Conditional Deed Of Sale Of Real Property

Conditional Deed Of Sale Of Real Property Template for Saudi Arabia

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Key Requirements PROMPT example:

"I need a Conditional Deed of Sale of Real Property for a commercial warehouse in Riyadh, where the sale is contingent on obtaining environmental permits by March 2025, and the buyer is a foreign manufacturing company requiring compliance with Saudi foreign ownership regulations."

Document background

The Conditional Deed Of Sale Of Real Property is a crucial legal instrument in Saudi Arabian real estate transactions, used when the transfer of property ownership is subject to specific conditions being met before completion. This document is essential in situations where parties wish to agree on a property sale but need to fulfill certain prerequisites, such as obtaining regulatory approvals, completing due diligence, or arranging financing. It must comply with Saudi Arabia's real estate laws, including the Real Estate Registration Law and Shariah principles, while accommodating foreign investment restrictions where applicable. The deed protects both parties' interests during the conditional period and provides a clear framework for the eventual property transfer, making it particularly valuable in complex real estate transactions or those involving commercial or development properties.

Suggested Sections

1. Parties: Identification of the Seller and Buyer with full legal names, addresses, and identification numbers as required under Saudi law

2. Background: Context of the transaction, including brief property description and intention for conditional sale

3. Definitions: Key terms used throughout the deed, including Property, Completion Date, Conditions, and other relevant terms

4. Property Description: Detailed legal description of the property including title deed number, location, boundaries, and total area as per Saudi registration requirements

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

6. Conditions Precedent: Specific conditions that must be fulfilled before the sale becomes final

7. Completion Mechanism: Process for completing the sale once conditions are met, including registration requirements

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

9. Property Handover: Terms and process for physical handover of the property

10. Risk and Insurance: Allocation of risk and insurance requirements during the conditional period

11. Default and Termination: Consequences of default and termination rights

12. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction

Optional Sections

1. Foreign Ownership Compliance: Required when buyer is non-Saudi, detailing compliance with foreign ownership restrictions

2. Financing Arrangements: Include when purchase involves external financing or installment payments

3. Property Management: Terms for property management during the conditional period if relevant

4. Development Obligations: Include when property sale is conditional on specific development requirements

5. Environmental Compliance: Required for industrial or commercial properties with environmental considerations

6. Strata Title Provisions: Include for properties within multi-unit developments

7. Third Party Rights: Required when there are existing tenants or other third-party rights

Suggested Schedules

1. Property Details Schedule: Detailed technical description, plans, and photographs of the property

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

3. Payment Schedule: Detailed breakdown of payment terms and installments if applicable

4. Conditions Precedent Checklist: List of all conditions and their status

5. Property Inspection Report: Current condition report and any identified issues

6. Required Permits: Copies of relevant permits and approvals

7. Property Plans: Official property plans and surveys

8. Handover Protocol: Detailed procedure for property handover and inspection

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

Clauses

Relevant Industries

Real Estate

Commercial Property

Residential Property

Industrial

Retail

Hospitality

Healthcare

Education

Manufacturing

Logistics

Agricultural

Mixed-use Development

Relevant Teams

Legal

Real Estate

Property Management

Finance

Compliance

Risk Management

Business Development

Investment

Operations

Facilities Management

Relevant Roles

Real Estate Manager

Property Development Director

Legal Counsel

Corporate Lawyer

Real Estate Broker

Property Manager

Facilities Manager

Investment Director

Chief Financial Officer

Business Development Manager

Compliance Officer

Risk Manager

Asset Manager

Acquisition Manager

Real Estate Investment Analyst

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