The Property Settlement Agreement is a crucial legal document used in the United Arab Emirates to formalize and execute property settlements between parties. It is particularly relevant in situations involving property transfers, divorce settlements, family property divisions, or commercial property arrangements. The agreement must comply with UAE federal laws, including the UAE Civil Code (Federal Law No. 5 of 1985), and specific emirate-level property regulations. This document typically includes detailed property descriptions, transfer terms, payment arrangements, and necessary regulatory compliance requirements. It serves as a comprehensive record of the settlement terms and ensures proper documentation for property registration authorities in the UAE.
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1. Parties: Identification of all parties involved in the settlement, including full legal names, Emirates ID numbers, and addresses
2. Background: Context of the settlement, including history of property ownership and reason for the settlement
3. Definitions: Detailed definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property/properties involved, including legal title details, location, and registration information
5. Settlement Terms: Core terms of the property settlement, including transfer details, consideration, and timing
6. Payment Terms: Details of any financial settlements, payment schedules, and payment methods
7. Transfer Mechanics: Specific procedures for property transfer, including registration requirements and documentation
8. Representations and Warranties: Statements and guarantees from each party regarding property ownership, encumbrances, and authority to transfer
9. Compliance with Laws: Provisions ensuring compliance with UAE property laws and regulations
10. Tax Implications: Statement regarding responsibility for any applicable taxes or fees
11. Costs and Expenses: Allocation of costs related to the settlement and transfer
12. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
13. Execution: Signing requirements and formal execution provisions
1. Mortgage Details: Required if the property has any existing mortgage or financing arrangements
2. Third Party Rights: Needed if there are any third-party interests or claims on the property
3. Property Management: Include if there are interim property management arrangements needed
4. Condition of Property: Required if there are specific agreements about property condition or repairs
5. Tenant Rights: Include if the property is currently leased or has existing tenants
6. Escrow Arrangements: Required if payments or documents will be held in escrow
7. Force Majeure: Optional clause for unforeseen circumstances affecting settlement completion
8. Confidentiality: Include if parties wish to keep settlement terms private
9. Dispute Resolution: Detailed dispute resolution procedures beyond standard jurisdiction clause
1. Property Title Deed: Copy of official property title deed and registration details
2. Property Plans: Official property plans and layout drawings
3. Property Valuation: Independent valuation reports if relevant to the settlement
4. Payment Schedule: Detailed schedule of payment terms and installments if applicable
5. Inventory List: List of any fixtures, fittings or furniture included in the settlement
6. Outstanding Liabilities: Schedule of any outstanding mortgages, liens, or other encumbrances
7. Required Approvals: List of necessary governmental or regulatory approvals
8. Transfer Documents: Templates or copies of required transfer documentation
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