The Lot Payment Agreement is a crucial document in UAE real estate transactions, particularly used when purchasing plots of land or lots within development projects. This agreement type is specifically designed to comply with UAE Federal Law No. 5 of 1985 (Civil Code) and relevant emirate-specific property laws. It's commonly used in both commercial and residential property transactions where payment is structured in installments. The document typically includes detailed property specifications, payment schedules, completion timelines, and registration requirements. A Lot Payment Agreement is essential for protecting both buyer and seller interests in UAE property transactions, especially in cases involving phased payments or development projects. The agreement must account for local registration requirements, escrow regulations, and property transfer procedures specific to the relevant emirate.
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1. Parties: Identification of the seller/developer and buyer with full legal names and details
2. Background: Context of the agreement, including property development details and purpose of the agreement
3. Definitions: Key terms used throughout the agreement including 'Lot', 'Purchase Price', 'Payment Schedule', 'Completion Date'
4. Sale and Purchase: Core agreement for the sale and purchase of the specified lot
5. Purchase Price: Total purchase price and payment structure
6. Payment Terms: Detailed payment schedule, installment amounts, and due dates
7. Property Description: Detailed description of the lot including location, dimensions, and specifications
8. Title and Registration: Provisions regarding property title, registration process, and requirements
9. Completion and Handover: Terms and conditions for completion of sale and property handover
10. Default and Remedies: Consequences of default and available remedies for both parties
11. Representations and Warranties: Standard representations and warranties from both parties
12. Governing Law and Jurisdiction: Specification of UAE law application and jurisdiction
13. Notices: Process and requirements for formal communications between parties
14. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Development Obligations: Required when the lot is part of an under-construction development, detailing developer's obligations
2. Mortgage Provisions: Include when buyer is obtaining mortgage financing
3. Service Charges: Include for properties in managed communities with service charges
4. Construction Timeline: Required for off-plan properties, detailing construction milestones
5. Property Management: Include for properties in managed communities
6. Force Majeure: Optional expanded clause for developments with construction components
7. Escrow Arrangements: Include when payments are held in escrow during construction
8. Assignment Rights: Include when transfer rights are to be specifically addressed
1. Schedule 1 - Property Details: Detailed technical description of the lot including plot number, size, and location coordinates
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments with amounts and due dates
3. Schedule 3 - Property Specifications: Technical specifications and features of the lot/development
4. Schedule 4 - Required Documents: List of documents required for completion and registration
5. Appendix A - Site Plan: Master plan showing lot location and surrounding areas
6. Appendix B - Floor Plans: Detailed plans if applicable for developed properties
7. Appendix C - Payment Receipt Format: Template for acknowledging payments
8. Appendix D - Handover Protocol: Procedures and checklist for property handover
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