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Agreement For Sale Of Apartment

Agreement For Sale Of Apartment Template for United Arab Emirates

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Agreement For Sale Of Apartment

"I need an Agreement for Sale of Apartment for a fully furnished 2-bedroom apartment in Dubai Marina, with a purchase price of 2.5M AED and completion scheduled for March 2025, including provisions for mortgage financing."

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Document background
The Agreement For Sale Of Apartment is a crucial legal document used in the United Arab Emirates for residential property transactions. It is designed to comply with UAE Federal Laws, including UAE Civil Code (Federal Law No. 5 of 1985) and relevant emirate-specific property regulations. This agreement is essential when transferring ownership of an apartment from a seller to a purchaser, whether they are individuals or corporate entities. The document includes comprehensive details about the property, purchase price, payment terms, completion requirements, and the obligations of all parties involved. It addresses specific UAE requirements such as property registration procedures, NOC requirements, and RERA compliance where applicable. The agreement serves as the primary document for property transfer and is typically required by property registration authorities, banks for mortgage purposes, and real estate regulatory authorities.
Suggested Sections

1. Parties: Details of the Seller and Purchaser, including full legal names, Emirates ID numbers, and contact information

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

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

4. Property Details: Comprehensive description of the apartment, including unit number, floor, building name, location, and total area

5. Purchase Price: Total purchase price, payment schedule, and payment methods

6. Payment Terms: Detailed breakdown of payment installments, due dates, and consequences of default

7. Completion and Transfer: Process and timeline for property transfer, registration requirements, and completion procedures

8. Seller's Obligations: Responsibilities of the seller including providing clear title, necessary documentation, and maintenance until handover

9. Purchaser's Obligations: Responsibilities of the purchaser including timely payments, registration requirements, and compliance with regulations

10. Property Condition: Statement on the condition of the property, any defects, and acceptance criteria

11. Registration and Transfer Costs: Allocation of costs related to registration, transfer fees, and other associated expenses

12. Representations and Warranties: Warranties by both parties regarding ownership, authority to sell/buy, and property condition

13. Default and Termination: Consequences of default by either party and termination provisions

14. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

15. Notices: Process for sending and receiving formal notices between parties

16. Entire Agreement: Standard clause confirming the agreement represents the entire understanding between parties

Optional Sections

1. Mortgage Provisions: Include when purchaser is obtaining mortgage financing, detailing requirements and conditions

2. Service Charges: Include for properties in managed communities, detailing service charge obligations

3. Parking Assignment: Include when parking space is included in the sale, specifying details and rights

4. Furnishing Details: Include if property is sold furnished, listing included items

5. Escrow Arrangements: Include when payments are managed through escrow account

6. Developer Approval: Include when developer's approval is required for transfer

7. Power of Attorney: Include when either party is acting through an attorney

8. Foreign Ownership: Include specific provisions when purchaser is a foreign national

9. Strata Title: Include for apartments in buildings with strata scheme

10. Defect Liability Period: Include for new properties with developer warranty

Suggested Schedules

1. Schedule 1 - Property Specification: Detailed technical specification of the apartment including floor plans and area calculation

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments with specific amounts and dates

3. Schedule 3 - Property Title Details: Copy of title deed or other ownership documents

4. Schedule 4 - Handover Protocol: Checklist and procedure for property inspection and handover

5. Schedule 5 - Building Rules: Copy of building rules and regulations

6. Schedule 6 - Inventory List: List of fixtures, fittings, and furnishings included in the sale

7. Appendix A - Required Documents: List of documents required from both parties for completion

8. Appendix B - Property Photographs: Current photographs of the property and its condition

9. Appendix C - NOC Format: Format of No Objection Certificate required from various authorities

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Apartment
Applicable Laws
Building
Building Common Areas
Completion Date
Completion Notice
Default Interest Rate
Defects Liability Period
Deposit
Developer
Development
Due Diligence Period
Effective Date
Escrow Account
Escrow Agent
Final Payment
Force Majeure
Handover Date
Handover Protocol
Land Department
Master Community
Master Developer
NOC
Owners Association
Party/Parties
Payment Schedule
Permitted Use
Property
Property Registration Fee
Purchase Price
Purchaser
RERA
Retention Amount
Sale and Purchase
Seller
Service Charges
Snagging List
Specification
Term
Title Deed
Transfer Date
Unit Area
Unit Entitlement
Utilities
Clauses
Parties and Property
Interpretation
Sale and Purchase
Purchase Price
Payment Terms
Completion
Property Transfer
Title and Ownership
Registration
Representations and Warranties
Seller Obligations
Purchaser Obligations
Condition of Property
Property Inspection
Handover
Default
Termination
Force Majeure
Service Charges
Taxes and Fees
Insurance
Assignment
Notices
Dispute Resolution
Governing Law
Severability
Entire Agreement
Amendment
Costs
Further Assurance
Counterparts
Time of Essence
Confidentiality
Third Party Rights
Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Management

Investment & Asset Management

Property Development

Insurance

Facilities Management

Professional Services

Relevant Teams

Legal

Real Estate

Sales

Compliance

Property Management

Contract Administration

Business Development

Risk Management

Corporate Services

Operations

Finance

Customer Service

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Sales Manager

Contract Manager

Real Estate Investment Manager

Transaction Manager

Property Registration Officer

Mortgage Officer

Real Estate Broker

Project Manager

Chief Legal Officer

Real Estate Administrator

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Fundamental law governing contracts and civil transactions, including property sales and transfers of ownership
UAE Federal Law No. 8 of 2004: Regulates ownership of property and real estate registration in the UAE, including requirements for foreign ownership
Law No. 13 of 2008 (Dubai): Regulates the Interim Real Estate Register in Dubai, covering off-plan property sales and registration requirements
Law No. 9 of 2009 (Dubai): Amends certain provisions of Law No. 13 of 2008 and provides additional regulations for property registration
Dubai Law No. 7 of 2006: Concerning Real Property Registration in the Emirate of Dubai, establishing the framework for property registration
Law No. 3 of 2015 (Dubai): Regulates the real estate sector in Dubai, including requirements for developers and property transactions
RERA Regulations: Real Estate Regulatory Agency regulations governing property transactions, escrow accounts, and property management
UAE Consumer Protection Law (Federal Law No. 24 of 2006): Provides protection for consumers in various transactions, including real estate purchases
Federal Law No. 5 of 2020: Recent law covering authentication of electronic documents and signatures, relevant for modern property transactions
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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