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The Lot Purchase Contract is a fundamental legal document used in Saudi Arabian real estate transactions for the transfer of land ownership. It is essential when purchasing undeveloped land, developed lots, or parcels within larger developments in the Kingdom. The document must comply with both Saudi civil law and Shariah principles, incorporating specific requirements for property registration, transfer procedures, and municipality approvals. This contract type is particularly important given Saudi Arabia's strict property registration requirements and the need for clear documentation of ownership transfer. It includes crucial elements such as property specifications, payment terms, completion procedures, and any development obligations, while ensuring alignment with local real estate regulations and practices.

1. Parties: Identification of the seller and purchaser with full legal names and details as required by Saudi law

2. Background: Context of the transaction and confirmation of the seller's ownership and authority to sell

3. Definitions: Definitions of key terms used throughout the contract

4. Property Description: Detailed description of the lot including exact dimensions, deed number, and location details as per Saudi land registry requirements

5. Purchase Price: The agreed purchase price and payment structure, including deposit requirements

6. Payment Terms: Detailed payment schedule and method of payment in compliance with Shariah principles

7. Completion: Process and requirements for completing the transfer of ownership

8. Seller's Obligations: Responsibilities of the seller including providing necessary documentation and clearances

9. Purchaser's Obligations: Responsibilities of the purchaser including payment and due diligence obligations

10. Registration and Transfer: Process for official registration and transfer at the relevant municipality

11. Representations and Warranties: Standard warranties about ownership, capacity to sell, and property condition

12. Termination: Circumstances under which the contract may be terminated and consequences

13. Governing Law: Confirmation of Saudi law and Shariah principles as governing law

14. Notices: Process for serving formal notices between parties