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Agreement For Flat Purchase
"I need an Agreement For Flat Purchase for a completed 3-bedroom apartment in Riyadh, where the buyer is a foreign corporate entity requiring special permits, with completion scheduled for March 2025."
1. Parties: Identification of the Seller and Buyer with full legal names, addresses, and identification numbers as per Saudi requirements
2. Background: Context of the transaction, including brief property description and intention of parties to enter into sale agreement
3. Definitions: Definitions of key terms used throughout the agreement, including technical and legal terminology
4. Property Description: Detailed description of the flat including location, dimensions, floor number, and unit specifications as per title deed
5. Purchase Price and Payment Terms: Total purchase price, payment schedule, method of payment, and consequences of payment default
6. Title and Ownership: Confirmation of seller's ownership, guarantees regarding clear title, and process of title transfer
7. Completion Process: Steps for completing the transaction, including documentation requirements and registration procedures
8. Seller's Obligations: Responsibilities of the seller including property delivery, maintenance until handover, and documentation provision
9. Buyer's Obligations: Responsibilities of the buyer including timely payments, cooperation in registration, and compliance with regulations
10. Warranties and Representations: Warranties regarding property condition, legal status, and other material aspects of the transaction
11. Handover Procedures: Process for property inspection, acceptance, and physical handover of the flat and related items
12. Default and Remedies: Consequences of breach by either party and available remedies under Saudi law
13. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for dispute resolution
14. Notices: Process and requirements for formal communications between parties
15. Entire Agreement: Confirmation that the document represents the complete agreement between parties
1. Mortgage Provisions: Include when buyer is obtaining mortgage financing, detailing lender requirements and conditions
2. Off-Plan Provisions: Include for properties under construction, covering completion timelines and Wafi program requirements
3. Foreign Ownership Provisions: Include when buyer is non-Saudi, addressing specific requirements and restrictions
4. Parking Rights: Include when parking spaces are included in the sale
5. Common Area Rights: Include for properties in residential complexes with shared facilities
6. Defect Liability Period: Include for new properties to specify warranty period and defect resolution process
7. Service Charge Provisions: Include for properties with ongoing maintenance or service charges
8. Assignment Rights: Include if parties wish to specify conditions for transferring rights under the agreement
1. Property Floor Plan: Detailed architectural plan showing flat layout and dimensions
2. Title Deed Copy: Copy of current title deed with property details and ownership information
3. Payment Schedule: Detailed breakdown of payment installments and due dates
4. Property Specifications: Detailed list of included fixtures, fittings, and finishes
5. Building Permits: Copies of relevant building permits and certificates
6. Service Charge Schedule: Details of any ongoing maintenance or service charges
7. Property Photos: Current photographs of the property and key features
8. Snag List: List of any agreed defects or issues to be resolved before completion
Authors
Real Estate
Construction
Property Development
Banking & Finance
Legal Services
Property Management
Urban Development
Residential Housing
Legal
Real Estate
Compliance
Sales
Property Development
Contracts Administration
Risk Management
Property Management
Corporate Affairs
Customer Relations
Real Estate Manager
Property Developer
Legal Counsel
Compliance Officer
Real Estate Agent
Property Sales Manager
Contracts Manager
Property Lawyer
Real Estate Transaction Specialist
Development Director
Sales Director
Property Consultant
Legal Director
Conveyancing Manager
Real Estate Investment Manager
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