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Amendment To Purchase Agreement (Real Estate)

Amendment To Purchase Agreement (Real Estate) Template for Saudi Arabia

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Key Requirements PROMPT example:

Amendment To Purchase Agreement (Real Estate)

"I need an Amendment to Purchase Agreement (Real Estate) under Saudi law to modify the completion date to March 15, 2025, and adjust the purchase price from SAR 2.5M to SAR 2.8M due to agreed property improvements."

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Document background
The Amendment To Purchase Agreement (Real Estate) is a crucial document used in Saudi Arabian real estate transactions when parties need to modify terms of an existing purchase agreement while maintaining legal compliance and transaction security. This document type is particularly relevant in scenarios such as adjustment of purchase price, modification of payment terms, changes to property specifications, or extension of completion dates. It must comply with Saudi Arabia's real estate laws, Shariah principles, and recent regulatory reforms under Vision 2030. The amendment requires careful drafting to ensure it meets all legal requirements, including proper authentication and registration with relevant authorities. It's commonly used in both commercial and residential property transactions, particularly in developing real estate projects where terms may need adjustment as construction progresses.
Suggested Sections

1. Parties: Identification of all parties to the amendment, including their full legal names, addresses, and registration details as they appear in the original agreement

2. Background: Reference to the original Purchase Agreement, including its date, registration details, and a brief description of the property involved

3. Definitions: Key terms used in the amendment, including references to defined terms from the original agreement that remain applicable

4. Purpose of Amendment: Clear statement of the purpose and scope of the amendment

5. Amendments: Detailed description of specific modifications to the original agreement, with clear reference to the sections being amended

6. Consideration: Details of any additional or modified consideration related to the amendment

7. Effective Date: Specification of when the amendments take effect

8. Continuing Validity: Confirmation that all other terms of the original agreement remain in full force and effect

9. Governing Law and Jurisdiction: Confirmation of Saudi law as governing law and jurisdiction

10. Execution: Signature blocks compliant with Saudi requirements, including witness provisions

Optional Sections

1. Additional Representations and Warranties: Include when new representations are needed specific to the amendment

2. Regulatory Compliance: Include when amendments trigger specific regulatory requirements or approvals

3. Third Party Consents: Include when the amendment requires approval from mortgagees, authorities, or other third parties

4. Payment Terms Modification: Include when the amendment affects payment structure or timing

5. Property Description Update: Include when there are changes to the property description or boundaries

6. Force Majeure Update: Include when amendments are related to force majeure events or risk allocation

7. Shariah Compliance Declaration: Include when specific confirmation of Shariah compliance for new terms is required

Suggested Schedules

1. Schedule of Amendments: Detailed table showing original clauses and their amended versions

2. Updated Property Details: If applicable, revised property specifications, boundaries, or plans

3. Amended Payment Schedule: If applicable, modified payment terms and schedules

4. Regulatory Approvals: Copies of any required regulatory approvals or permits related to the amendment

5. Powers of Attorney: If applicable, documentation of authority to execute the amendment

6. Title Documents: Updated title documents or certificates if the amendment affects property details

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
































Clauses































Relevant Industries

Real Estate

Construction

Property Development

Banking & Finance

Investment

Hospitality

Retail

Commercial Property

Residential Property

Infrastructure

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Acquisitions

Investment

Operations

Development

Finance

Risk Management

Relevant Roles

Real Estate Manager

Property Development Director

Legal Counsel

Compliance Officer

Real Estate Investment Manager

Contract Manager

Property Manager

Acquisition Manager

Real Estate Finance Manager

Project Director

Chief Legal Officer

Real Estate Operations Director

Development Manager

Transaction Manager

Chief Investment Officer

Industries








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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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