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The Land Purchase And Sale Agreement is a crucial document used in Saudi Arabian real estate transactions to formalize the transfer of land ownership between parties. It is essential for any land transaction within the Kingdom, whether between individuals, corporations, or government entities. The agreement must comply with Islamic Sharia law principles and various Saudi regulations, including the Real Estate Registration Law and Real Estate Transaction Tax (RETT) requirements. This document is particularly important given Saudi Arabia's dynamic real estate market and the Kingdom's Vision 2030 initiatives, which have opened up new opportunities in property development and investment. The agreement includes comprehensive provisions for property identification, payment terms, warranties, and completion procedures, while ensuring compliance with local ownership restrictions and registration requirements. It is commonly used in various contexts, from simple land transfers to complex development projects, and must be structured to accommodate both domestic and foreign investment considerations where applicable.

1. Parties: Identification of the seller and purchaser, including full legal names, addresses, and national ID/CR numbers 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 terminology

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

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

6. Payment Terms: Detailed structure of payments, including deposits, installments, and final payment arrangements

7. Conditions Precedent: Conditions that must be satisfied before completion, including regulatory approvals and documentation requirements

8. Seller's Warranties: Warranties regarding ownership, absence of encumbrances, and compliance with Saudi property laws

9. Buyer's Warranties: Warranties regarding capacity to purchase and compliance with foreign ownership restrictions if applicable

10. Completion: Process and requirements for completing the transaction, including registration procedures

11. Title Transfer: Procedures for transferring title through the appropriate Saudi authorities

12. Tax and Fees: Allocation of responsibility for Real Estate Transaction Tax (RETT) and other applicable fees

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

14. Governing Law and Jurisdiction: Confirmation of Saudi law as governing law and jurisdiction of Saudi courts