Document background
The Agreement of Purchase and Sale is a fundamental commercial document used in the United Arab Emirates to facilitate and formalize the transfer of ownership of assets, property, or business interests. This agreement type is essential for both simple and complex transactions in the UAE market, requiring careful consideration of federal laws (particularly the UAE Civil Code and Commercial Transactions Law) as well as emirate-specific regulations. The document serves as a comprehensive record of the transaction terms, including detailed descriptions of the assets being transferred, purchase price mechanisms, warranties, and completion requirements. It must be structured to ensure enforceability under UAE law while incorporating any necessary Sharia-compliant elements. The agreement is particularly important in the UAE context due to specific local requirements for ownership transfer, registration procedures, and regulatory compliance.
