Contract For Buying A House From Owner - United Arab Emirates

Contract For Buying A House From Owner Template for United Arab Emirates

A comprehensive legal agreement governed by UAE law that facilitates the direct sale of residential property between a private owner (seller) and buyer. This document complies with UAE federal property laws and local emirate regulations, incorporating all necessary elements required by the UAE Civil Code and Real Estate Regulatory Agency (RERA). It details the property specifications, purchase price, payment terms, warranties, and completion requirements, while ensuring compliance with UAE property registration procedures and Sharia law principles applicable to property transactions.

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What is a Contract For Buying A House From Owner?

The Contract For Buying A House From Owner is a crucial legal document used in the United Arab Emirates for direct property transactions between private sellers and buyers. This agreement is essential when purchasing residential property directly from the current owner, bypassing property developers or real estate companies as primary sellers. The document must comply with UAE federal laws, including the UAE Civil Code and Property Law, as well as specific emirate-level regulations and RERA requirements. It typically includes detailed property specifications, price and payment terms, conditions for sale, warranties, and completion requirements. The contract ensures proper transfer of ownership while protecting both parties' interests under UAE law. It's particularly relevant for secondary market transactions and must be structured to facilitate proper registration with relevant authorities.

What sections should be included in a Contract For Buying A House From Owner?

1. Parties: Identification and details of the seller and buyer, including Emirates ID numbers and contact information

2. Background: Context of the sale and brief description of the property

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

4. Property Details: Comprehensive description of the property including address, plot number, size, and registration details

5. Purchase Price: Agreed purchase price and payment terms including deposit and completion payment details

6. Payment Schedule: Breakdown of payment installments and timing

7. Completion: Requirements and process for completing the sale, including registration requirements

8. Seller's Warranties: Warranties regarding property ownership, absence of disputes, and condition of the property

9. Property Condition: Current condition of the property and any agreed repairs or modifications

10. Transfer of Ownership: Process and requirements for transferring property ownership

11. Registration: Requirements for registering the sale with relevant authorities

12. Costs and Fees: Allocation of transaction costs, registration fees, and other expenses

13. Default and Remedies: Consequences of default by either party and available remedies

14. Governing Law: Confirmation of UAE law application and jurisdiction

15. Notices: Process for formal communications between parties

16. General Provisions: Standard contract clauses including entire agreement, amendments, and severability

What sections are optional to include in a Contract For Buying A House From Owner?

1. Mortgage Arrangements: Details of any mortgage financing, used when buyer is obtaining mortgage funding

2. Tenant Rights: Information about existing tenants and lease agreements, included if property is currently tenanted

3. Service Charges: Details of outstanding or prepaid service charges, relevant for properties in managed communities

4. Furniture and Fixtures: List of included/excluded items, used when sale includes furnishings

5. Property Management: Arrangements for property management handover, relevant for properties in managed buildings

6. Power of Attorney: Details of any power of attorney arrangements, included if parties are acting through representatives

7. Escrow Arrangements: Details of escrow account usage, included for larger transactions or when required by authorities

What schedules should be included in a Contract For Buying A House From Owner?

1. Property Title Deed: Copy of current title deed and property ownership documents

2. Property Plans: Floor plans, plot plans, and any relevant architectural drawings

3. Inventory List: Detailed list of included furnishings and fixtures if applicable

4. Payment Schedule Details: Detailed breakdown of payment installments and due dates

5. Property Condition Report: Detailed report on property condition with photographs

6. Service Charge Statement: Statement of current and outstanding service charges

7. DEWA Clearance: Utility clearance certificates and final readings

8. Due Diligence Documents: Copies of relevant permits, certificates, and compliance documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

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Download a Standard Contract For Buying A House From Owner

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What is a Contract For Buying A House From Owner?

What sections should be included in a Contract For Buying A House From Owner?

What sections are optional to include in a Contract For Buying A House From Owner?

What schedules should be included in a Contract For Buying A House From Owner?

Authors

Alex Denne

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