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Purchase Agreement For House

Purchase Agreement For House Template for United Arab Emirates

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Purchase Agreement For House Template

"I need a Purchase Agreement For House Template for a ready property in Dubai Marina, UAE, with a purchase price of 2.5M AED and a completion date of March 15, 2025, including provisions for a 10% deposit and payment in three installments."

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Document background
The Purchase Agreement For House Template is a standardized legal document designed for use in the United Arab Emirates real estate market. It serves as a comprehensive framework for residential property transactions, ensuring compliance with UAE federal laws and emirate-specific regulations. This template is particularly valuable for property transactions in freehold areas where both UAE nationals and expatriates can purchase property. The agreement incorporates essential elements required by UAE land departments, including detailed property descriptions, payment terms, completion requirements, and necessary approvals. It addresses specific UAE market considerations such as property registration procedures, foreign ownership restrictions, and anti-money laundering requirements. The template is structured to accommodate various transaction scenarios, including off-plan purchases, ready properties, and mortgaged properties, while maintaining alignment with UAE Civil Code requirements and real estate regulations.
Suggested Sections

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

2. Background: Context of the sale, confirmation of Seller's ownership, and property market status

3. Definitions: Definitions of key terms used throughout the agreement, including specific UAE real estate terminology

4. Property Description: Detailed description of the property including title deed number, plot number, property size, location, and registration details as per UAE land registry requirements

5. Purchase Price: Specified purchase price in AED, payment schedule, and method of payment in compliance with UAE anti-money laundering regulations

6. Deposit: Amount, payment timing, and holding arrangements for the deposit

7. Completion Requirements: Conditions for completion, including necessary approvals from relevant authorities and registration requirements

8. Seller's Obligations: Seller's commitments including providing clear title, necessary documentation, and property handover requirements

9. Buyer's Obligations: Buyer's commitments including payment obligations, registration requirements, and due diligence responsibilities

10. Property Condition: Statement on property condition, inspection rights, and any agreed repairs or modifications

11. Title and Ownership Transfer: Process and requirements for transferring ownership through the relevant land department

12. Warranties: Seller's warranties regarding property ownership, absence of disputes, and compliance with laws

13. Default and Termination: Consequences of default by either party and termination rights

14. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction of UAE courts

Optional Sections

1. Mortgage Arrangements: Required when buyer is obtaining mortgage financing, detailing lender requirements and conditions

2. Property Management Handover: Needed for properties in managed communities, detailing service charge arrangements and community rules

3. Off-Plan Provisions: Required for properties purchased before completion, including construction milestones and developer obligations

4. Furniture and Fittings: Used when sale includes specific furniture or fittings, with detailed inventory

5. Tenancy Provisions: Required when property is sold with existing tenants, detailing lease terms and transition arrangements

6. Developer Approval: Needed in certain developments requiring developer approval for property transfer

7. Foreign Ownership Provisions: Required when buyer is non-UAE national, confirming eligibility and compliance with ownership restrictions

8. Agent Provisions: Required when real estate agents are involved, detailing commission arrangements

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property specifications, including floor plans, plot maps, and amenities

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

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

4. Schedule 4 - Inventory List: Detailed list of included furniture, fixtures, and fittings if applicable

5. Schedule 5 - Property Inspection Report: Results of property inspection and agreed repairs if applicable

6. Schedule 6 - Service Charge Statement: Current service charge details and payment status

7. Appendix A - Required Documents Checklist: List of documents required from both parties for completion

8. Appendix B - Completion Procedure: Step-by-step process for completion and registration with relevant authorities

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 Industries

Real Estate

Banking & Finance

Legal Services

Construction & Development

Property Management

Insurance

Professional Services

Public Sector & Government

Investment & Asset Management

Hospitality & Tourism

Relevant Teams

Legal

Real Estate

Sales

Compliance

Risk Management

Customer Relations

Property Management

Contract Administration

Business Development

Operations

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Manager

Sales Manager

Compliance Officer

Real Estate Investment Manager

Property Valuation Specialist

Mortgage Advisor

Contract Manager

Real Estate Transaction Coordinator

Property Development Manager

Risk Management Officer

Real Estate Portfolio Manager

Customer Relations Manager

Industries
UAE Civil Code (Federal Law No. 5 of 1985): The foundational law governing contracts and civil transactions, including property sales, contractual obligations, and general principles of property ownership
UAE Federal Law No. 13 of 2008 (Real Estate Registration Law): Regulates the registration of real estate rights and long-term leases in the property register, ensuring legal protection of ownership rights
Law No. 3 of 2006 (Dubai): Determines areas where non-UAE nationals may own real estate and specifies ownership rights in designated freehold areas
Law No. 7 of 2006 (Dubai Land Registration Law): Governs property registration procedures and requirements in Dubai, including title deed issuance and transfer processes
Law No. 9 of 2009 (Dubai): Regulates the interim real estate register and off-plan sales, crucial for purchasing properties under construction
UAE Consumer Protection Law (Federal Law No. 24 of 2006): Provides protection for property buyers regarding fair dealing, disclosure requirements, and consumer rights
UAE Anti-Money Laundering Law (Federal Decree Law No. 20 of 2018): Establishes requirements for property transactions to prevent money laundering, affecting payment methods and source of funds verification
RERA (Real Estate Regulatory Agency) Regulations: Provides detailed guidelines for real estate transactions, including standard contract terms and broker regulations
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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