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Installment Sales Contract (Real Estate) for Saudi Arabia

Installment Sales Contract (Real Estate) Template for Saudi Arabia

This document is a comprehensive real estate installment sales agreement governed by Saudi Arabian law and Sharia principles. It establishes the terms and conditions for the sale of real estate property through installment payments, ensuring compliance with Saudi Arabia's Real Estate Registration Law and Finance Laws. The agreement covers essential elements including property details, payment schedules, transfer of title conditions, and default remedies, while maintaining adherence to Islamic finance principles that prohibit conventional interest. It includes specific provisions required by Saudi authorities for property registration and transfer, along with necessary consumer protection measures.

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What is a Installment Sales Contract (Real Estate)?

The Installment Sales Contract (Real Estate) is a crucial document used in Saudi Arabian property transactions where the purchase price is paid in installments rather than as a lump sum. This contract type is particularly relevant in the Saudi Arabian market due to its compliance with Islamic finance principles and local real estate regulations. It's commonly used for both residential and commercial property sales, providing a structured framework for deferred payment arrangements while ensuring compliance with Sharia law's prohibition of conventional interest. The document includes comprehensive provisions for property description, payment terms, title transfer conditions, and default remedies, all aligned with Saudi Arabia's Real Estate Registration Law and related regulations. This contract type is essential for protecting both buyers' and sellers' interests in installment-based property transactions, providing clear terms for property possession, maintenance responsibilities, and eventual transfer of ownership.

What sections should be included in a Installment Sales Contract (Real Estate)?

1. Parties: Identification of the seller and purchaser with full legal names, addresses, and official identification numbers as required by Saudi law

2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into an installment sale arrangement

3. Definitions: Key terms used throughout the agreement, including technical and legal terminology specific to Saudi real estate transactions

4. Property Description: Detailed legal description of the property, including title deed number, location, boundaries, and total area as per official documentation

5. Purchase Price and Payment Terms: Total purchase price, down payment, number of installments, payment amounts, and payment schedule in compliance with Sharia principles

6. Transfer of Title: Conditions and process for transferring property title, including registration requirements with relevant Saudi authorities

7. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, absence of encumbrances, and compliance with Saudi regulations

8. Purchaser's Representations and Warranties: Purchaser's confirmations regarding financial capacity and compliance with payment obligations

9. Property Possession and Risk: Terms regarding property handover, possession, and allocation of risk during the installment period

10. Default and Remedies: Consequences of payment default and available remedies under Saudi law and Sharia principles

11. Property Maintenance and Insurance: Responsibilities for property maintenance and insurance requirements during the installment period

12. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction of Saudi courts

13. Notices: Process and requirements for formal communications between parties

14. Execution: Signature requirements and execution formalities as per Saudi law

What sections are optional to include in a Installment Sales Contract (Real Estate)?

1. Early Payment Provisions: Terms allowing early repayment of installments, applicable when parties agree to allow early payment options

2. Property Development Conditions: Specific conditions regarding property development or modifications, needed for undeveloped or partially developed properties

3. Third-Party Rights: Provisions regarding rights of third parties, necessary when there are existing tenants or other rights holders

4. Registration Costs: Allocation of registration and transfer costs, optional when parties want to explicitly address these costs

5. Force Majeure: Provisions for unforeseen circumstances affecting contract performance, recommended for longer-term installment arrangements

6. Property Management: Terms for property management during the installment period, relevant for commercial properties or complex residential developments

What schedules should be included in a Installment Sales Contract (Real Estate)?

1. Property Details Schedule: Detailed technical specifications, floor plans, and property boundaries

2. Payment Schedule: Detailed breakdown of installment amounts and due dates

3. Title Deed Documents: Copies of current title deed and related property documentation

4. Property Condition Report: Detailed assessment of property condition at time of contract

5. Required Permits: Copies of relevant permits and approvals from Saudi authorities

6. Property Handover Protocol: Detailed procedure and checklist for property handover

7. Insurance Requirements: Specific insurance requirements and coverage details

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

Jurisdiction

Saudi Arabia

Publisher

Ƶ

Document Type

Purchase Agreement

Cost

Free to use
Relevant legal definitions






















































Clauses







































Relevant Industries

Real Estate

Construction

Banking & Finance

Property Development

Property Management

Real Estate Investment

Retail

Hospitality

Industrial

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Finance

Compliance

Risk Management

Property Management

Sales

Business Development

Investment

Operations

Relevant Roles

Real Estate Manager

Property Development Manager

Legal Counsel

Contracts Manager

Finance Manager

Real Estate Investment Manager

Property Sales Manager

Compliance Officer

Risk Manager

Real Estate Broker

Property Lawyer

Islamic Finance Specialist

Chief Financial Officer

Real Estate Portfolio Manager

Asset Manager

Property Acquisition Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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