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Immovable Property Sale Agreement
"I need an Immovable Property Sale Agreement for a commercial warehouse property in Riyadh Industrial City, with completion scheduled for March 2025, including specific provisions for existing tenant arrangements and utility transfer procedures."
1. Parties: Identification of the seller and purchaser with full legal names, addresses, and identification numbers as required by Saudi law
2. Background: Context of the sale and confirmation that the seller is the legal owner with the right to sell the property
3. Definitions: Key terms used throughout the agreement, including property-specific terminology and regulatory references
4. Property Description: Detailed description of the property including title deed number, location, boundaries, and total area as per official documents
5. Purchase Price: The agreed purchase price, payment schedule, and method of payment in compliance with Sharia principles
6. Payment Terms: Detailed breakdown of payment structure, including deposits and final payment arrangements
7. Completion: Process and requirements for completing the sale, including registration requirements and timing
8. Seller's Warranties: Warranties regarding ownership, absence of encumbrances, and compliance with regulations
9. Property Handover: Terms and process for physical handover of the property and transfer of utilities
10. Tax and Fees: Allocation of responsibility for RETT, registration fees, and other applicable charges
11. Governing Law: Confirmation of Saudi law and Sharia principles as governing law
12. Dispute Resolution: Process for resolving disputes in accordance with Saudi law
1. Mortgage Provisions: Required if the property has an existing mortgage or if the purchase is being financed through a mortgage
2. Foreign Ownership Compliance: Required if the purchaser is a non-Saudi national or entity, detailing compliance with foreign ownership regulations
3. Conditions Precedent: Include if there are specific conditions that must be met before completion
4. Property Management: Include if there are ongoing management arrangements that need to be transferred
5. Development Obligations: Required if the property is part of a development project with ongoing obligations
6. Zakat and Tax Provisions: Detailed section required if there are complex tax implications or Zakat considerations
7. Representative Authority: Required if any party is acting through a representative or power of attorney
1. Property Documents: Copies of title deed, property plans, and boundary documents
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Property Inventory: List of fixtures, fittings, and any other items included in the sale
4. Required Permits: Copies of relevant permits, certificates, and regulatory approvals
5. Property Inspection Report: Technical inspection reports and property condition assessment
6. Outstanding Liabilities: List of any outstanding utilities, service charges, or other liabilities
7. Municipality Certificates: Relevant municipal certificates and clearances required for transfer
Authors
Real Estate
Property Development
Construction
Financial Services
Legal Services
Property Management
Urban Development
Infrastructure
Commercial Property
Residential Property
Legal
Real Estate
Compliance
Finance
Risk Management
Property Management
Business Development
Corporate Affairs
Operations
Investment
Real Estate Manager
Property Developer
Legal Counsel
Compliance Officer
Real Estate Broker
Property Manager
Contract Manager
Real Estate Investment Manager
Development Director
Finance Manager
Property Lawyer
Notary Public
Real Estate Transaction Officer
Risk Manager
Corporate Counsel
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