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Commercial Property Sales Agreement

Commercial Property Sales Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Commercial Property Sales Agreement

"I need a Commercial Property Sales Agreement for selling my office building in Dubai Business Bay, with completion planned for March 2025; the agreement should include standard payment terms with a 10% deposit."

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Document background
The Commercial Property Sales Agreement is a crucial legal instrument used in the United Arab Emirates for transferring ownership of commercial real estate assets. This document is essential when conducting property transactions in the UAE commercial real estate market, whether for office buildings, retail spaces, industrial facilities, or other commercial properties. The agreement must comply with UAE federal laws, including the UAE Civil Code and Commercial Transactions Law, as well as specific emirate-level property regulations. It typically includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and completion requirements. The document is particularly important for ensuring proper title transfer and registration with relevant authorities, while addressing specific UAE requirements such as foreign ownership restrictions and mandatory property registration procedures.
Suggested Sections

1. Parties: Identification of seller and purchaser with full legal names, registration details, and addresses

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

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

4. Sale and Purchase: Core agreement to sell and purchase the property, including the basic terms

5. Property Description: Detailed description of the commercial property, including location, size, and registration details

6. Purchase Price: Agreed purchase price and payment structure

7. Payment Terms: Detailed payment schedule, deposit requirements, and payment methods

8. Completion: Requirements and process for completion of the sale

9. Seller's Warranties: Warranties regarding property ownership, condition, and legal status

10. Due Diligence: Buyer's right to conduct due diligence and related procedures

11. Title and Registration: Requirements for transfer of title and registration with relevant authorities

12. Handover: Process and requirements for physical handover of the property

13. Costs and Taxes: Allocation of transaction costs, fees, and applicable taxes

14. Default and Termination: Consequences of default and termination rights

15. Notices: Process for giving formal notices under the agreement

16. Governing Law and Jurisdiction: Confirmation of UAE law as governing law and jurisdiction for disputes

Optional Sections

1. Conditions Precedent: Used when completion is subject to specific conditions being met

2. Tenant Rights: Required when the property is sold with existing tenants

3. Service Charge Provisions: Needed for properties in managed developments or communities

4. Mortgage Requirements: Included when the purchase involves mortgage financing

5. Foreign Ownership Compliance: Required when the buyer is a foreign entity

6. Defects Liability: Important for new or recently completed properties

7. Asset Transfer: Required when the sale includes furniture, fixtures, or equipment

8. Environmental Compliance: Necessary for industrial or potentially contaminated properties

Suggested Schedules

1. Property Schedule: Detailed property specifications, including floor plans and boundaries

2. Title Documents: Copies of title deed and other ownership documents

3. Payment Schedule: Detailed breakdown of payment installments and timing

4. Inventory: List of included fixtures, fittings, and equipment

5. Due Diligence Documents: Key property documents including permits and certificates

6. Building Plans: Approved architectural and engineering plans

7. Tenant Schedule: Details of existing tenancies and leases

8. Service Contracts: List of ongoing service contracts and maintenance agreements

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
Applicable Laws
Business Day
Completion
Completion Date
Condition Precedent
Consideration
Deposit
Due Diligence Period
Encumbrance
Escrow Account
Fixtures and Fittings
Force Majeure
Handover Date
Land Department
Material Adverse Change
Permitted Use
Property
Property Registration Fee
Purchase Price
RERA
Seller's Warranties
Service Charge
Signing Date
Title Deed
Transfer Date
UAE Dirham
Utility Charges
VAT
Working Hours
Building
Common Areas
Defects Liability Period
Development
Master Community
Parties
Payment Schedule
Registration Trustee
Relevant Authority
Seller's Representative
Buyer's Representative
Substantial Completion
Transaction Documents
Vacant Possession
Clauses
Sale and Purchase
Property Description
Purchase Price
Payment Terms
Deposit
Completion
Title Transfer
Registration
Due Diligence
Warranties and Representations
Property Condition
Encumbrances
Vacant Possession
Environmental Compliance
Insurance
Risk and Property
Default
Termination
Force Majeure
Assignment
Notices
Costs and Taxes
Stamp Duty
VAT
Confidentiality
Entire Agreement
Severability
Waiver
Amendments
Further Assurance
Governing Law
Dispute Resolution
Language
Counterparts
Service Charges
Property Management
Utilities
Handover
Defects Liability
Foreign Ownership
Anti-Money Laundering
Escrow Arrangements
Relevant Industries

Real Estate

Commercial Property

Retail

Industrial

Hospitality

Office Space

Logistics

Manufacturing

Healthcare

Education

Banking & Finance

Professional Services

Relevant Teams

Legal

Real Estate

Finance

Compliance

Operations

Business Development

Investment

Asset Management

Risk Management

Property Management

Facilities Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Director

Property Manager

Legal Counsel

Corporate Lawyer

Real Estate Agent

Commercial Director

Investment Manager

Asset Manager

Facilities Manager

Business Development Manager

Transaction Manager

Compliance Officer

Finance Director

Operations Director

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Fundamental law governing contracts and property rights, including provisions for sale and purchase agreements, contractual obligations, and property ownership
UAE Commercial Transactions Law (Federal Law No. 18 of 1993): Regulates commercial transactions and business dealings, relevant for commercial property sales between business entities
Law No. 7 of 2006 (Dubai): Dubai's property registration law, establishing the land registry and requirements for property registration
Law No. 3 of 2015 (Dubai): Regulates real estate sector in Dubai, including requirements for property transactions and broker regulations
Foreign Ownership Decree (UAE): Regulations concerning foreign ownership of real estate in various emirates and designated areas
UAE Anti-Money Laundering Law (Federal Decree Law No. 20 of 2018): Relevant for due diligence requirements in high-value property transactions
VAT Law (Federal Decree-Law No. 8 of 2017): Governs VAT implications on commercial property sales
Escrow Law (Law No. 8 of 2007): Regulates escrow accounts for real estate transactions in Dubai
Real Estate Regulatory Agency (RERA) Regulations: Specific regulations governing real estate transactions, including required forms and procedures
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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