services
Investment & Asset Management
Relevant Teams
Legal
Real Estate
Compliance
Sales
Property Management
Risk & Governance
Finance
Operations
Customer Service
Documentation
Business Development
Relevant Roles
Real Estate Manager
Property Lawyer
Legal Counsel
Real Estate Agent
Property Consultant
Compliance Officer
Contract Manager
Property Developer
Sales Manager
Transaction Coordinator
Property Valuer
Risk Manager
Document Controller
Financial Advisor
Mortgage Specialist
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