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For Sale By Owner Home Purchase Contract

For Sale By Owner Home Purchase Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

For Sale By Owner Home Purchase Contract

"I need a For Sale By Owner Home Purchase Contract for a 3-bedroom villa in Dubai Marina, with a purchase price of 5 million AED and completion scheduled for March 15, 2025, including provisions for a 10% deposit and mortgage financing."

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Document background
The For Sale By Owner Home Purchase Contract is a crucial legal document used in the United Arab Emirates when property owners choose to sell their property directly to buyers without real estate agent intermediation. This document is essential for both residential and commercial property transactions in the UAE, incorporating all necessary elements required by UAE federal law and specific emirate regulations. It includes comprehensive details about the property, payment terms, warranties, and transfer procedures, while ensuring compliance with local registration requirements and ownership transfer protocols. The contract is designed to protect both parties' interests while adhering to UAE's strict real estate transaction regulations, including those set by the Dubai Land Department and other relevant authorities. It's particularly useful for property owners who wish to maintain direct control over their property sale while ensuring legal compliance and transaction security.
Suggested Sections

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

2. Background: Brief context of the sale and confirmation of the Seller's legal ownership and right to sell

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.

4. Property Details: Comprehensive description of the property including address, title deed number, size, type, and registration details

5. Purchase Price: The agreed purchase price and payment structure, including deposit amounts and payment milestones

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default

7. Completion and Transfer: Process and timeline for property transfer, including registration requirements and handover procedures

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

9. Property Condition: Current condition of the property and any agreed repairs or modifications before transfer

10. Due Diligence: Buyer's right to inspect and verify property details and documentation

11. Costs and Fees: Allocation of transaction costs, registration fees, and other expenses

12. Default and Termination: Consequences of breach and conditions for contract termination

13. Governing Law: Confirmation of UAE law application and jurisdiction

14. Notices: Process for formal communications between parties

15. Execution: Signature requirements and execution formalities

Optional Sections

1. Mortgage Contingency: Include when buyer's purchase is contingent on obtaining mortgage financing

2. Furniture and Fixtures: Include when specific furniture or fixtures are included in the sale

3. Property Management Fees: Include for properties within managed communities with service charges

4. Tenant Rights: Include if property is currently tenanted with existing lease agreements

5. Pool Maintenance: Include for properties with swimming pools requiring specific maintenance agreements

6. Escrow Agreement: Include when using an escrow agent for the transaction

7. Foreign Ownership: Include specific provisions when buyer is a non-UAE national

8. Property Insurance: Include when specific insurance arrangements are part of the agreement

Suggested Schedules

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

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

3. Property Photographs: Current photographs documenting property condition

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

5. Service Charge Statement: Current statement of service charges and management fees

6. NOC Documentation: Relevant No Objection Certificates from authorities

7. Maintenance Records: History of property maintenance and repairs

8. Payment Schedule: Detailed breakdown of payment installments and dues

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
Property
Purchase Price
Completion Date
Deposit
Title Deed
Seller
Buyer
Business Day
Completion Payment
Emirates ID
Land Department
Transfer Fee
Property Registration
Maintenance Charges
Service Charges
Handover Date
Effective Date
Encumbrance
Force Majeure
Governing Law
Notice
Payment Schedule
Property Documents
Registration Certificate
Transfer Date
Title Search
Warranty
Default Notice
Escrow Account
NOC
RERA
Unit
Common Areas
Defect
Due Diligence Period
Property Manager
Purchase Documents
Signing Date
Title Registration
Relevant Industries

Real Estate

Residential Property

Commercial Property

Legal Services

Banking & Finance

Property Management

Construction

Urban Development

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Documentation

Operations

Investment

Administration

Risk Management

Relevant Roles

Property Owner

Real Estate Lawyer

Legal Counsel

Property Manager

Compliance Officer

Real Estate Director

Property Developer

Contract Manager

Legal Director

Property Investment Manager

Real Estate Consultant

Title Officer

Property Administrator

Documentation Specialist

Industries
UAE Civil Code (Federal Law No. 5 of 1985): The fundamental law governing all civil transactions, including contracts and property ownership. It provides the basic framework for contractual obligations and property rights.
UAE Property Law (Law No. 7 of 2006): Regulates real estate registration, types of ownership permitted, and property rights in the UAE, including regulations for foreign ownership in designated areas.
Law No. 13 of 2008 (Dubai): Regulates the interim real estate register in Dubai, covering all aspects of off-plan property sales and initial registration requirements.
Law No. 9 of 2009 and its amendments: Addresses the registration of real estate sales in the UAE and the procedures for transferring ownership.
Escrow Law (Law No. 8 of 2007): Regulates escrow accounts for real estate transactions in the UAE, ensuring secure handling of purchase payments.
Foreign Ownership Decree (2005): Specifies areas where foreign nationals can purchase property and the types of ownership rights available to them.
UAE Anti-Money Laundering Law (Federal Decree Law No. 20 of 2018): Relevant for verification of funds and compliance requirements in real estate transactions.
Real Estate Regulatory Agency (RERA) Regulations: Provides specific guidelines for real estate transactions, including requirements for contracts and documentation.
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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