The As Is Real Estate Contract Form is a crucial document used in Saudi Arabian property transactions where the buyer agrees to purchase the property in its existing condition. This contract type is particularly relevant when dealing with secondary market properties, renovation projects, or situations where the seller wishes to limit post-sale liability for property conditions. The document incorporates essential elements required by Saudi law, including Shariah compliance, municipality regulations, and real estate transfer procedures. It is designed to clearly document the buyer's acknowledgment of the property's condition and waiver of claims for visible defects, while still maintaining the seller's basic warranties required under Saudi law. The agreement is commonly used in both commercial and residential transactions and must be executed before a Saudi Notary Public for legal enforcement.
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1. Parties: Identification of seller and buyer with full legal names, addresses, and ID/CR numbers as per Saudi requirements
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, and As Is condition
4. Property Description: Detailed legal description of the property including title deed number, location, boundaries, and total area
5. Purchase Price and Payment Terms: Agreed purchase price, payment schedule, and method of payment in compliance with Shariah principles
6. As Is Condition: Clear statement that the property is being sold in its current condition with buyer's acknowledgment of inspection
7. Completion and Transfer: Process and requirements for transferring ownership through the appropriate Saudi authorities
8. Seller's Representations: Basic warranties about ownership, authority to sell, and absence of encumbrances
9. Buyer's Acknowledgments: Confirmation of property inspection and acceptance of current condition
10. Costs and Taxes: Allocation of transfer fees, taxes, and other transaction costs
11. Governing Law: Confirmation that Saudi law and Shariah principles govern the agreement
1. Broker Representation: Required if real estate brokers are involved in the transaction
2. Foreign Ownership: Required if buyer is non-Saudi, addressing specific foreign ownership requirements
3. Municipality Compliance: Required if property requires specific municipal permits or has outstanding violations
4. Financing Contingency: Optional section if purchase is subject to buyer obtaining Shariah-compliant financing
5. Property Management: Required if property is part of a managed complex or has shared facilities
6. Tenant Rights: Required if property is currently leased or occupied
7. Development Rights: Required if property has specific development restrictions or rights
8. Dispute Resolution: Optional detailed procedure for handling disputes through Saudi courts or arbitration
1. Property Title Deed: Copy of official property ownership documentation
2. Property Plan: Official survey plan or property layout from municipality
3. Condition Report: Detailed description and/or photographs of property's current condition
4. Disclosure Statement: Seller's disclosure of known defects or issues
5. Payment Schedule: Detailed breakdown of payment terms and dates if multiple payments
6. Municipality Certificates: Relevant municipal approvals and certificates
7. Previous Permits: Copies of existing building permits and approvals
8. Service Agreements: Details of ongoing service contracts or utilities
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Banking & Finance
Legal Services
Property Management
Urban Development
Commercial Property
Residential Property
Industrial Property
Hospitality
Retail
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Facilities Management
Asset Management
Risk Management
Investment
Operations
Contract Administration
Corporate Services
Development
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Compliance Officer
Real Estate Broker
Property Manager
Facilities Manager
Investment Manager
Asset Manager
Development Director
Real Estate Analyst
Transaction Manager
Contract Administrator
Risk Manager
Chief Legal Officer
Chief Investment Officer
Real Estate Portfolio Manager
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