Agreement Of Property Sale Template for United Arab Emirates

The Agreement Of Property Sale is a fundamental legal document used in the United Arab Emirates for real estate transactions, essential for both residential and commercial property transfers. This document is required by UAE law to formalize property sales and must comply with federal legislation including the UAE Civil Code and specific emirate-level regulations. The agreement captures all crucial aspects of the property transaction, including detailed property description, purchase price, payment terms, warranties, and completion requirements. It's particularly important in the UAE context due to specific regulatory requirements such as registration with the relevant Land Department, obtaining necessary No Objection Certificates, and compliance with foreign ownership restrictions where applicable. The document serves as the primary evidence of the transaction and forms the basis for property registration and transfer of ownership in the UAE's property records.

1. Parties: Identification of the Seller and Buyer with full legal names, Emirates ID numbers, and contact details as required by UAE law

2. Background: Context of the sale, brief description of the property, and intention of the parties to enter into the sale transaction

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

4. Sale and Purchase: Core agreement to sell and purchase the property, including the exact description of the property as per title deed

5. Purchase Price: Detailed breakdown of the purchase price, payment schedule, and method of payment in compliance with UAE regulations

6. Deposit: Details of the deposit amount, when it's payable, and conditions for retention or return

7. Conditions Precedent: Conditions that must be satisfied before completion, including No Objection Certificates and regulatory approvals

8. Seller's Obligations: Pre-completion and completion obligations of the seller, including document preparation and property handover requirements

9. Buyer's Obligations: Pre-completion and completion obligations of the buyer, including payment and registration requirements

10. Completion: Process of completion, including timing, location, and requirements for transfer of ownership

11. Registration: Requirements and process for registering the property transfer with relevant authorities

12. Warranties: Warranties given by both parties, particularly seller's warranties about the property's condition and ownership

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

14. Notices: Process for serving notices under the agreement

15. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction of UAE courts