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Assignment Agreement (Real Estate)
"I need a Real Estate Assignment Agreement under Saudi law for transferring ownership of a commercial warehouse complex in Riyadh Industrial City, including existing tenant agreements and maintenance contracts, with completion scheduled for March 2025."
1. Parties: Identification of the Assignor and Assignee, including full legal names, addresses, and identification numbers as required by Saudi law
2. Background: Context of the assignment, including details of the original property ownership and reason for assignment
3. Definitions: Key terms used throughout the agreement, including property-specific terminology and relevant Saudi legal terms
4. Property Description: Detailed description of the real estate being assigned, including location, boundaries, and title deed details as per Saudi registration requirements
5. Assignment and Consideration: Clear statement of the assignment of rights and the consideration being paid, ensuring Shariah compliance
6. Representations and Warranties: Assignor's declarations regarding property ownership, absence of encumbrances, and compliance with Saudi law
7. Completion Requirements: Steps required to complete the assignment, including registration requirements with relevant Saudi authorities
8. Payment Terms: Details of payment method, timing, and any conditions precedent to payment
9. Property Handover: Process and timing for physical handover of the property and related documents
10. Governing Law and Jurisdiction: Confirmation of Saudi law governance and jurisdiction of Saudi courts
11. Notices: Process for serving formal notices between parties
12. Execution: Signature requirements and execution formalities as per Saudi law
1. Foreign Ownership Compliance: Required when either party is non-Saudi, detailing compliance with foreign ownership restrictions
2. Power of Attorney: Required when any party is acting through an attorney, including specific powers granted
3. Conditions Precedent: Used when the assignment is subject to specific conditions being met before completion
4. Tax Provisions: Required when specific tax implications need to be addressed, including VAT considerations
5. Property Management Transition: Used when the property is subject to ongoing management arrangements
6. Existing Tenancies: Required when the property is subject to existing lease agreements
7. Development Obligations: Required when the property carries ongoing development obligations or restrictions
8. Mortgage Arrangements: Used when the property is subject to existing mortgage or new financing arrangements
1. Property Details Schedule: Comprehensive technical description of the property, including plans and title information
2. Title Documents: Copies of relevant title deeds and registration documents
3. Due Diligence Reports: Summary of property investigations and findings
4. Existing Contracts: List and copies of relevant contracts affecting the property
5. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
6. Property Handover Checklist: List of items and documents to be handed over upon completion
7. Required Consents: Copies of governmental or third-party consents required for the assignment
8. Property Photographs: Current photographs documenting the property's condition
Authors
Real Estate
Construction
Property Development
Banking & Finance
Hospitality
Retail
Industrial
Commercial Property
Residential Property
Infrastructure
Healthcare
Legal
Real Estate
Property Management
Compliance
Corporate Affairs
Facilities Management
Asset Management
Investment
Operations
Development
Risk Management
Finance
Real Estate Manager
Property Developer
Legal Counsel
Corporate Lawyer
Property Manager
Asset Manager
Investment Director
Real Estate Broker
Compliance Officer
Contract Manager
Development Director
Facilities Manager
Real Estate Investment Manager
Transaction Manager
Chief Legal Officer
Real Estate Portfolio Manager
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