The Real Estate Sales Contract Form is a crucial legal document used for property transactions in Saudi Arabia. It is designed to facilitate the transfer of real estate ownership while ensuring compliance with Saudi Arabian law, including Shariah principles and the Real Estate Registration Law. This contract is essential for both residential and commercial property sales, incorporating necessary provisions for property description, payment terms, warranties, and completion requirements. It can be adapted for various scenarios including off-plan sales, foreign buyers (subject to ownership restrictions), and properties within managed communities. The document includes all mandatory elements required by Saudi authorities for property registration and transfer, making it suitable for use by individuals, corporations, and real estate developers operating in the Saudi market.
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Key Requirements PROMPT example:
Real Estate Sales Contract Form
"I need a Real Estate Sales Contract Form for selling my residential villa in Riyadh to a Saudi national buyer, with completion scheduled for March 2025, including standard payment terms with a 10% deposit."
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1. Parties: Identification of the seller and buyer with full legal names, addresses, and national ID/CR numbers
2. Background: Context of the sale and brief description of the property being transferred
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, and other relevant terminology
4. Property Details: Comprehensive description of the property including title deed number, location, boundaries, and total area
5. Purchase Price: The agreed purchase price, payment terms, and method of payment in compliance with Shariah principles
6. Payment Terms: Detailed schedule of payments including deposits, installments, and final payment
7. Conditions Precedent: Conditions that must be satisfied before the sale can complete
8. Seller's Warranties: Warranties regarding ownership, absence of encumbrances, and property condition
9. Buyer's Warranties: Warranties regarding capacity to purchase and source of funds
10. Completion: Process and requirements for completing the sale including registration requirements
11. Property Handover: Terms and process for physical handover of the property
12. Tax and Fees: Allocation of responsibility for taxes, registration fees, and other costs
13. Governing Law: Confirmation of Saudi law and Shariah principles as governing law
14. Dispute Resolution: Process for resolving disputes through Saudi courts or agreed alternative means
1. Foreign Ownership Compliance: Required when buyer is non-Saudi, detailing compliance with foreign ownership regulations
2. Off-Plan Provisions: Required for properties sold before completion, including construction specifications and timelines
3. Mortgage Provisions: Required when the purchase involves Shariah-compliant financing
4. Property Management: Required for properties within managed communities, detailing service charges and obligations
5. Defect Liability: Required for new properties, specifying warranty period and developer's obligations
6. Tenant Rights: Required if property is sold with existing tenants, addressing lease continuation
7. Development Restrictions: Required for undeveloped land, detailing building restrictions and permitted uses
1. Property Title Deed: Copy of the official title deed with English translation if required
2. Property Plans: Architectural drawings, floor plans, and location maps
3. Payment Schedule: Detailed breakdown of payment installments and due dates
4. Property Inspection Report: Technical report on property condition and any defects
5. Municipality Certificates: Relevant permits and certificates from local authorities
6. Property Photographs: Recent photographs documenting property condition
7. Inventory List: For properties sold furnished, detailed inventory of included items
8. Service Charge Schedule: For properties in managed communities, breakdown of service charges
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