Contract To Sell Property Template for United Arab Emirates

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Key Requirements PROMPT example:

Contract To Sell Property

I need a Contract To Sell Property for a residential villa in Dubai Marina, with a foreign corporate buyer and a three-installment payment plan completing by March 2025, including specific provisions for corporate ownership registration.

Document background
The Contract To Sell Property is a fundamental legal document used in the United Arab Emirates for real estate transactions. It serves as the primary instrument for transferring property ownership rights from one party to another, whether in residential, commercial, or industrial contexts. This document is structured to comply with UAE federal legislation, including the UAE Civil Code (Federal Law No. 5 of 1985), as well as specific emirate-level property laws and RERA regulations. The contract includes essential elements such as property details, payment terms, warranties, and completion requirements, while also accommodating specific provisions for foreign ownership in designated areas. It's particularly crucial in the UAE market where real estate transactions must adhere to strict regulatory requirements and registration procedures.
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 to enter into the sale transaction

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

4. Property Details: Comprehensive description of the property including location, size, title deed number, and registration 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 consequences of default

7. Completion: Conditions for completion, timeline, and procedures for transfer of ownership

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

9. Buyer's Obligations: Responsibilities of the buyer including payment and compliance with registration requirements

10. Warranties and Representations: Warranties from both parties regarding capacity, authority, and property condition

11. Transfer of Ownership: Process and requirements for legal transfer of the property

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

13. Default and Termination: Consequences of breach and conditions for termination

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

Optional Sections

1. Foreign Ownership Compliance: Required when buyer is a foreign national, addressing specific requirements and restrictions

2. Mortgage Details: Required when the property is mortgaged or buyer requires mortgage financing

3. Property Management Handover: Required for properties in managed communities or buildings

4. Condition Precedents: Required when completion is subject to specific conditions being met

5. Broker Arrangements: Required when real estate brokers are involved in the transaction

6. Vacant Possession: Required when the property is currently occupied and timing of vacancy needs to be specified

7. Service Charge Settlements: Required for properties in communities with service charges

8. Furniture and Fixtures: Required when sale includes specific furniture or fixtures

Suggested Schedules

1. Property Details Schedule: Detailed technical description of the property including floor plans and specifications

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

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

4. Property Condition Report: Current condition of the property and any existing defects

5. Inventory List: List of included fixtures, fittings, and furniture if applicable

6. Service Charge Statement: Current status of service charges and maintenance fees

7. RERA Approvals: Necessary regulatory approvals and certificates

8. Property Documents: Building completion certificate, floor plans, and other technical documents

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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Development

Property Management

Investment & Asset Management

Hospitality

Retail

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Compliance

Sales

Business Development

Property Management

Investment

Finance

Risk Management

Operations

Documentation

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Property Developer

Real Estate Broker

Compliance Officer

Real Estate Investment Manager

Property Valuation Specialist

Contract Manager

Real Estate Director

Chief Legal Officer

Property Portfolio Manager

Real Estate Transactions Specialist

Asset Manager

Sales Director

Business Development Manager

Industries
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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