������Ƶ

The Land Buying Agreement is a crucial legal document used for real estate transactions in Saudi Arabia, essential for both commercial and private land acquisitions. It serves as a comprehensive framework for documenting the terms and conditions of land purchases, ensuring compliance with Saudi Arabian real estate laws, Sharia principles, and local regulations. This template is designed to accommodate various types of land transactions, from simple residential plots to complex commercial developments, incorporating necessary provisions for foreign ownership restrictions, municipality requirements, and registration procedures. The agreement includes detailed sections covering property description, payment terms, warranties, and completion requirements, making it suitable for use by individuals, corporations, and government entities involved in land transactions within the Kingdom.

1. Parties: Identification of the seller and buyer, including their full legal names, addresses, and identification numbers as per Saudi requirements

2. Background: Context of the transaction, including brief history of the property ownership and purpose of the sale

3. Definitions: Definitions of key terms used throughout the agreement, including technical and legal terms

4. Property Description: Detailed description of the land including exact dimensions, boundaries, deed number, and location as per official documentation

5. Purchase Price: Specified purchase price, payment terms, and method of payment in compliance with Sharia principles

6. Payment Terms: Detailed breakdown of payment schedule, deposit requirements, and final payment arrangements

7. Title and Ownership: Confirmation of seller's ownership rights and guarantees regarding clear title

8. Due Diligence: Buyer's right to conduct property inspection and review relevant documentation

9. Completion Requirements: Steps required for completion of the sale, including registration procedures

10. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with regulations

11. Transfer of Ownership: Process and requirements for transferring ownership through official channels

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

13. Termination: Circumstances under which the agreement may be terminated and consequences

14. Notices: Process for serving formal notices between parties