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Contract Of Sale Of Residential Property

Contract Of Sale Of Residential Property Template for United Arab Emirates

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Key Requirements PROMPT example:

Contract Of Sale Of Residential Property

"I need a Contract of Sale of Residential Property for a 3-bedroom villa in Dubai Marina, with completion set for March 15, 2025, including standard UAE property sale terms and RERA compliance requirements."

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Document background
The Contract of Sale of Residential Property is a fundamental legal document used in the United Arab Emirates for transferring ownership of residential real estate. This document is essential for any residential property transaction in the UAE and must comply with federal laws, including the UAE Civil Code, as well as specific emirate-level real estate regulations. The contract captures all crucial aspects of the property sale, including detailed property information, price, payment terms, warranties, and completion requirements. It is designed to protect both buyers' and sellers' interests while ensuring compliance with local property ownership rules, RERA regulations, and registration requirements. The document is particularly important given the UAE's unique property ownership laws and the mix of freehold and leasehold properties in different emirates.
Suggested Sections

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

2. Background: Context of the sale, brief description of the property, and intention of the parties

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

4. Property Details: Comprehensive description of the property including title deed number, property size, location, and registered details

5. Purchase Price: Agreed purchase price and payment structure including deposit and completion payment details

6. Payment Terms: Detailed payment schedule, method of payment, and escrow arrangements

7. Completion: Completion date, process, and requirements for transfer of ownership

8. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with laws

9. Buyer's Warranties: Warranties regarding capacity to purchase and financial ability

10. Property Condition: Current condition of the property and any agreed repairs or modifications

11. Registration and Transfer: Process and requirements for property registration with relevant authorities

12. Costs and Fees: Allocation of transaction costs, registration fees, and agent commissions

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

14. Governing Law and Jurisdiction: Confirmation of UAE law governance and jurisdiction for disputes

15. Notices: Process and requirements for formal communications between parties

16. Entire Agreement: Standard entire agreement clause confirming the contract supersedes prior negotiations

Optional Sections

1. Mortgage Requirements: Include when buyer is obtaining mortgage financing, detailing conditions and requirements

2. Vacant Possession: Include when property is currently occupied and timing of vacancy needs to be specified

3. Furniture and Fittings: Include when sale includes specific furniture or fittings

4. Pool Maintenance: Include for properties with swimming pools, specifying maintenance obligations

5. Service Charge Arrangements: Include for properties in managed communities with service charges

6. Defect Liability: Include for new properties under developer warranty

7. Foreign Ownership: Include when buyer is a foreign national, confirming compliance with ownership restrictions

8. Agent Appointments: Include when real estate agents are involved in the transaction

Suggested Schedules

1. Property Floor Plan: Detailed floor plan showing property layout and dimensions

2. Title Deed Copy: Copy of current title deed showing ownership and property details

3. Property Photographs: Recent photographs documenting property condition

4. Inventory List: Detailed list of included furniture and fittings if applicable

5. Payment Schedule: Detailed breakdown of payment installments and due dates

6. RERA Approvals: Copies of relevant RERA permits and approvals

7. Service Charge Statement: Current service charge statement and payment status

8. Building Inspection Report: Technical inspection report if commissioned

9. NOC Documents: Relevant No Objection Certificates from authorities or developers

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
Buyer
Seller
Property
Completion Date
Deposit
Purchase Price
Title Deed
RERA
Land Department
Completion Payment
Business Day
Defects
Encumbrances
Emirates ID
Escrow Account
Fixtures
Fittings
Handover Date
Maintenance Charges
Notice
Parties
Payment Schedule
Property Registration
Service Charges
Transfer Date
Unit
Warranties
Building
Common Areas
Completion Documents
Developer
Due Diligence
Governing Law
Liability
Master Community
NOC
Registration Fee
Title Insurance
Vacant Possession
Clauses
Sale and Purchase
Property Description
Purchase Price
Payment Terms
Deposit
Completion
Title and Ownership
Property Registration
Seller Warranties
Buyer Warranties
Property Condition
Vacant Possession
Due Diligence
Risk and Insurance
Default
Termination
Force Majeure
Assignment
Notices
Costs and Fees
Governing Law
Dispute Resolution
Entire Agreement
Severability
Further Assurance
Confidentiality
Property Inspection
Service Charges
Registration Requirements
Title Transfer
Escrow Arrangements
Remedies
Representations
Indemnification
Amendment
Waiver
Relevant Industries

Real Estate

Banking and Finance

Legal Services

Property Development

Construction

Insurance

Property Management

Investment

Mortgage Services

Property Technology

Facilities Management

Relevant Teams

Legal

Real Estate

Compliance

Sales

Property Management

Risk Management

Contract Administration

Business Development

Investment

Operations

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 Coordinator

Property Consultant

Risk Manager

Legal Director

Real Estate Portfolio Manager

Property Finance Manager

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Fundamental law governing contracts and civil transactions, including property sales, contractual obligations, and rights of parties
UAE Property Law (Law No. 7 of 2006): Regulates property ownership, registration procedures, and real estate transactions in the UAE
Real Estate Regulatory Agency (RERA) Regulations: Dubai-specific regulations governing real estate transactions, broker responsibilities, and property registration requirements
Escrow Account Law (Law No. 8 of 2007): Regulates the management of payments and escrow accounts in property transactions
Foreign Ownership Decree (2002): Specifies areas where foreign nationals can own property and any restrictions on property ownership
UAE Registration Law (Law No. 13 of 2008): Governs the registration of real estate transactions and property rights in the land registry
Federal Law No. 39 of 2006: Regarding the mutual cooperation between the UAE and other countries in legal and judicial matters, relevant for international property transactions
UAE Consumer Protection Law (Federal Law No. 24 of 2006): Protects consumer rights in transactions, including property purchases
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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