Document background
The Flat Purchase Agreement is a crucial legal document used in Saudi Arabia for residential property transactions involving apartments or flats. It serves as the primary contract between sellers and purchasers, whether they are individuals or corporate entities. The agreement must comply with Saudi Arabian real estate laws, including the Real Estate Registration Law, Foreign Real Estate Ownership Law (if applicable), and Sharia principles. This document is essential for documenting the terms of sale, purchase price, payment schedule, property specifications, and obligations of all parties involved. It includes provisions for property registration, title transfer, and addresses specific requirements for common areas in residential buildings. The agreement is particularly important in Saudi Arabia's growing real estate market, where apartment purchases are becoming increasingly common, especially in urban areas. It can be used for both completed properties and off-plan purchases, with additional provisions included as required under the Wafi program for off-plan sales.
