The Condominium Sale Contract is a vital legal instrument used in Saudi Arabia for transferring ownership of residential or commercial condominium units. This document is essential when conducting property transactions involving individual units within multi-unit buildings or developments. It ensures compliance with Saudi Arabian real estate laws, including the Real Estate Ownership Law and specific regulations governing condominium ownership. The contract is designed to protect both buyers' and sellers' interests by clearly defining the property specifications, payment terms, ownership rights, and responsibilities regarding common areas. It is particularly relevant in urban areas where condominium developments are common and must incorporate provisions that align with both modern real estate practices and Islamic law principles. The document serves as the primary agreement for establishing property rights and obligations between parties in condominium transactions.
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Key Requirements PROMPT example:
Condominium Sale Contract
"I need a Condominium Sale Contract for a luxury 3-bedroom unit in Riyadh, with the buyer being a foreign investor who requires special permits, and the sale includes exclusive parking spaces and premium storage facilities."
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1. Parties: Identification of the seller and buyer with full legal names, addresses, and identification numbers
2. Background: Context of the sale and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement including property-specific and legal terminology
4. Property Description: Detailed description of the condominium unit, including unit number, floor, building details, and registered title information
5. Purchase Price and Payment Terms: Agreed purchase price, payment schedule, and method of payment
6. Title and Ownership: Confirmation of seller's right to sell and conditions for transfer of ownership
7. Common Areas and Facilities: Description of shared facilities and buyer's rights and obligations regarding common areas
8. Maintenance and Service Charges: Ongoing maintenance fees, service charges, and utility responsibilities
9. Warranties and Representations: Seller's warranties regarding the property condition and legal status
10. Closing and Registration: Process and requirements for completing the sale and registering the property transfer
11. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for disputes
12. Execution: Signature blocks and attestation requirements
1. Mortgage Financing: Terms related to mortgage financing if the buyer is obtaining a loan
2. Off-Plan Purchase Terms: Additional terms for properties still under construction
3. Furniture and Fixtures: List of included or excluded furniture and fixtures if relevant
4. Parking Allocation: Specific terms regarding parking spaces if not standard with the unit
5. Storage Units: Terms regarding additional storage facilities if applicable
6. Property Management Agreement: Terms relating to property management services if included in the sale
7. Foreign Ownership Compliance: Additional terms required for foreign buyers
8. Defect Liability Period: Extended warranties or defect liability terms for new properties
1. Property Floor Plan: Detailed floor plan of the condominium unit
2. Title Deed: Copy of the current title deed and registration details
3. Payment Schedule: Detailed breakdown of payment installments and due dates
4. Common Area Rules: Building rules and regulations regarding common areas
5. Condition Report: Detailed report on the current condition of the property
6. Building Specifications: Technical specifications of the building and unit
7. Service Charge Schedule: Breakdown of maintenance and service charges
8. Property Photos: Current photographs of the property and common areas
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Banking & Finance
Legal Services
Property Management
Insurance
Urban Development
Relevant Teams
Legal
Real Estate
Sales
Compliance
Property Management
Contract Administration
Due Diligence
Business Development
Risk Management
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Compliance Officer
Property Developer
Sales Manager
Contract Administrator
Real Estate Investment Manager
Title Officer
Due Diligence Specialist
Property Valuation Expert
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