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The Purchase Agreement For House is a crucial legal instrument in Saudi Arabian real estate transactions, designed to facilitate and document the sale and purchase of residential properties in compliance with local laws and Sharia principles. This document is essential when transferring ownership of residential property between parties, whether they are individuals or entities, and must align with regulations set forth by the Ministry of Justice and the Real Estate General Authority (REGA). The agreement encompasses all necessary elements required by Saudi law, including property specifications, payment terms, ownership transfer procedures, and various representations and warranties. It serves as the primary reference document for the transaction, protecting both parties' interests while ensuring adherence to Islamic financial principles and local real estate regulations. The agreement is particularly important given recent reforms in Saudi Arabia's real estate sector and the increasing focus on transparency and documentation in property transactions.

1. Parties: Identification of the seller and buyer with complete legal names, national ID numbers/Iqama numbers, and contact details

2. Background: Context of the sale, brief property description, and confirmation of seller's ownership rights

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

4. Property Description: Detailed description of the property including address, dimensions, deed number, and registration details

5. Purchase Price: Total purchase price, payment structure, and payment methods in compliance with Sharia principles

6. Payment Terms: Detailed breakdown of payment schedule, deposit requirements, and final payment arrangements

7. Transfer of Ownership: Process and conditions for transferring property title through the Ministry of Justice

8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, condition, and absence of disputes

9. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and compliance with ownership regulations

10. Closing Conditions: Requirements to be met before property transfer, including documentation and payments

11. Property Handover: Conditions and process for physical property handover, including utilities transfer

12. Taxes and Fees: Allocation of responsibility for various transaction-related taxes and fees

13. Default and Remedies: Consequences and remedies for breach of agreement terms

14. Governing Law: Confirmation of Saudi law application and Sharia compliance

15. Dispute Resolution: Process for resolving disputes through Saudi courts or authorized bodies

16. Notices: Method and addresses for official communications between parties

17. Execution: Signature requirements and execution process