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Simple Real Estate Purchase Agreement Form for Saudi Arabia

Simple Real Estate Purchase Agreement Form Template for Saudi Arabia

A comprehensive yet straightforward agreement template designed for real estate purchases in Saudi Arabia, compliant with local laws and Shariah principles. This document facilitates the legal transfer of property ownership between parties while incorporating all essential elements required under Saudi Arabian real estate law. It includes provisions for property description, purchase price, payment terms, warranties, and completion requirements, ensuring a secure and compliant transaction process for both residential and commercial properties.

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What is a Simple Real Estate Purchase Agreement Form?

The Simple Real Estate Purchase Agreement Form is a fundamental legal document used in Saudi Arabia for facilitating property transactions between buyers and sellers. This template is designed to comply with Saudi Arabian law and Shariah principles, making it suitable for both residential and commercial property transfers within the Kingdom. The document incorporates all essential elements required by Saudi real estate regulations, including proper party identification, property details, payment terms, and transfer procedures. It is particularly useful for straightforward property transactions where standard terms and conditions apply, and can be adapted for use by both individuals and corporate entities. The agreement includes provisions for compliance with the Real Estate Transaction Tax (RETT) regulations and other relevant Saudi Arabian property laws, while maintaining a clear and accessible format for all parties involved.

What sections should be included in a Simple Real Estate Purchase Agreement Form?

1. Parties: Identification of the seller and buyer with full legal names, addresses, and ID/registration numbers

2. Background: Context of the transaction and brief description of the property being sold

3. Definitions: Key terms used throughout the agreement defined for clarity

4. Property Description: Detailed legal description of the property including title deed number, location, boundaries, and total area

5. Purchase Price: Agreed purchase price and payment terms including deposit and completion payment details

6. Payment Terms: Schedule of payments, method of payment, and any conditions attached to payments

7. Completion: Details of the completion process, including timing and location of final transfer

8. Seller's Representations and Warranties: Seller's confirmations regarding property ownership, absence of encumbrances, and authority to sell

9. Buyer's Representations and Warranties: Buyer's confirmations regarding authority and ability to purchase

10. Property Transfer: Process and requirements for legal transfer of the property

11. Costs and Taxes: Allocation of transaction costs, fees, and applicable taxes between parties

12. Governing Law: Confirmation of Saudi law governance and Shariah compliance

13. Execution: Signature blocks and execution requirements

What sections are optional to include in a Simple Real Estate Purchase Agreement Form?

1. Conditions Precedent: Used when completion is subject to specific conditions being met, such as obtaining regulatory approvals or financing

2. Property Inspection: Include when there is a need to specify pre-completion inspection rights and procedures

3. Financing Arrangements: Required when purchase is subject to mortgage or other financing arrangements

4. Foreign Ownership Compliance: Include when buyer is non-Saudi to address specific foreign ownership requirements

5. Property Management During Transition: Used when there is a gap between agreement signing and completion requiring property management provisions

6. Existing Tenancies: Include when property is sold with existing tenants and associated leases

7. Development Rights: Required when property includes undeveloped land or development potential

8. Dispute Resolution: Optional detailed dispute resolution procedures beyond basic governing law clause

What schedules should be included in a Simple Real Estate Purchase Agreement Form?

1. Property Details Schedule: Detailed technical description of the property including plans, boundaries, and specifications

2. Title Documents: Copies of title deed and other ownership documentation

3. Payment Schedule: Detailed breakdown of payment installments and timing if not paid in full at completion

4. Property Inventory: List of any fixtures, fittings, or furniture included in the sale

5. Required Consents: List of necessary governmental or regulatory approvals required for the transaction

6. Existing Encumbrances: Details of any existing mortgages, liens, or other encumbrances affecting the property

7. Property Compliance Certificates: Copies of relevant compliance certificates and permits

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Saudi Arabia

Publisher

Ƶ

Document Type

Purchase Agreement

Cost

Free to use
Relevant legal definitions



































Clauses






























Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Development

Property Management

Investment & Asset Management

Professional Services

Housing

Commercial Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Asset Management

Investment

Operations

Finance

Risk Management

Corporate Affairs

Relevant Roles

Real Estate Agent

Property Manager

Legal Counsel

Corporate Lawyer

Property Developer

Investment Manager

Asset Manager

Real Estate Broker

Compliance Officer

Transaction Manager

Real Estate Director

Property Consultant

Legal Director

Finance Manager

Real Estate Investment Analyst

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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