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Commercial Property Contract
"I need a Commercial Property Contract for purchasing a multi-tenant retail building in Riyadh, where we want to maintain all existing lease agreements and include specific provisions for future retail development rights, with completion planned for March 2025."
1. Parties: Identification of all contracting parties including full legal names, addresses, and commercial registration details
2. Background: Context of the agreement and brief description of the property transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including location, dimensions, and title deed information
5. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, payment schedule, and payment methods
6. Conditions Precedent: Conditions that must be satisfied before the agreement becomes effective
7. Completion Requirements: Steps and requirements for completing the property transfer
8. Seller's Warranties: Warranties regarding property ownership, condition, and compliance with laws
9. Buyer's Warranties: Warranties regarding legal capacity and financial ability to complete the purchase
10. Property Handover: Process and requirements for physical handover of the property
11. Title and Registration: Procedures for title transfer and registration with relevant authorities
12. Governing Law and Jurisdiction: Specification of Saudi law application and jurisdiction
13. Force Majeure: Provisions for unforeseen circumstances preventing contract performance
14. Termination: Circumstances and procedures for contract termination
15. Notices: Methods and addresses for official communications between parties
1. Foreign Ownership Provisions: Additional requirements and approvals for foreign buyers, required when buyer is a foreign entity
2. Strata Title Provisions: Specific provisions for multi-unit commercial properties, required for subdivided buildings
3. Environmental Compliance: Additional environmental requirements, needed for industrial or specialized commercial properties
4. Existing Tenancies: Details of current lease agreements, required when property is sold with sitting tenants
5. Development Conditions: Requirements for future development or renovation, needed when property requires development
6. Mortgage Provisions: Terms related to property financing, required when purchase involves bank financing
7. Tax Provisions: Specific tax considerations and obligations, particularly relevant for foreign investors
8. Insurance Requirements: Specific insurance obligations, important for high-value or specialized properties
1. Property Plan: Detailed architectural plans and property boundaries
2. Title Documents: Copies of title deed and other ownership documents
3. Due Diligence Reports: Technical, legal, and financial due diligence findings
4. Payment Schedule: Detailed breakdown of payment installments and timing
5. Property Permits: Copies of building permits and commercial licenses
6. Existing Leases: Details of current lease agreements and tenant information
7. Property Condition Report: Detailed assessment of property condition and inventory
8. Service Contracts: List of ongoing service contracts affecting the property
9. Municipality Approvals: Relevant municipal permits and zoning certificates
Authors
Real Estate
Retail
Manufacturing
Hospitality
Healthcare
Education
Financial Services
Technology
Logistics
Professional Services
Industrial
Entertainment
Food and Beverage
Automotive
Legal
Real Estate
Finance
Operations
Compliance
Risk Management
Facilities Management
Business Development
Corporate Affairs
Investment
Property Management
Real Estate Director
Property Manager
Legal Counsel
Chief Financial Officer
Business Development Manager
Facilities Manager
Investment Director
Compliance Officer
Risk Manager
Operations Director
Asset Manager
Real Estate Broker
Corporate Lawyer
Finance Manager
Project Manager
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