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The For Sale By Owner Purchase Contract is essential for private property transactions in Saudi Arabia where the seller and buyer wish to conduct the sale directly without broker involvement. This document is designed to comply with Saudi Arabian law, including both civil code requirements and Sharia principles, while providing a comprehensive framework for the property transfer. It becomes particularly relevant in the context of Saudi Arabia's growing real estate market and recent regulatory changes under Vision 2030, which have streamlined property transactions. The contract includes all necessary provisions for legal property transfer, from initial agreement to final registration, and can be used for various types of residential and commercial properties, provided they comply with Saudi ownership regulations. It's structured to protect both parties' interests while ensuring all legal requirements for property transfer in Saudi Arabia are met.

1. Parties: Identification of the seller and buyer with full legal names, national ID numbers/Iqama numbers, and contact details

2. Background: Brief context of the sale including property overview and intention to transfer ownership

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, and other relevant terms

4. Property Details: Comprehensive description of the property including title deed number, location, size, and boundaries as per official documentation

5. Purchase Price: Agreed purchase price, payment schedule, and method of payment including any deposits

6. Payment Terms: Detailed breakdown of payment structure, installments, and timing of payments

7. Completion and Transfer of Ownership: Process and requirements for transferring ownership, including registration at the relevant authority

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

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

10. Compliance with Sharia: Declaration of compliance with Islamic Sharia principles and Saudi laws

11. Risk and Insurance: Transfer of risk and responsibility for insurance of the property

12. Taxes and Fees: Allocation of responsibility for various taxes and fees including Real Estate Transaction Tax

13. Default and Termination: Consequences of default by either party and conditions for contract termination

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