The Simple Buy Sell Agreement (Real Estate) is a fundamental legal document used in Saudi Arabia for property transactions between buyers and sellers. This agreement is essential for documenting the terms and conditions of real estate sales in compliance with Saudi Arabian law and Sharia principles. It serves as a comprehensive framework for both residential and commercial property transactions, capturing crucial details such as property specifications, payment terms, warranties, and transfer procedures. The document is designed to protect both parties' interests while ensuring adherence to local regulatory requirements, including property registration, municipality approvals, and necessary certifications. It's particularly relevant in the context of Saudi Arabia's evolving real estate market and recent regulatory reforms, making it a vital tool for property transactions in the Kingdom.
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Key Requirements PROMPT example:
Simple Buy Sell Agreement (Real Estate)
"I need a Simple Buy Sell Agreement (Real Estate) for purchasing a commercial warehouse in Riyadh Industrial City for SAR 5 million, with completion scheduled for March 2025, including specific conditions for existing tenant transition."
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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 transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement defined for clarity
4. Property Description: Detailed description of the property including location, dimensions, title deed number, and any inclusions/exclusions
5. Purchase Price: Statement of the agreed purchase price and payment terms
6. Payment Terms: Details of how and when payments will be made, including any deposits or installments
7. Transfer of Ownership: Process and timing for transferring property ownership through official channels
8. Seller's Representations and Warranties: Seller's confirmations regarding property ownership, condition, and legal status
9. Buyer's Representations and Warranties: Buyer's confirmations regarding capacity to purchase and financial ability
10. Closing Requirements: Conditions that must be met before completing the transaction
11. Completion: Process for completing the transaction and transferring title
12. Governing Law: Confirmation that Saudi law and Sharia principles govern the agreement
13. Execution: Signature blocks and execution requirements
1. Financing Conditions: Include when buyer requires mortgage or external financing
2. Property Inspection: Include when buyer requires property inspection before completion
3. Vacant Possession: Include when property is currently occupied and timing for vacancy needs to be specified
4. Broker/Agent Provisions: Include when real estate agents are involved in the transaction
5. Due Diligence Period: Include when buyer requires time to conduct investigations
6. Foreign Ownership Compliance: Include when buyer is a foreign entity or individual
7. Existing Tenancies: Include when property is subject to existing lease agreements
8. Defects Liability: Include for new properties or those under construction
1. Property Details Schedule: Detailed technical description of property, including plans and specifications
2. Title Documents: Copies of title deed and other ownership documents
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Property Inspection Report: Results of any property inspections or surveys
5. Required Permits: Copies of relevant permits and certificates
6. Property Photos: Recent photographs of the property
7. Municipality Certificates: Relevant certificates from local authorities
8. Power of Attorney: If any party is acting through representatives
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Property Management
Investment
Housing
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Business Development
Investment
Risk Management
Operations
Corporate Affairs
Facilities Management
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Compliance Officer
Real Estate Agent
Property Manager
Investment Manager
Real Estate Broker
Contract Manager
Business Development Manager
Real Estate Investment Advisor
Property Acquisition Manager
Legal Director
Risk Manager
Transaction Manager
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