Selling Real Estate Contract

Selling Real Estate Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

Selling Real Estate Contracts

"I need a Selling Real Estate Contract template for a commercial property sale in Riyadh, Saudi Arabia, compliant with Vision 2030 requirements, where the buyer is a foreign corporation planning to use the property as a regional headquarters."

Document background

Selling Real Estate Contracts in Saudi Arabia require careful consideration of both civil law and Sharia principles. This document template is designed for use in property transactions within Saudi Arabia, whether for residential, commercial, or industrial properties. It incorporates essential elements required by the Ministry of Justice and other regulatory bodies, ensuring compliance with local real estate laws and recent reforms under Vision 2030. The contract template is structured to handle various transaction types, from straightforward property sales to complex developments, incorporating necessary provisions for both local and foreign buyers (subject to foreign ownership restrictions). It includes comprehensive sections covering property details, payment mechanisms, transfer procedures, and regulatory compliance requirements, making it suitable for use by real estate professionals, legal practitioners, and property developers operating in the Saudi market.

Suggested Sections

1. Parties: Identification of seller and purchaser with full legal names and details

2. Background: Context of the sale and brief property description

3. Definitions: Key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including title deed number, location, boundaries, and area

5. Purchase Price: Agreed price and payment terms including deposit arrangements

6. Payment Terms: Detailed payment schedule and method of payment

7. Completion Requirements: Conditions and procedures for completing the sale

8. Seller's Warranties: Warranties regarding ownership, encumbrances, and property condition

9. Property Handover: Process and timing for transferring possession

10. Registration and Transfer: Procedures for official property registration and transfer

11. Notices: Communication procedures between parties

12. Governing Law: Confirmation of Saudi law and Sharia compliance

13. Dispute Resolution: Process for handling disputes under Saudi law

Optional Sections

1. Foreign Ownership Compliance: Required when purchaser is non-Saudi, addressing specific requirements and restrictions

2. Broker Provisions: Include when real estate brokers are involved in the transaction

3. Condition Precedents: Specific conditions that must be met before completion, if any

4. VAT Provisions: Required when the transaction is subject to VAT

5. Mortgage Details: Include when property is being purchased with mortgage financing

6. Development Obligations: Required for off-plan properties or properties under construction

7. Municipal Approvals: Include when specific municipal permits or approvals are pending

8. Existing Tenancies: Required when property is sold with existing tenants

Suggested Schedules

1. Property Schedule: Detailed property specifications, plans, and boundaries

2. Title Documents: Copies of title deed and other ownership documents

3. Payment Schedule: Detailed breakdown of payment installments and dates

4. Property Inspection Report: Technical report on property condition and any defects

5. Inventory List: List of fixtures, fittings, and other items included in the sale

6. Required Permits: Copies of relevant permits and approvals

7. Power of Attorney: If applicable, documents authorizing representatives

8. Property Photos: Documentary photographs of the property condition

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Banking & Finance

Legal Services

Property Development

Investment & Asset Management

Property Management

Islamic Finance

Housing Development

Commercial Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Business Development

Investment

Operations

Risk Management

Documentation

Relevant Roles

Real Estate Manager

Legal Counsel

Property Developer

Compliance Officer

Real Estate Broker

Contract Manager

Property Manager

Investment Manager

Real Estate Attorney

Transaction Manager

Development Director

Sales Manager

Chief Legal Officer

Real Estate Partner

Property Acquisition Manager

Find the exact document you need

A Saudi Arabian real estate sales contract template compliant with local laws and Sharia principles, facilitating property transfers and ensuring regulatory compliance.

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Authors

Alex Denne

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