Contract Of Purchase And Sale For Commercial (Real Estate)

Contract Of Purchase And Sale For Commercial (Real Estate) Template for Saudi Arabia

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Key Requirements PROMPT example:

"I need a Contract of Purchase and Sale for Commercial (Real Estate) for purchasing a 5,000 square meter office building in Riyadh's business district, with completion planned for March 2025 and payment in three installments."

Document background

The Contract of Purchase and Sale for Commercial (Real Estate) is a fundamental legal instrument used in Saudi Arabia for transferring ownership of commercial properties. This document is essential when conducting commercial real estate transactions in the Kingdom, whether for office buildings, retail spaces, industrial facilities, or other commercial properties. It must comply with both Saudi law and Sharia principles, incorporating specific requirements for property registration, municipality approvals, and commercial regulations. The contract is particularly important given Saudi Arabia's developing commercial real estate market and the Kingdom's Vision 2030 initiatives encouraging private sector growth. It includes comprehensive provisions for property transfer, payment terms, warranties, and regulatory compliance, making it suitable for both local and foreign investors operating within Saudi Arabia's legal framework.

Suggested Sections

1. Parties: Identification of seller and purchaser with full legal names, commercial registration numbers, and authorized representatives

2. Background: Context of the transaction, brief description of the property, and purpose of the agreement

3. Definitions: Key terms used throughout the agreement, including property-specific terminology and legal concepts

4. Property Description: Detailed description of the commercial property, including exact location, boundaries, size, and registration details

5. Purchase Price: Agreed purchase price, payment structure, and terms compliant with Sharia principles

6. Payment Terms: Schedule of payments, deposit requirements, and method of payment

7. Conditions Precedent: Required conditions to be met before completion, including regulatory approvals and documentation

8. Completion: Process and requirements for closing the transaction, including timing and documentation

9. Seller's Warranties: Warranties regarding property ownership, condition, and compliance with regulations

10. Property Handover: Terms and process for physical handover of the property

11. Registration and Transfer: Process for legal transfer and registration of the property

12. Tax and Fees: Allocation of responsibility for various taxes, registration fees, and other costs

13. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution mechanisms

14. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

15. Notices: Communication procedures between parties

16. General Provisions: Standard contractual provisions including amendments, severability, and entire agreement

Optional Sections

1. Due Diligence: Detailed provisions for buyer's investigation period - used for complex commercial properties

2. Environmental Matters: Specific provisions regarding environmental compliance - used for industrial properties or when environmental concerns exist

3. Tenant Rights: Provisions regarding existing tenants - used when property is currently leased

4. Development Rights: Provisions regarding future development potential - used for undeveloped or partially developed properties

5. Property Management: Transition provisions for property management - used for multi-tenant commercial buildings

6. Financing Conditions: Specific provisions related to buyer's financing - used when purchase is contingent on financing

7. Mineral Rights: Provisions regarding mineral rights - used for properties with potential mineral resources

8. Zoning and Land Use: Detailed provisions about zoning requirements - used when property use or development is crucial to the transaction

Suggested Schedules

1. Property Plan: Detailed plans and drawings of the property

2. Title Documents: Copies of title deed and other ownership documents

3. Property Specifications: Detailed technical specifications of buildings and facilities

4. Inventory: List of included fixtures, fittings, and equipment

5. Existing Contracts: Details of any existing contracts affecting the property

6. Municipality Approvals: Copies of relevant permits and approvals

7. Payment Schedule: Detailed breakdown of payment installments and timing

8. Property Inspection Report: Technical inspection reports and condition assessments

9. Environmental Reports: Environmental assessment reports if applicable

10. Building Permits: Copies of existing building permits and certificates

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Commercial Property Development

Retail

Manufacturing

Hospitality

Healthcare

Education

Logistics

Banking and Finance

Professional Services

Technology

Industrial

Warehousing

Office Space Management

Relevant Teams

Legal

Real Estate

Finance

Operations

Compliance

Risk Management

Business Development

Property Management

Corporate Affairs

Investment

Facilities Management

Asset Management

Relevant Roles

Real Estate Director

Legal Counsel

Commercial Property Manager

Business Development Manager

Chief Financial Officer

Investment Manager

Facility Manager

Corporate Counsel

Real Estate Investment Analyst

Property Development Manager

Compliance Officer

Risk Manager

Operations Director

Asset Manager

Acquisition Manager

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Agreement Contract To Buy And Sell (Real Estate)

A Sharia-compliant real estate sale agreement under Saudi Arabian law, facilitating the legal transfer of property between seller and buyer.

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Let's create your Contract Of Purchase And Sale For Commercial (Real Estate)

Authors

Alex Denne

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