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The Residential Real Estate Purchase Agreement is a fundamental legal instrument used in Saudi Arabia for documenting and executing the sale and purchase of residential properties. This document is essential for any transaction involving the transfer of residential real estate ownership within the Kingdom, whether between Saudi nationals or involving foreign buyers (subject to foreign ownership restrictions). The agreement must comply with both Sharia principles and modern regulations, including the Real Estate Law (Royal Decree No. M/50), Real Estate Transaction Tax (RETT) requirements, and various municipal regulations. It covers crucial elements such as property details, purchase price, payment terms, warranties, and closing requirements, while ensuring all necessary regulatory approvals and registrations are properly addressed. The document is particularly important given Saudi Arabia's evolving real estate market and the reforms introduced under Vision 2030, which have brought new regulations and requirements to property transactions.

1. Parties: Identification of the seller and buyer, including their full legal names, national ID numbers, and contact information

2. Background: Context of the transaction and brief description of the property being sold

3. Definitions: Key terms used throughout the agreement, including technical and legal terminology

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. Property Transfer: Process and requirements for transferring property ownership through the appropriate government authorities

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

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

10. Closing Requirements: Conditions that must be met before closing, including documentation and regulatory approvals

11. Title and Registration: Requirements for title transfer and registration with relevant authorities

12. Taxes and Fees: Allocation of responsibility for Real Estate Transaction Tax (RETT) and other applicable fees

13. Default and Remedies: Consequences of default by either party and available remedies

14. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for disputes

15. Notices: Methods and addresses for official communications between parties

16. Entire Agreement: Statement confirming the agreement represents the complete understanding between parties