The Transfer of Ownership Agreement Property is a crucial legal instrument in Saudi Arabian real estate transactions, essential for documenting and executing the transfer of property ownership between parties. This document is required whenever real property ownership changes hands in Saudi Arabia, whether in commercial, residential, or industrial contexts. It must comply with the Real Estate Registration Law, local municipal regulations, and Sharia principles that govern property transactions in the Kingdom. The agreement captures all vital aspects of the transfer, including property details, consideration, payment terms, warranties, and transfer procedures. It serves as the primary evidence of the transaction and forms the basis for official property registration with relevant authorities. The document is particularly important given Saudi Arabia's strict requirements for property documentation and the need for clear title transfer records.
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1. Parties: Identification of the Seller and Buyer with full legal names, addresses, and national ID/CR numbers
2. Background: Context of the transfer, including brief property history and basis for the transfer
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including location, dimensions, deed number, and all included fixtures
5. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, payment schedule, and method of payment
6. Transfer of Ownership: Terms and process of transferring legal title and registration
7. Seller's Representations and Warranties: Seller's confirmations regarding property ownership, absence of encumbrances, and legal authority to sell
8. Property Condition: Current condition of the property and any known defects or issues
9. Handover Process: Timeline and process for physical possession transfer
10. Registration and Documentation: Requirements for official registration and transfer of title deed
11. Costs and Taxes: Allocation of transfer costs, taxes, and registration fees
12. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Broker Provisions: Required if a real estate broker is involved in the transaction
2. Mortgage Details: Required if there is an existing mortgage to be discharged or new mortgage to be registered
3. Foreign Ownership Compliance: Required if any party is non-Saudi, detailing compliance with foreign ownership laws
4. Property Management Transition: Required for properties with existing management arrangements or tenancies
5. Condition Precedents: Required if transfer is subject to specific conditions being met
6. Strata Title Provisions: Required for apartments or units in multi-owner buildings
7. Development Obligations: Required if property is subject to development conditions or restrictions
1. Property Title Deed: Copy of current title deed and property registration details
2. Property Plans and Drawings: Official plans showing property boundaries and construction drawings if relevant
3. Inventory List: List of fixtures, fittings, and items included in the sale
4. Payment Schedule: Detailed breakdown of payment installments and dates if applicable
5. Property Inspection Report: Technical report on property condition if commissioned
6. Required Permits: Copies of relevant permits and certificates
7. Power of Attorney: If any party is acting through an authorized representative
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