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The House Payment Agreement is essential for documenting property purchase arrangements in Saudi Arabia where the buyer pays for the property in installments rather than a single lump sum. This document is commonly used in situations where traditional mortgage financing is not desired or available, ensuring compliance with Shariah law principles. The agreement must be structured to avoid any element of riba (interest) while protecting both parties' rights and obligations. It typically includes detailed payment schedules, property specifications, ownership transfer conditions, and default provisions. The document must comply with regulations from multiple Saudi Arabian authorities, including the Ministry of Justice, the Saudi Arabian Monetary Authority (SAMA), and local municipality requirements. This agreement is particularly relevant in the current Saudi Arabian real estate market, where alternative payment structures are becoming increasingly common as part of the Kingdom's vision to increase home ownership among its citizens.

1. Parties: Identification of the seller/owner and buyer with complete legal names, addresses, and official identification numbers

2. Background: Context of the agreement including property identification and purpose of the payment arrangement

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

4. Property Details: Comprehensive description of the property including address, title deed number, and physical specifications

5. Purchase Price: Total purchase price and payment structure in compliance with Shariah principles

6. Payment Terms: Detailed payment schedule, installment amounts, and payment methods

7. Transfer of Ownership: Conditions and process for transferring property ownership upon completion of payments

8. Default and Remedies: Consequences of payment default and available legal remedies for both parties

9. Representations and Warranties: Declarations by both parties regarding property ownership, authority to enter agreement, and compliance with Shariah principles

10. Governing Law and Jurisdiction: Specification of Saudi law application and jurisdiction for dispute resolution

11. Notices: Process and addresses for official communications between parties

12. Execution: Signature blocks and attestation requirements