The Sale Agreement With Possession is a crucial document in UAE property transactions, designed to facilitate both the legal transfer of ownership and physical possession of property or assets. This document type is particularly relevant in the UAE market where property transactions often involve complex ownership structures and specific regulatory requirements. It incorporates essential elements required under UAE Civil Code (Federal Law No. 5 of 1985) and relevant emirate-specific property laws, while addressing practical aspects of possession transfer. The agreement is commonly used in both commercial and residential property transactions, ensuring compliance with local registration requirements and Sharia principles where applicable. It provides comprehensive coverage of payment terms, warranties, condition of property, and possession arrangements, making it suitable for various types of property transactions in the UAE market.
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1. Parties: Identification of the Seller and Buyer with full legal names, addresses, and registration details if companies
2. Background: Context of the sale, brief description of the asset, and intention to transfer ownership and possession
3. Definitions: Definitions of key terms used throughout the agreement, including 'Property', 'Completion Date', 'Purchase Price', etc.
4. Sale and Purchase: Core agreement to sell and purchase, including description of the asset and confirmation of ownership transfer
5. Purchase Price: Detailed breakdown of the purchase price, payment schedule, and payment methods
6. Completion: Process and requirements for completing the sale, including documentation and registration requirements
7. Possession: Terms and conditions of possession transfer, including timing and practical arrangements
8. Seller's Warranties: Warranties regarding ownership, condition of asset, and absence of encumbrances
9. Buyer's Warranties: Warranties regarding capacity to purchase and compliance with payment obligations
10. Registration: Requirements and process for registering the transfer of ownership with relevant authorities
11. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
12. Notices: Process and requirements for serving formal notices under the agreement
13. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Condition of Property: Detailed description of property condition, used when selling physical assets or real estate
2. Due Diligence: Process for buyer's investigation of the asset, relevant for complex or high-value transactions
3. Environmental Matters: Environmental warranties and indemnities, used for real estate or industrial asset sales
4. Employees: Employment-related provisions, used when the sale includes transfer of employees
5. Intellectual Property: IP-related provisions, used when the sale includes intellectual property assets
6. Tax Matters: Tax implications and responsibilities, used for complex commercial transactions
7. Islamic Finance Compliance: Specific provisions ensuring Sharia compliance, used when required by parties
8. Insurance: Insurance requirements and risk allocation, used for high-value assets or during transition periods
9. Force Majeure: Provisions for unforeseen circumstances, used in complex or long-term completion arrangements
1. Property Description: Detailed technical description of the property or asset being sold
2. Purchase Price Details: Breakdown of purchase price components and payment schedule
3. Form of Transfer Deed: Template for the formal transfer document required by UAE authorities
4. Required Consents: List of necessary governmental or third-party approvals
5. Completion Requirements: Checklist of documents and actions required for completion
6. Encumbrances: List of any existing encumbrances, charges, or restrictions on the property
7. Property Documents: List of title documents and other property-related documentation
8. Warranties: Detailed warranties given by the Seller regarding the property
9. Property Plans: Technical drawings, plans, or maps of the property if applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Industrial
Retail
Hospitality
Manufacturing
Warehousing and Logistics
Office Space
Agricultural Land
Relevant Teams
Legal
Real Estate
Operations
Facilities Management
Commercial
Compliance
Risk Management
Property Management
Business Development
Asset Management
Investment
Project Management
Relevant Roles
Real Estate Manager
Property Director
Legal Counsel
Contract Manager
Facilities Manager
Asset Manager
Commercial Director
Operations Manager
Property Developer
Investment Manager
Compliance Officer
Risk Manager
Project Manager
Real Estate Agent
Business Development Manager
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