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Installment Sales Contract For (Real Estate)
"I need an Installment Sales Contract For (Real Estate) for a commercial property in Riyadh, with monthly payments over 3 years starting March 2025, including specific provisions for early payment options and property maintenance during the installment period."
1. Parties: Identification of the seller and buyer with full legal names, addresses, and official identification numbers
2. Background: Context of the transaction and brief description of the parties' intention to enter into an installment sale agreement
3. Definitions: Definitions of key terms used throughout the agreement, including Property, Installments, Completion Date, etc.
4. Property Description: Detailed description of the real estate property including location, dimensions, deed number, and registration details
5. Purchase Price and Payment Terms: Total purchase price, down payment amount, number of installments, installment amounts, and payment schedule
6. Transfer of Title: Conditions and process for transferring property ownership, including registration requirements and timing
7. Seller's Representations and Warranties: Seller's confirmations regarding property ownership, absence of encumbrances, and authority to sell
8. Buyer's Representations and Warranties: Buyer's confirmations regarding financial capacity and commitment to make payments
9. Property Possession and Risk: Terms regarding property handover, possession, and allocation of risk
10. Default and Remedies: Consequences of payment default, cure periods, and available remedies for both parties
11. Registration and Documentation: Requirements for official registration and documentation of the sale
12. Termination: Circumstances under which the agreement may be terminated and consequences
13. Notices: Method and addresses for serving legal notices between parties
14. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for disputes
15. Entire Agreement: Standard clause confirming the agreement represents the complete understanding between parties
1. Property Maintenance: Used when the property requires specific maintenance arrangements during the installment period
2. Insurance Requirements: Included when insurance coverage is required during the payment period
3. Early Payment Provisions: Optional terms allowing for early payment of installments and any associated conditions
4. Third-Party Rights: Required when there are any third-party interests or rights that need to be addressed
5. Property Use Restrictions: Included when specific restrictions on property use during the payment period are needed
6. Construction Completion: Required for off-plan properties that are still under construction
7. Assignment Rights: Used when either party needs the right to assign the contract to others
8. Force Majeure: Optional clause for handling unforeseen circumstances affecting contract performance
1. Schedule 1 - Property Details: Detailed technical description of the property, including plans, boundaries, and specifications
2. Schedule 2 - Payment Schedule: Detailed breakdown of installment amounts and due dates
3. Schedule 3 - Property Documentation: Copies of title deed, registration certificates, and other relevant property documents
4. Schedule 4 - Handover Protocol: Detailed procedure and checklist for property handover
5. Schedule 5 - Required Governmental Approvals: List of necessary permits and approvals for the transaction
6. Appendix A - Property Photographs: Current photographs documenting the property's condition
7. Appendix B - Property Inspection Report: Third-party inspection report on property condition
Authors
Real Estate
Construction
Property Development
Banking & Finance
Legal Services
Islamic Finance
Residential Property
Commercial Property
Property Investment
Property Management
Legal
Real Estate
Sales
Compliance
Property Management
Business Development
Risk Management
Finance
Operations
Document Management
Real Estate Manager
Property Development Director
Legal Counsel
Contracts Manager
Real Estate Broker
Property Sales Manager
Compliance Officer
Islamic Finance Specialist
Real Estate Investment Manager
Property Registration Officer
Real Estate Attorney
Chief Legal Officer
Sales Director
Business Development Manager
Risk Manager
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