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Commercial Real Estate Sale Agreement
"I need a Commercial Real Estate Sale Agreement for the purchase of a 10,000 square meter industrial warehouse in Jeddah Industrial City by a foreign manufacturing company, with completion scheduled for March 2025, including specific provisions for environmental compliance and foreign ownership approval."
1. Parties: Identification of the seller and purchaser, including full legal names, commercial registration numbers, and authorized representatives
2. Background: Context of the transaction, including brief property description and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement, including technical and legal terminology
4. Property Description: Detailed description of the commercial property, including location, boundaries, and title deed information
5. Purchase Price: Detailed breakdown of the purchase price, payment terms, and method of payment in compliance with Shariah principles
6. Completion Requirements: Conditions precedent, completion process, and documentation requirements for transfer of ownership
7. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with regulations
8. Property Condition: Statement on the condition of the property and any existing defects or issues
9. Due Diligence: Buyer's right to conduct property inspection and review documentation
10. Title and Ownership Transfer: Process and requirements for transferring property title through official channels
11. Taxes and Fees: Allocation of responsibility for various taxes, registration fees, and other transaction costs
12. Default and Termination: Consequences of default and circumstances allowing termination
13. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for disputes
14. Notices: Process and requirements for formal communications between parties
1. Mortgage Release: Required if the property has an existing mortgage that needs to be discharged
2. Tenant Rights: Required if the property is subject to existing lease agreements
3. Development Obligations: Required if the property includes undeveloped land or requires specific development commitments
4. Environmental Compliance: Required for properties with potential environmental concerns or specific environmental requirements
5. Foreign Ownership Approval: Required if the purchaser is a foreign entity requiring government approval
6. Shariah Compliance Declaration: Optional explicit statement of Shariah compliance, often included for international parties
7. Property Management Transition: Required if the property includes ongoing management services or contracts
8. Zoning and Use Restrictions: Required if the property is subject to specific zoning or use limitations
1. Property Details Schedule: Detailed technical description of the property, including plans, measurements, and specifications
2. Title Documents: Copies of title deed and other ownership documentation
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Due Diligence Results: Summary of property inspection findings and due diligence results
5. Existing Tenancies: Details of any existing lease agreements affecting the property
6. Property Certificates: Copies of relevant certificates, permits, and regulatory approvals
7. Property Plans: Architectural plans, site maps, and location drawings
8. Service Contracts: List and details of ongoing service contracts affecting the property
9. Completion Checklist: List of documents and actions required for completion
Authors
Real Estate
Commercial Property
Retail
Industrial
Hospitality
Office Space
Warehousing
Manufacturing
Healthcare
Education
Banking & Finance
Professional Services
Legal
Real Estate
Finance
Compliance
Operations
Business Development
Risk Management
Property Management
Corporate Affairs
Facilities Management
Real Estate Director
Property Manager
Legal Counsel
Commercial Director
Chief Financial Officer
Facilities Manager
Investment Manager
Development Director
Compliance Officer
Risk Manager
Real Estate Broker
Asset Manager
Corporate Lawyer
Operations Director
Business Development Manager
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