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Property Sale Contract

Property Sale Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

Property Sale Contract

"I need a Property Sale Contract for a luxury villa in Dubai Marina, with a purchase price of 12 million AED, including a payment schedule with 4 installments and completion date set for March 15, 2025; the property is currently tenanted so we need provisions for vacant possession."

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Document background
The Property Sale Contract is a fundamental legal document used in the United Arab Emirates for real estate transactions between sellers and buyers. This contract type is essential for documenting the terms and conditions of property sales in compliance with UAE federal laws and emirate-specific regulations. It is used whenever there is a transfer of real estate ownership, whether for residential, commercial, or industrial properties. The document includes crucial elements such as property specifications, price, payment terms, warranties, and completion requirements. It must conform to local property laws, registration requirements, and ownership restrictions, particularly regarding foreign ownership in designated areas. The contract serves as the primary evidence of the transaction and is required for property registration with relevant authorities such as the Dubai Land Department or Abu Dhabi Municipality.
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 and brief description of the property being transferred

3. Definitions: Key terms used throughout the agreement, including Property, Completion Date, Purchase Price, and other relevant definitions

4. Sale and Purchase: Core agreement to sell and purchase the property, including the exact property details and agreed purchase price

5. Payment Terms: Details of the purchase price, payment schedule, and method of payment

6. Completion: Requirements and process for completion, including timing, location, and documentation requirements

7. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and other property-specific assurances

8. Property Condition: Statement of the condition in which the property will be delivered and any included/excluded items

9. Registration and Transfer: Process and requirements for registering the transfer with relevant authorities

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

11. Default and Termination: Consequences of default by either party and circumstances for termination

12. Notices: Method and addresses for serving formal notices between parties

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

Optional Sections

1. Mortgage Requirements: Required when the purchase is dependent on mortgage financing, including conditions and timelines

2. Vacant Possession: Required when the property is currently occupied and terms for ensuring vacant possession are needed

3. Service Charge Provisions: Required for properties in managed communities or buildings with service charges

4. Defect Liability: Required for new properties or those under warranty from developer

5. Car Parking: Required when specific parking arrangements need to be documented

6. Property Management Handover: Required for properties with existing management arrangements or tenancies

7. Developer Approval: Required when developer consent is needed for the transfer

8. Escrow Arrangements: Required when payment is to be held in escrow pending conditions

Suggested Schedules

1. Property Details: Detailed description of the property including title deed number, size, location, and any specific inclusions/exclusions

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

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

4. Property Plans: Floor plans, site plans, and any relevant technical drawings

5. Inventory: List of fixtures, fittings, and other items included in the sale

6. Due Diligence Documents: Copies of necessary certificates, permits, and compliance documents

7. Handover Protocol: Detailed procedure for physical handover of the property

8. Service Charge Statement: Current status of service charges and any outstanding amounts

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
Sale and Purchase
Payment Terms
Deposit
Title and Ownership
Warranties and Representations
Completion
Registration
Due Diligence
Property Condition
Vacant Possession
Seller Obligations
Buyer Obligations
Default
Termination
Force Majeure
Service Charges
Utilities Transfer
Risk and Insurance
Assignment
Notices
Costs and Taxes
Entire Agreement
Severability
Further Assurance
Governing Law
Dispute Resolution
Anti-Money Laundering
Confidentiality
Third Party Rights
Amendments
Survival
Language
Counterparts
Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Development

Property Management

Investment & Asset Management

Professional Services

Hospitality (for commercial properties)

Retail (for commercial properties)

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Business Development

Risk Management

Corporate Services

Operations

Finance

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Real Estate Manager

Property Developer

Investment Manager

Compliance Officer

Contract Manager

Property Consultant

Real Estate Broker

Transaction Manager

Asset Manager

Real Estate Partner

Property Registration Officer

Real Estate Director

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Provides the fundamental principles governing contracts, property rights, and obligations between parties in property transactions
UAE Civil Transactions Law: Regulates contractual relationships and obligations in property transactions, including the requirements for valid contracts
Federal Law No. 2 of 2015: Regulates commercial companies and affects property ownership through corporate vehicles
Law No. 13 of 2008 (Dubai): Regulates the Interim Real Estate Register in Dubai, covering off-plan property sales and registration requirements
Law No. 7 of 2006 (Dubai): Concerning real estate registration in Dubai, outlining the procedures and requirements for property registration
Law No. 3 of 2015 (Dubai): Regulates the real estate sector in Dubai and establishes transparency in real estate transactions
Law No. 19 of 2017 (Abu Dhabi): Regulates real estate registration and transactions in Abu Dhabi
Federal Law No. 17 of 2004: Addresses property ownership by foreigners and defines areas where foreigners can own property
UAE Anti-Money Laundering Law: Includes provisions affecting real estate transactions to prevent money laundering through property deals
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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