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Real Estate Sellers Agreement

Real Estate Sellers Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Real Estate Sellers Agreement

"I need a Real Estate Sellers Agreement for selling a luxury villa in Dubai Marina to a foreign investor, with completion scheduled for March 2025, including provisions for existing tenant rights and furniture inventory."

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Document background
The Real Estate Sellers Agreement is a crucial document used in the United Arab Emirates for property transactions, designed to protect both sellers' and buyers' interests while ensuring compliance with UAE federal laws and local emirate regulations. This agreement is essential for any real estate sale transaction, whether residential or commercial, and must incorporate specific requirements from the UAE Civil Code, relevant property laws, and local land department regulations. The document serves as a comprehensive contract covering property details, price, payment terms, warranties, and transfer procedures, while addressing unique aspects of UAE real estate transactions such as property registration requirements, NOC procedures, and specific documentation needed for different categories of buyers (UAE nationals, GCC nationals, or foreign investors).
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, brief property description, and seller's ownership confirmation

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

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

5. Purchase Price and Payment Terms: Total purchase price, payment schedule, deposit requirements, and payment methods

6. Completion Requirements: Conditions for completion, timeline, and requirements for transfer of ownership

7. Seller's Warranties: Warranties regarding property ownership, no encumbrances, and authority to sell

8. Property Condition: Current condition of the property and any agreed repairs or modifications

9. Registration and Transfer: Process for property registration with relevant authorities and transfer procedures

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

11. Default and Termination: Consequences of default and circumstances allowing termination

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

Optional Sections

1. Tenant Rights: Required if property is currently tenanted, addressing existing lease agreements and tenant notifications

2. Mortgage Provisions: Required if property has existing mortgage or if buyer is obtaining mortgage financing

3. Property Management: Optional section for arrangements between completion and handover if there's a gap period

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

5. Developer Approval: Required for properties in certain developments requiring developer consent for transfer

6. Service Charge Provisions: Required for properties in managed communities, addressing service charge arrangements

7. Foreign Ownership: Required if buyer is non-UAE national, addressing specific requirements and restrictions

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property specification, including floor plans and title documentation

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

3. Schedule 3 - Included Items: Inventory of furniture, fixtures, and fittings included in the sale

4. Schedule 4 - Property Documents: List of all property-related documents to be transferred to buyer

5. Schedule 5 - Completion Requirements: Checklist of documents and actions required for completion

6. Appendix A - Property Photos: Current dated photographs of the property condition

7. Appendix B - Title Deed Copy: Copy of current title deed and any relevant ownership documents

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

Legal Services

Property Management

Investment & Asset Management

Hospitality

Retail

Commercial Property

Relevant Teams

Legal

Real Estate

Sales

Compliance

Business Development

Property Management

Contracts Administration

Risk Management

Corporate Services

Investment

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Manager

Real Estate Broker

Compliance Officer

Contract Manager

Real Estate Director

Sales Manager

Investment Manager

Property Developer

Legal Director

Real Estate Partner

Transaction Manager

Business Development 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 (Federal Decree Law No. 5 of 2020): Regulates real estate ownership, registration, and transfer procedures at the federal level
Dubai Law No. 7 of 2006: Land Registration Law in Dubai governing property registration and real estate records (specific to Dubai properties)
Law No. 13 of 2008: Regulates the Interim Real Estate Register in Dubai, including off-plan property sales
Dubai Law No. 85 of 2006: Regulates real estate brokers registry and licensing requirements
Federal Law No. 8 of 2004: Financial Free Zones Law affecting property transactions in special economic zones
UAE Consumer Protection Law (Federal Law No. 15 of 2020): Protects consumer rights in transactions including real estate purchases
Anti-Money Laundering Laws (Federal Decree Law No. 20 of 2018): Regulatory compliance requirements for real estate transactions to prevent money laundering
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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