The Sellers Agreement (Real Estate) is a crucial legal document used in Saudi Arabia for facilitating property transactions between sellers and buyers. This agreement is essential when transferring ownership of real estate property, whether residential or commercial, and must comply with Saudi Arabian legal requirements, including the Real Estate Ownership Law and Islamic Shariah principles. The document is particularly important given Saudi Arabia's evolving real estate market and recent regulatory changes, including the introduction of the Real Estate Transaction Tax (RETT) and reforms in foreign ownership rules. The agreement covers all aspects of the sale, from property description and price to closing procedures and post-sale obligations, ensuring legal protection for all parties involved while maintaining compliance with local regulations and religious principles.
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1. Parties: Identification of the seller and buyer, including full legal names, addresses, and official identification numbers
2. Background: Context of the sale, including brief property history and purpose of the agreement
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Property Details: Comprehensive description of the property, including title deed number, location, dimensions, and boundaries
5. Purchase Price: Agreed purchase price, payment terms, deposit requirements, and payment schedule in compliance with Shariah principles
6. Seller's Representations and Warranties: Seller's declarations regarding property ownership, absence of encumbrances, and compliance with regulations
7. Property Transfer Procedures: Steps for transferring ownership, including registration requirements and documentation
8. Closing Requirements: Conditions precedent to closing, closing process, and post-closing obligations
9. Tax and Fees: Allocation of Real Estate Transaction Tax (RETT) and other applicable fees
10. Default and Remedies: Consequences of breach and available remedies under Saudi law
11. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for disputes
12. Notices: Communication procedures between parties
13. Execution: Signature requirements and execution formalities
1. Foreign Ownership Compliance: Required when buyer is non-Saudi, detailing compliance with foreign ownership restrictions
2. Off-Plan Sale Provisions: Required for properties sold before completion, including developer obligations and escrow arrangements
3. Broker Provisions: Required when real estate brokers are involved, detailing commission arrangements and responsibilities
4. Financing Provisions: Required when Islamic financing is involved, ensuring Shariah compliance
5. Property Management Transition: Required for properties with existing tenants or management arrangements
6. Development Rights: Required when the property includes undeveloped land or development potential
7. Environmental Compliance: Required for industrial or commercially zoned properties
1. Property Title Deed: Copy of official property ownership documentation
2. Property Plans and Drawings: Official plans showing property boundaries and construction details
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Property Inspection Report: Technical assessment of property condition
5. Municipality Certificates: Relevant permits and certificates from local authorities
6. Existing Tenancy Details: Information about current tenancies if applicable
7. Due Diligence Documents: Property verification and compliance documentation
8. Power of Attorney: If applicable, authorization documents for representatives
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Investment
Commercial Property
Residential Property
Islamic Finance
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Business Development
Investment
Risk Management
Operations
Contract Administration
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Compliance Officer
Real Estate Broker
Property Consultant
Investment Manager
Real Estate Attorney
Contract Manager
Property Sales Manager
Business Development Manager
Real Estate Investment Advisor
Transaction Manager
Risk Management Officer
General Counsel
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