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Unit Purchase Agreement
"I need a Unit Purchase Agreement for a three-bedroom apartment in Riyadh's Al Olaya district, with completion scheduled for March 2025, where the buyer is a foreign corporation requiring specific foreign ownership provisions."
1. Parties: Identification of the seller and purchaser with full legal names and details
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the unit, including property description
5. Purchase Price: Details of the purchase price and payment structure
6. Payment Terms: Schedule of payments, payment methods, and consequences of default
7. Completion: Conditions for completion and transfer of ownership
8. Seller's Obligations: Responsibilities and warranties of the seller
9. Purchaser's Obligations: Responsibilities and undertakings of the purchaser
10. Title and Ownership: Confirmation of title and transfer process
11. Property Condition: State of the property and any warranties regarding its condition
12. Registration: Process and requirements for legal registration of the property transfer
13. Default and Termination: Consequences of breach and termination rights
14. Notices: Communication procedures between parties
15. Governing Law: Confirmation of Saudi law application and jurisdiction
16. General Provisions: Standard boilerplate clauses including entire agreement, amendments, etc.
1. Financing Arrangements: Include when purchaser is using external financing or installment payments
2. Off-Plan Provisions: Include for properties still under construction
3. Foreign Ownership Provisions: Include when purchaser is a non-Saudi national
4. Management and Service Charges: Include for units in managed developments or compounds
5. Defect Liability Period: Include for new properties with warranty period
6. Parking Rights: Include when parking spaces are part of the transaction
7. Common Areas: Include for properties in shared developments
8. Zakat and Tax Provisions: Include when specific tax arrangements need to be addressed
1. Property Description: Detailed description of the unit including location, dimensions, and specifications
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Title Deed Details: Copy or details of the title deed and registration information
4. Floor Plans: Architectural plans and drawings of the unit
5. Fixtures and Fittings: Inventory of included fixtures, fittings, and appliances
6. Building Rules and Regulations: Applicable building rules and community guidelines
7. Completion Certificate: Copy of completion certificate for finished properties
8. Due Diligence Documents: Copies of relevant permits, certificates, and compliance documents
Authors
Real Estate
Construction
Property Development
Legal Services
Banking & Finance
Property Management
Construction Management
Urban Development
Housing & Residential Development
Commercial Property
Legal
Real Estate
Sales
Compliance
Business Development
Property Management
Contracts Administration
Investment
Risk Management
Corporate Affairs
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Contracts Manager
Real Estate Developer
Property Development Manager
Compliance Officer
Real Estate Transaction Manager
Sales Manager
Business Development Manager
Investment Manager
Legal Director
Chief Legal Officer
Real Estate Investment Analyst
Property Consultant
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