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Security Deposit Transfer Agreement

Security Deposit Transfer Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Security Deposit Transfer Agreement

I need a Security Deposit Transfer Agreement for transferring multiple security deposits from ABC Property Management to XYZ Real Estate, as we're taking over management of a portfolio of 5 commercial properties in Dubai from March 1, 2025.

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Document background
The Security Deposit Transfer Agreement is essential in situations where there is a change in the party responsible for holding or managing a security deposit in the UAE. This typically occurs during property sales, changes in property management, or corporate restructuring. The agreement ensures compliance with UAE Federal Law No. 5 of 1985 (Civil Code) and relevant emirate-specific property laws. It outlines the complete transfer process, including the exact amount to be transferred, payment details, timing, and ongoing obligations. The document protects all parties' interests by clearly defining responsibilities and providing indemnities for the transferring party. A properly executed Security Deposit Transfer Agreement is crucial for maintaining clear records and ensuring smooth transitions in property management or ownership while maintaining tenant rights under UAE law.
Suggested Sections

1. Parties: Identification of all parties involved: Current holder of security deposit, recipient of security deposit, and tenant (if applicable)

2. Background: Context of the security deposit transfer, including reference to original lease/agreement and reason for transfer

3. Definitions: Key terms used throughout the agreement including 'Security Deposit', 'Transfer Date', 'Original Agreement', etc.

4. Transfer Details: Specific amount to be transferred, account details, and timing of the transfer

5. Representations and Warranties: Confirmations from both parties regarding their authority to make/receive the transfer and the accuracy of information provided

6. Rights and Obligations: Ongoing responsibilities regarding the security deposit after transfer, including obligations to the tenant

7. Transfer Process: Step-by-step procedure for executing the transfer and any required notifications

8. Release and Indemnity: Release of transferor from future obligations and indemnification provisions

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

Optional Sections

1. Tenant Acknowledgment: Section for tenant's acknowledgment of the transfer - required when tenant is still occupying the property

2. Conditions Precedent: Specific conditions that must be met before transfer can occur - needed for complex transactions

3. Bank Guarantees: Provisions relating to transfer of bank guarantees - required when security deposit is in form of bank guarantee

4. Multiple Properties: Additional provisions for transfers involving multiple properties or deposits

5. Interest Provisions: Handling of any accrued interest on the security deposit - needed if deposit has been interest-bearing

6. Tax Implications: Provisions dealing with any tax consequences of the transfer - required for large commercial deposits

Suggested Schedules

1. Original Lease Agreement: Copy of the original lease agreement under which security deposit was paid

2. Transfer Payment Details: Banking or payment information for executing the transfer

3. Property Details: Description of property/properties related to the security deposit

4. Security Deposit History: Record of security deposit payments and any deductions/additions

5. Required Notices: Templates for notices to be sent to relevant parties

6. Authorization Documents: Powers of attorney or corporate authorizations if required

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 & Financial Services

Property Management

Commercial Leasing

Residential Property

Retail

Hospitality

Industrial & Warehousing

Office Space Management

Relevant Teams

Legal

Real Estate

Finance

Operations

Property Management

Asset Management

Compliance

Treasury

Facilities Management

Contract Administration

Relevant Roles

Property Manager

Real Estate Manager

Finance Manager

Legal Counsel

Asset Manager

Facilities Manager

Leasing Manager

Real Estate Director

Compliance Officer

Treasury Manager

Operations Manager

Contract Administrator

Property Administrator

Real Estate Agent

Building Manager

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): Governs general contract principles, formation of contracts, and obligations between parties. Articles 246-252 specifically address contractual obligations and good faith requirements.
UAE Federal Law No. 18 of 1993 (Commercial Code): Regulates commercial transactions and financial dealings between parties, including security arrangements and transfer of monetary obligations.
UAE Federal Law No. 14 of 2018 (UAE Central Bank Law): Governs financial transactions and banking operations, including regulations on monetary transfers and security deposits held by financial institutions.
Law No. 26 of 2007 (Dubai Rental Law): If the security deposit relates to property rental, this law regulates the relationship between landlords and tenants, including provisions about security deposits.
UAE Federal Law No. 4 of 2012 (Competition Law): Ensures fair commercial practices and prevents anti-competitive agreements, which could be relevant if the transfer involves business entities.
UAE Federal Law No. 20 of 2018 (Anti-Money Laundering Law): Must be considered for compliance in financial transfers and verification of the source and destination of security deposits.
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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