The Purchase Agreement For House For Sale By Owner is a crucial legal document used in the UAE when property owners wish to sell their residential property directly to buyers without involving real estate agencies. This agreement is specifically designed to comply with UAE federal property laws and local emirate regulations, providing a comprehensive framework for the transaction. It is commonly used in situations where both parties prefer direct negotiation and want to save on agency fees while ensuring all legal requirements are met. The document covers essential aspects including property description, payment terms, warranties, and transfer procedures, while incorporating specific UAE Land Department requirements. This type of agreement is particularly relevant in the UAE's dynamic real estate market where direct sales between private parties are becoming increasingly common, especially in established residential communities.
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1. Parties: Identification of the Seller and Buyer with full legal names, Emirates ID numbers, and contact details
2. Background: Brief context of the sale, confirmation of ownership, and intent to transfer
3. Definitions: Key terms used throughout the agreement, including Property, Completion Date, Purchase Price, and other relevant terms
4. Sale and Purchase: Core agreement to sell and purchase the property, including the basic terms
5. Purchase Price: Detailed breakdown of the purchase price and payment structure
6. Payment Terms: Schedule of payments, deposit requirements, and payment methods
7. Completion: Process and requirements for completing the sale, including registration requirements
8. Seller's Warranties: Warranties regarding ownership, property condition, and absence of encumbrances
9. Property Condition: Current state of the property and any agreed repairs or modifications
10. Transfer of Ownership: Process and requirements for transferring title at the relevant Land Department
11. Costs and Registration: Allocation of costs, fees, and responsibilities for registration
12. Default and Termination: Consequences of default and circumstances allowing termination
13. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction
1. Condition Precedents: Specific conditions that must be met before completion, used when there are particular requirements such as mortgage approval
2. Fixtures and Fittings: Detailed list of items included/excluded in the sale, used when specific items need to be clearly identified
3. Vacant Possession: Terms regarding current occupancy and delivery of vacant possession, used when property is currently occupied
4. Property Management Fees: Handling of service charges and management fees, used for properties in managed communities
5. Foreign Ownership: Additional provisions for foreign buyers, used when buyer is not a UAE national
6. Mortgage Requirements: Specific provisions relating to mortgage financing, used when purchase involves mortgage
7. Agent Involvement: Details of any real estate agents involved and their fees, used when agents are part of the transaction
1. Property Details: Comprehensive description of the property including title deed number, plot number, and exact location
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Property Inspection Report: Findings from property inspection and agreed condition at time of sale
4. Inventory of Fixtures and Fittings: Detailed list of items included in the sale
5. Required Documents: List of documents required for completion and transfer
6. Land Department Requirements: Specific requirements from the relevant Land Department for transfer
7. Property Plans: Official property plans and layout drawings
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Finance
Legal Services
Property Development
Construction
Property Management
Investment
Private Housing
Residential Development
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Documentation
Finance
Mortgage Services
Registration
Valuation
Translation Services
Relevant Roles
Property Owner
Home Buyer
Legal Counsel
Real Estate Lawyer
Property Manager
Bank Manager
Mortgage Officer
Property Valuation Specialist
Land Department Officer
Compliance Officer
Legal Translator
Notary Public
Title Registration Officer
Property Documentation Specialist
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