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Assignment Of Purchase Contract for United Arab Emirates

Assignment Of Purchase Contract Template for United Arab Emirates

A legal document governed by UAE law that facilitates the transfer of rights and obligations under an existing purchase contract from one party (the Assignor) to another party (the Assignee). The document ensures compliance with UAE Civil Code requirements and relevant emirate-specific property laws, particularly concerning property transactions and contract assignments. It includes detailed provisions for the transfer of rights, obligations, and any deposits paid, while addressing necessary notifications to the original seller and registration requirements with relevant authorities.

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What is a Assignment Of Purchase Contract?

An Assignment Of Purchase Contract is a crucial document in the UAE legal framework, particularly utilized when a purchaser wishes to transfer their contractual rights and obligations to a new party before the completion of the original purchase. This document type is commonly used in real estate transactions but can also apply to other significant asset purchases. It must comply with UAE federal laws, including the Civil Code (Federal Law No. 5 of 1985), and relevant emirate-specific regulations. The document typically includes details of the original purchase contract, the consideration for the assignment, warranties from the assignor, and provisions for notifying the original seller. It's particularly important in off-plan property purchases where the original buyer wishes to exit before completion, and in investment scenarios where properties are being traded before final transfer of title.

What sections should be included in a Assignment Of Purchase Contract?

1. Parties: Identification of the Assignor (original purchaser), Assignee (new purchaser), and acknowledgment of the Original Seller

2. Background: Details of the original purchase contract, property description, and circumstances leading to the assignment

3. Definitions: Key terms including Property, Original Purchase Contract, Purchase Price, Completion Date, and other relevant definitions

4. Assignment: Core clause transferring all rights and obligations under the original purchase contract from Assignor to Assignee

5. Consideration: Details of the payment to be made by the Assignee to the Assignor for the assignment

6. Assignor's Warranties: Warranties regarding ownership of rights, no encumbrances, validity of original contract, and authority to assign

7. Completion: Timing and mechanics of the assignment completion, including payment arrangements and documentation

8. Original Seller Notification: Process and confirmation of notifying the original seller of the assignment

9. Further Assurance: Obligations to execute further documents and take additional steps if needed

10. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction for disputes

What sections are optional to include in a Assignment Of Purchase Contract?

1. Deposit Transfer: Required when there is an existing deposit paid under the original purchase contract that needs to be addressed

2. Conditions Precedent: Include when the assignment is subject to specific conditions being met first, such as regulatory approvals

3. Original Seller Consent: Required when the original purchase contract requires seller's consent for assignment

4. Real Estate Registration: Include for property transactions requiring registration with relevant authorities

5. Agent Appointments: Include when parties appoint representatives to handle completion matters

6. VAT and Tax Provisions: Required when there are specific tax implications to be addressed

7. Survival of Obligations: Include when certain obligations need to survive completion of the assignment

What schedules should be included in a Assignment Of Purchase Contract?

1. Schedule 1 - Original Purchase Contract: Copy of the purchase contract being assigned

2. Schedule 2 - Property Details: Detailed description of the property including title details and location

3. Schedule 3 - Payment Schedule: Details of outstanding payments under the original contract and assignment consideration

4. Schedule 4 - Form of Notice to Original Seller: Template notification to be sent to the original seller

5. Schedule 5 - Completion Requirements: Checklist of documents and actions required for completion

6. Appendix A - Power of Attorney: If required, form of power of attorney for completing the assignment

7. Appendix B - Registration Forms: Relevant property registration forms required by local authorities

Authors

Alex Denne

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

Publisher

Ƶ

Document Type

Sales Agreement

Sector

Sales

Cost

Free to use
Relevant legal definitions




























Clauses






























Relevant Industries

Real Estate

Construction

Property Development

Investment

Commercial Property

Residential Property

Infrastructure

Hospitality

Retail

Industrial

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Investment

Operations

Contract Administration

Risk Management

Corporate Development

Asset Management

Relevant Roles

Real Estate Manager

Property Developer

Investment Manager

Legal Counsel

Contract Manager

Property Lawyer

Real Estate Agent

Compliance Officer

Transaction Manager

Asset Manager

Development Director

Property Portfolio Manager

Real Estate Investment Analyst

Corporate Lawyer

Real Estate Operations Manager

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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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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