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Residential Sales Agreement

Residential Sales Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Residential Sales Agreement

"I need a Residential Sales Agreement for a 3-bedroom villa in Riyadh, with completion scheduled for March 2025, including specific provisions for partial payment through a Sharia-compliant mortgage and seller retention of certain fixed appliances."

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Document background
The Residential Sales Agreement is a crucial legal instrument used in Saudi Arabia for documenting and executing the sale of residential properties. It is essential for both individual and corporate transactions in the Saudi real estate market, ensuring compliance with local laws, Sharia principles, and regulatory requirements. This document is particularly important given Saudi Arabia's developing real estate sector and recent regulatory changes aimed at increasing transparency and protecting both buyers and sellers. The agreement typically includes comprehensive details about the property, payment terms, warranties, and completion procedures, while also addressing specific Saudi requirements such as municipality approvals and title deed registration processes. It serves as the primary contract document for residential property transactions and must be prepared in accordance with the Real Estate Registration Law and related regulations.
Suggested Sections

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

2. Background: Brief context of the sale and confirmation that the seller owns the property

3. Definitions: Key terms used throughout the agreement, including Property, Completion Date, Purchase Price, etc.

4. Property Details: Comprehensive description of the property including title deed number, location, size, and boundaries

5. Purchase Price: Agreed purchase price, payment schedule, and method of payment

6. Payment Terms: Detailed breakdown of payment installments, deposit requirements, and final payment conditions

7. Completion: Process and requirements for completing the sale, including documentation and registration

8. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with regulations

9. Property Condition: Current condition of the property and any agreed repairs or modifications

10. Transfer of Ownership: Process and requirements for legal transfer of the property

11. Registration: Requirements and procedures for registering the sale with relevant authorities

12. Costs and Taxes: Allocation of transaction costs, taxes, and fees between parties

13. Default and Termination: Consequences of default and conditions for termination

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

15. Dispute Resolution: Process for resolving disputes under Saudi law

Optional Sections

1. Mortgage Arrangements: Include when buyer is obtaining mortgage financing, detailing lender requirements and conditions

2. Foreign Ownership: Include when buyer is non-Saudi, addressing specific requirements and restrictions

3. Property Management: Include when there are interim management arrangements between agreement and completion

4. Tenant Rights: Include when property is currently tenanted, addressing existing tenancy agreements

5. Development Obligations: Include when property is part of a development with ongoing obligations

6. Utilities Transfer: Include when specific arrangements for utility transfer are needed

7. Furniture and Fixtures: Include when sale includes specific furniture or fixtures

8. Defect Liability: Include for new properties with warranty periods

Suggested Schedules

1. Property Description Schedule: Detailed technical description of property, including plans and specifications

2. Title Deed Documents: Copies of title deed and related ownership documents

3. Payment Schedule: Detailed breakdown of payment installments and dates

4. Property Condition Report: Detailed report on property condition with photographs

5. Inventory List: List of included furniture, fixtures, and equipment if applicable

6. Required Permits: Copies of relevant permits and certificates

7. Municipality Certificates: Relevant municipal approvals and certificates

8. Service Contracts: Details of existing service contracts to be transferred

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

alex.den.21@genieai.co
Relevant legal definitions



















































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Relevant Industries

Real Estate

Residential Property

Property Development

Banking & Finance

Legal Services

Construction

Property Management

Insurance

Relevant Teams

Legal

Real Estate

Sales

Compliance

Finance

Risk Management

Business Development

Property Management

Operations

Document Control

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Real Estate Agent

Property Developer

Contracts Manager

Compliance Officer

Real Estate Transaction Specialist

Property Sales Manager

Title Registration Officer

Real Estate Finance Manager

Property Valuation Specialist

Business Development Manager

Risk Management Officer

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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