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Buy Sell Agreement (Real Estate)
"I need a Buy Sell Agreement (Real Estate) for a commercial warehouse property in Riyadh Industrial City, where the buyer is a foreign manufacturing company, with completion scheduled for March 2025 and including specific foreign ownership compliance provisions."
1. Parties: Identification of the Seller and Buyer, including their full legal names, national ID numbers or commercial registration numbers, and contact details as required by Saudi law
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement, including specific Saudi legal and real estate terminology
4. Property Description: Detailed description of the property including title deed number, location, boundaries, and size as per official documentation
5. Purchase Price: Agreed purchase price, payment structure, and terms in compliance with Shariah principles
6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default
7. Title and Ownership: Confirmation of seller's ownership and guarantee of clear title, free from encumbrances
8. Completion Process: Steps for property transfer at the relevant municipality and registration requirements
9. Seller's Warranties: Warranties regarding property ownership, condition, and compliance with regulations
10. Buyer's Warranties: Warranties regarding capacity to purchase and compliance with foreign ownership laws if applicable
11. Property Handover: Terms and process for physical handover of the property
12. Taxes and Fees: Allocation of responsibility for various 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 under Saudi law
15. Notices: Method and addresses for formal communications between parties
16. Execution: Signature requirements and witnessing provisions as per Saudi law
1. Condition Precedents: Used when completion is subject to specific conditions such as mortgage approval or municipal permits
2. Foreign Ownership Compliance: Required when buyer is a foreign individual or entity, detailing compliance with foreign ownership restrictions
3. Property Inspection: When specific inspection requirements or conditions are agreed upon
4. Broker Provisions: Required when real estate brokers are involved in the transaction
5. Installment Payment Structure: Used when payment is to be made in installments, including specific provisions under Saudi installment sales law
6. Off-Plan Provisions: Required for properties sold before completion, including Wafi program compliance
7. Mortgage Arrangements: Used when the purchase involves mortgage financing, ensuring Shariah compliance
8. Joint Ownership Provisions: Required when multiple buyers are involved
9. Power of Attorney: When any party is acting through an authorized representative
10. Property Management: Used for transition period arrangements if required
1. Property Details: Detailed technical description, including plans, drawings, and specifications
2. Title Deed: Copy of the official title deed and translation if required
3. Payment Schedule: Detailed breakdown of payment installments and due dates
4. Property Inspection Report: Results of any property inspections or condition surveys
5. Municipality Certificates: Relevant municipal approvals and certificates
6. Broker Details: Information about involved brokers and their licenses
7. Due Diligence Documents: List of reviewed documents and confirmations
8. Handover Checklist: List of items to be checked during physical handover
9. Required Permits: Copies of all relevant permits and approvals
10. Identification Documents: Copies of parties' identification documents and authorizations
Authors
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Investment & Asset Management
Hospitality
Retail
Industrial & Manufacturing
Healthcare
Education
Government & Public Sector
Legal
Real Estate
Compliance
Finance
Operations
Risk Management
Business Development
Property Management
Asset Management
Investment
Due Diligence
Corporate Affairs
Facilities Management
Project Management
Real Estate Manager
Property Development Director
Legal Counsel
Compliance Officer
Finance Director
Investment Manager
Property Manager
Facilities Manager
Asset Manager
Real Estate Broker
Corporate Lawyer
Property Consultant
Chief Financial Officer
Risk Manager
Business Development Manager
Operations Director
Project Manager
Transaction Manager
Due Diligence Specialist
Real Estate Analyst
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