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Real Estate Termination Agreement

Real Estate Termination Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Real Estate Termination Agreement

"I need a Real Estate Termination Agreement for early termination of a commercial lease in Dubai Marina, where both parties have mutually agreed to end the lease on March 1, 2025, with a settlement payment of AED 50,000 to the landlord."

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Document background
The Real Estate Termination Agreement is a crucial document used in the United Arab Emirates when parties need to formally end their real estate contractual relationships before the natural expiration date or under specific circumstances. This document is essential in the UAE's dynamic property market, where it must comply with federal laws such as the UAE Civil Code and emirate-specific regulations, particularly in Dubai and Abu Dhabi. The agreement typically addresses property handover procedures, financial settlements, mutual releases, and registration requirements with relevant authorities like RERA. It's particularly important in situations involving early termination of lease agreements, cancellation of sale and purchase agreements, or termination of property management contracts. The document must be drafted in both Arabic and English to be legally enforceable in the UAE.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and registration details for companies

2. Background: Details of the original agreement being terminated, including date, property details, and reason for termination

3. Definitions: Key terms used in the agreement, including Property, Original Agreement, Effective Date of Termination

4. Termination: Clear statement of termination of the original agreement and the effective date

5. Mutual Release: Mutual release of claims and obligations under the original agreement

6. Return of Property/Documents: Requirements for returning any property-related documents, keys, or access cards

7. Settlement of Accounts: Details of any final payments, refunds, or financial settlements between the parties

8. Registration and Formalities: Requirements for registration of the termination with relevant authorities (RERA, Land Department)

9. Confidentiality: Obligations regarding confidentiality of the termination and original agreement terms

10. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

11. Language: Specification that the agreement is in both Arabic and English, with Arabic prevailing in case of conflict

Optional Sections

1. Broker Provisions: Include when a real estate broker was involved in the original transaction, addressing any commission refunds or obligations

2. Handover Procedures: Include when physical property needs to be returned or handed over as part of the termination

3. Dispute Resolution: Include when parties wish to specify detailed arbitration or mediation procedures

4. Survival Clauses: Include when certain provisions of the original agreement need to survive the termination

5. Third Party Rights: Include when there are mortgages, liens, or other third-party interests in the property

6. Tax Implications: Include when there are VAT or other tax considerations to be addressed

7. Force Majeure: Include when termination is due to force majeure events

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including title deed number, plot details, and location

2. Schedule 2 - Original Agreement: Copy or key details of the original agreement being terminated

3. Schedule 3 - Settlement Statement: Detailed breakdown of any financial settlements, payments, or refunds

4. Schedule 4 - Handover Checklist: List of items to be handed over and their condition (if applicable)

5. Appendix A - Required Authorities' Forms: Standard forms required by RERA or Land Department for registration of termination

6. Appendix B - Power of Attorney: If applicable, power of attorney documents for signing and registration

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

Property Development

Construction

Hospitality

Retail

Commercial Property

Residential Property

Property Investment

Facility Management

Property Management

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Operations

Asset Management

Risk Management

Facilities Management

Contract Administration

Corporate Secretariat

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Contracts Manager

Compliance Officer

Real Estate Director

Facilities Manager

Asset Manager

Property Development Manager

Real Estate Investment Manager

Leasing Manager

Real Estate Operations Manager

Company Secretary

Risk Manager

Legal Director

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Provides the fundamental legal framework for contracts, including formation, termination, and general obligations between parties. Articles 258-272 specifically deal with contract termination.
UAE Property Law (Federal Law No. 13 of 2008): Regulates real estate ownership, registration, and transfer of property rights in the UAE, including provisions for termination of real estate contracts.
Dubai Law No. 7 of 2006: Land Registration Law in Dubai - governs property registration and documentation requirements for real estate transactions, including termination agreements.
RERA Regulations: Real Estate Regulatory Agency regulations that govern real estate transactions in Dubai, including specific requirements for contract termination and registration.
Law No. 3 of 2015: Dubai real estate law that regulates real estate development, sale, and registration, including provisions for contract termination and dispute resolution.
UAE Registration Law (Federal Law No. 9 of 2009): Governs the registration of real estate transactions and documentation requirements, which must be considered when terminating property agreements.
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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