tiktok���˰�

The Agreement of Sale For A Residential Stand is a crucial legal document used in the United Arab Emirates for transactions involving undeveloped residential plots. This agreement is essential when transferring ownership of vacant residential land between parties, whether for immediate development or future investment purposes. It must comply with UAE federal real estate laws and specific emirate-level regulations, particularly regarding property registration, foreign ownership restrictions, and development requirements. The document includes comprehensive details about the property, parties involved, financial terms, warranties, and completion procedures. It's specifically designed to address the unique aspects of vacant land sales in the UAE, including development obligations, timeline requirements, and compliance with local planning regulations. The agreement serves as both a binding contract and a necessary document for property registration with relevant authorities such as the Land Department.

1. Parties: Identifies and provides full details of the seller and purchaser, including their legal names, addresses, and identification/registration numbers

2. Background: Sets out the context of the sale, confirming the seller's ownership and authority to sell, and the buyer's intention to purchase

3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent misinterpretation

4. Property Description: Detailed description of the residential stand including plot number, size, location, boundaries, and any registered easements or restrictions

5. Purchase Price: Specifies the agreed purchase price and payment terms, including deposit requirements and payment schedule

6. Payment Terms: Details the method and timing of payments, including any installment arrangements and escrow requirements

7. Conditions Precedent: Lists any conditions that must be fulfilled before the sale becomes binding

8. Completion: Specifies the completion date, process, and requirements for transfer of ownership

9. Seller's Warranties: Lists the seller's warranties regarding property ownership, encumbrances, and condition

10. Purchaser's Warranties: Contains purchaser's warranties regarding financial capacity and compliance with UAE property ownership laws

11. Registration: Details the process and requirements for registering the transfer with relevant authorities

12. Costs and Taxes: Allocates responsibility for transfer fees, registration costs, and applicable taxes

13. Default and Remedies: Specifies consequences of default by either party and available remedies

14. Notices: Specifies how formal notices under the agreement must be given

15. Governing Law and Jurisdiction: Confirms UAE law as governing law and specifies jurisdiction for disputes

16. Execution: Formal execution block for signing by parties and witnesses