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Real Estate Contract Assignment Agreement

Real Estate Contract Assignment Agreement Generator for United Arab Emirates

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Key Requirements PROMPT example:

Real Estate Contract Assignment Agreement

"I need a Real Estate Contract Assignment Agreement for an off-plan apartment in Dubai Marina, where I'm assigning my purchase contract to a new buyer, with completion scheduled for March 2025 and developer consent required."

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Document background
The Real Estate Contract Assignment Agreement is a crucial document used in UAE property transactions when an existing contract holder wishes to transfer their rights and obligations to another party. This document is particularly relevant in off-plan property sales, investment property transfers, and situations where the original purchaser cannot complete the contract. It must comply with UAE federal laws and specific emirate regulations, particularly RERA requirements in Dubai. The agreement typically includes details of the original contract, property specifications, consideration for the assignment, and necessary regulatory approvals. It's essential for protecting all parties' interests and ensuring legal compliance in the UAE's robust real estate regulatory framework.
Suggested Sections

1. Parties: Identification of the Assignor (original contract holder), Assignee (party receiving the rights), and other relevant parties such as the Developer/Landlord

2. Background: Context of the original contract, description of the property, and reason for assignment

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

4. Assignment: Core clause establishing the transfer of rights and obligations from Assignor to Assignee

5. Consideration: Details of the payment or other consideration for the assignment

6. Completion: Timing and mechanics of the assignment completion, including registration requirements

7. Assignor's Warranties: Warranties regarding ownership, authority to assign, and status of the Original Contract

8. Assignee's Covenants: Assignee's obligations and commitments post-assignment

9. Registration and Approvals: Process and requirements for registering the assignment with relevant authorities

10. Costs and Taxes: Allocation of transaction costs, registration fees, and applicable taxes

11. Governing Law and Jurisdiction: Specification of UAE law and relevant emirate's courts' jurisdiction

Optional Sections

1. Developer/Landlord Consent: Required when the Original Contract requires consent for assignment

2. Conditions Precedent: Include when completion is subject to specific conditions being met

3. Payment Schedule: Include when consideration is to be paid in installments

4. Handover Provisions: Required when physical possession of property is part of the assignment

5. Post-Completion Obligations: Include when there are specific requirements after completion

6. Default and Termination: Include when parties want specific termination rights pre-completion

7. Anti-Money Laundering Provisions: Required for high-value transactions or when parties are subject to enhanced due diligence

Suggested Schedules

1. Original Contract: Copy of the contract being assigned

2. Property Details: Detailed description of the property including title deed or other ownership documents

3. Payment Terms: Detailed breakdown of consideration and payment schedule

4. Developer/Landlord Consent: Written consent from developer/landlord where required

5. Outstanding Payments: Schedule of any remaining payments due under the Original Contract

6. Required Approvals: List of necessary regulatory approvals and registration requirements

7. Handover Inventory: List of items included in property handover, if applicable

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

Construction

Property Development

Banking & Finance

Hospitality

Retail

Commercial Property

Residential Property

Industrial Property

Property Investment

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Operations

Finance

Investment

Asset Management

Risk Management

Documentation

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Compliance Officer

Real Estate Agent

Property Investment Manager

Contract Administrator

Real Estate Operations Director

Property Portfolio Manager

Transaction Manager

Real Estate Finance Manager

Property Development Director

Asset Manager

Real Estate Broker

Legal Director

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Provides the fundamental principles for contracts, property rights, and assignments, including Articles 1109-1113 regarding assignment of rights and obligations
UAE Civil Transactions Law: Governs property ownership, transfer of property rights, and registration requirements for real estate transactions
Law No. 13 of 2008 (Dubai): Regulates the Interim Real Estate Register in Dubai, including provisions for off-plan property sales and assignments
RERA Regulations: Regulatory framework established by the Real Estate Regulatory Agency, including specific requirements for property assignments and transfers
Dubai Law No. 7 of 2006: Property Registration Law in Dubai, governing the registration of real estate rights and transactions
Executive Council Resolution No. (6) of 2010: Approving the executive regulation of Law No. 13 of 2008, providing detailed procedures for real estate transactions
UAE Federal Law No. 4 of 2020: Securing Rights in Movable Property, which may be relevant if the assignment involves any movable assets associated with the real estate
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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