The Commercial Real Estate Purchase And Sale Agreement is a vital legal instrument used in Saudi Arabia for transacting commercial property sales. This document is essential when transferring ownership of commercial real estate assets, whether they be office buildings, retail spaces, industrial facilities, or other commercial properties. It must comply with Saudi Arabian real estate laws, including the Real Estate Registration Law and Foreign Investment Law, while adhering to Shariah principles. The agreement covers crucial aspects such as property details, purchase price, payment terms, warranties, and completion requirements. It's particularly important in the Saudi market where commercial real estate transactions must navigate specific regulatory requirements, including municipality approvals, Ministry of Justice procedures, and proper registration with relevant authorities.
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1. Parties: Identification of buyer and seller with full legal names, addresses, and commercial registration details
2. Background: Context of the transaction, including property overview and transaction purpose
3. Definitions: Key terms used throughout the agreement, including Arabic legal terms where relevant
4. Property Description: Detailed description of the commercial property, including location, boundaries, and title deed details
5. Purchase Price and Payment Terms: Purchase price, payment schedule, and method of payment in compliance with Shariah principles
6. Due Diligence: Buyer's right to investigate property condition, title, and compliance with regulations
7. Conditions Precedent: Conditions that must be satisfied before completion of the sale
8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, condition, and compliance with laws
9. Buyer's Representations and Warranties: Buyer's declarations regarding authority and capacity to purchase
10. Completion: Process and requirements for closing the transaction
11. Registration and Transfer: Procedures for property registration and transfer at relevant authorities
12. Taxes and Fees: Allocation of taxes, registration fees, and other transaction costs
13. Default and Termination: Consequences of breach and termination rights
14. Governing Law and Jurisdiction: Saudi law as governing law and jurisdiction for disputes
15. Notices: Method and addresses for formal communications between parties
16. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Financing Provisions: Include when buyer is obtaining Shariah-compliant financing for the purchase
2. Tenant Rights: Include when property is sold with existing tenants
3. Development Rights: Include when property has unused development rights or pending permits
4. Environmental Matters: Include for industrial properties or where environmental issues are relevant
5. Property Management Transition: Include when property has ongoing management services
6. Foreign Ownership Provisions: Include when buyer is a foreign entity requiring special approvals
7. Construction Completion: Include for off-plan sales or properties under construction
8. Zakat Provisions: Include specific provisions regarding Zakat implications if relevant to the transaction
1. Property Title Documents: Copies of title deed and other ownership documents
2. Property Plans and Drawings: Official plans, surveys, and architectural drawings
3. Due Diligence Reports: Technical, legal, and financial due diligence findings
4. Existing Leases: Details of current tenancies and lease agreements
5. Permits and Licenses: Copies of relevant governmental permits and licenses
6. Property Inventory: List of fixtures, fittings, and equipment included in sale
7. Payment Schedule: Detailed breakdown of payment installments and timing
8. Form of Transfer Documents: Ƶ for property transfer documentation
9. Outstanding Liabilities: List of any encumbrances, mortgages, or liabilities
10. Completion Checklist: List of documents and actions required for completion
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property Development
Retail
Hospitality
Manufacturing
Logistics
Healthcare
Education
Banking & Finance
Industrial
Office Space Management
Warehousing
Construction
Professional Services
Relevant Teams
Legal
Real Estate
Finance
Compliance
Operations
Business Development
Risk Management
Property Management
Investment
Corporate Affairs
Facilities Management
Asset Management
Relevant Roles
Real Estate Director
Chief Executive Officer
Chief Financial Officer
Property Manager
Commercial Director
Legal Counsel
Compliance Officer
Investment Manager
Facilities Manager
Development Director
Asset Manager
Acquisition Manager
Real Estate Analyst
Corporate Lawyer
Risk Manager
Operations Director
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