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Land Transfer Agreement
"I need a Land Transfer Agreement for selling an industrial warehouse property in Riyadh Industrial City to a foreign corporate buyer, with completion scheduled for March 2025, including specific provisions for obtaining Foreign Investment License approval and environmental compliance certifications."
1. Parties: Identification of the Seller and Buyer, including full legal names, national ID numbers/CR numbers, and addresses as required by Saudi law
2. Background: Context of the transaction, including brief description of the property and parties' intention to transfer ownership
3. Definitions: Key terms used throughout the agreement, including technical and legal terms specific to Saudi real estate law
4. Property Description: Detailed description of the property including location, boundaries, dimensions, deed number, and registration details as per Saudi land registry requirements
5. Purchase Price: Agreed purchase price, payment terms, and method of payment in compliance with Saudi banking regulations
6. Transfer of Ownership: Process and obligations for transferring title through the relevant Saudi authorities
7. Seller's Warranties: Warranties regarding ownership, absence of encumbrances, and compliance with Shariah principles
8. Completion: Details of the completion process, including timing, location, and required documentation
9. Costs and Taxes: Allocation of transaction costs, taxes, and fees between parties
10. Notices: Process for serving notices between parties
11. Governing Law and Jurisdiction: Confirmation of Saudi law as governing law and jurisdiction of Saudi courts
1. Condition of Property: Used when specific conditions or defects need to be acknowledged
2. Existing Tenancies: Required when the property is subject to existing lease agreements
3. Municipal Approvals: Needed when the transfer requires specific municipal permissions or zoning confirmations
4. Foreign Ownership: Required when buyer is a non-Saudi national, addressing compliance with foreign ownership restrictions
5. Environmental Matters: Used when environmental issues or certifications are relevant to the property
6. Development Obligations: Included when the property carries specific development requirements or restrictions
7. Shariah Compliance Declaration: Optional detailed section confirming compliance with Islamic principles
8. Due Diligence: When specific due diligence requirements need to be documented
1. Property Plan: Official surveyed plan of the property as registered with Saudi authorities
2. Title Deed: Copy of the current title deed showing ownership and any registered rights
3. Payment Schedule: If payment is to be made in installments, detailed payment timeline
4. Property Inventory: List of any fixtures, fittings or other items included in the sale
5. Required Governmental Approvals: List of necessary permits and approvals for the transfer
6. Due Diligence Documents: List of documents provided during due diligence process
7. Form of Transfer Instruments: Templates of documents required by Saudi authorities for registration
8. Existing Encumbrances: Details of any existing mortgages, liens, or other encumbrances
Authors
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Investment & Asset Management
Hospitality
Retail
Industrial
Agriculture
Government & Public Sector
Infrastructure
Legal
Real Estate
Compliance
Property Development
Investment
Corporate Affairs
Operations
Finance
Risk Management
Asset Management
Acquisitions
Legal Counsel
Real Estate Manager
Property Development Director
Investment Manager
Compliance Officer
Land Registration Officer
Real Estate Broker
Property Valuer
Corporate Lawyer
Real Estate Attorney
Chief Legal Officer
Development Manager
Asset Manager
Acquisition Manager
Project Manager
Real Estate Investment Analyst
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