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Lot Purchase Contract

Lot Purchase Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

Lot Purchase Contract

"I need a Lot Purchase Contract for buying an industrial plot in Dubai Industrial City as a manufacturing company, with completion scheduled for March 2025 and including specific development obligations for factory construction within 24 months."

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Document background
The Lot Purchase Contract is a fundamental legal instrument used in UAE real estate transactions for the acquisition of land plots. This document is essential when purchasing undeveloped land, plots within master-planned communities, or industrial lots in the UAE. It must comply with both federal UAE laws and specific emirate-level regulations regarding property ownership, registration, and development. The contract typically includes detailed property descriptions, payment structures, development obligations (if any), and completion requirements. It's particularly important in the UAE context due to specific regulations regarding foreign ownership, property registration requirements, and municipality development guidelines. The document serves as the primary agreement governing the relationship between buyer and seller, ensuring all aspects of the land purchase are clearly defined and legally enforceable under UAE law.
Suggested Sections

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

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

3. Definitions: Key terms used throughout the agreement

4. Property Details: Comprehensive description of the lot including plot number, size, location, and boundaries

5. Purchase Price: Agreement on purchase price, payment terms, and payment schedule

6. Completion: Terms and conditions for completion of the sale, including timing and procedures

7. Seller's Obligations: Responsibilities and warranties of the seller

8. Buyer's Obligations: Responsibilities and obligations of the buyer

9. Title and Registration: Provisions regarding property title transfer and registration requirements

10. Representations and Warranties: Standard representations and specific warranties from both parties

11. Default and Termination: Consequences of default and conditions for contract termination

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

13. Governing Law and Jurisdiction: Specification of UAE law application and jurisdiction

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Conditions Precedent: Specific conditions that must be met before completion, used when there are preliminary requirements

2. Development Obligations: Required when the lot is part of a development project with specific building requirements

3. Environmental Matters: Include when there are specific environmental considerations or requirements for the lot

4. Utilities and Infrastructure: Used when there are specific arrangements or requirements for utilities connection

5. Master Community Rules: Include when the lot is part of a master-planned community

6. Mortgage Provisions: Required when the purchase involves mortgage financing

7. Assignment Rights: Include when there are specific restrictions or permissions for assignment

8. Force Majeure: Optional clause for unforeseen circumstances, particularly relevant for long-term transactions

Suggested Schedules

1. Property Plan: Detailed plan showing lot boundaries and dimensions

2. Title Documents: Copies of existing title deed and related documents

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

4. Property Restrictions: List of any easements, restrictions, or encumbrances

5. Due Diligence Documents: Results of property searches and related investigations

6. Form of Transfer: Template for property transfer documentation

7. Development Guidelines: If applicable, specific development requirements and restrictions

8. Handover Protocol: Procedures and requirements for property handover

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
Clauses
Property Description
Purchase Price
Payment Terms
Title Transfer
Registration
Representations and Warranties
Due Diligence
Condition of Property
Seller Obligations
Buyer Obligations
Completion
Default
Termination
Force Majeure
Assignment
Notices
Confidentiality
Dispute Resolution
Governing Law
Severability
Entire Agreement
Further Assurance
Costs and Expenses
Anti-Money Laundering
Municipality Compliance
Environmental Compliance
Development Rights
Access Rights
Utilities and Infrastructure
Title Warranties
Relevant Industries

Real Estate

Construction

Property Development

Banking & Finance

Investment

Hospitality

Retail

Industrial

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Compliance

Property Development

Investment

Commercial

Operations

Finance

Risk Management

Business Development

Relevant Roles

Real Estate Manager

Property Development Director

Legal Counsel

Compliance Officer

Investment Manager

Real Estate Agent

Property Consultant

Land Acquisition Manager

Development Manager

Project Manager

Commercial Director

Contract Manager

Real Estate Partner

Chief Investment Officer

Portfolio Manager

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Fundamental law governing contracts, property rights, and obligations between parties in real estate transactions
UAE Property Law (Law No. 27 of 2007): Regulates property ownership, registration procedures, and real estate transactions in the UAE
Foreign Ownership Decree (Law No. 7 of 2006): Regulates foreign ownership of land and real estate properties in designated areas within the UAE
Land Registration Law: Governs the registration of land transactions and maintaining property records in the respective emirates
Municipality Zoning Regulations: Local regulations governing land use, development restrictions, and building permits
Real Estate Regulatory Agency (RERA) Regulations: Specific regulations for real estate transactions, including requirements for contract format and content
UAE Anti-Money Laundering Laws: Regulations requiring due diligence and compliance in real estate transactions to prevent money laundering
VAT Federal Decree-Law No. (8) of 2017: Regulations regarding Value Added Tax applications on real estate transactions
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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