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Promissory Note (Real Estate)

Promissory Note (Real Estate) Template for Qatar

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Key Requirements PROMPT example:

Promissory Note (Real Estate)

"I need a Promissory Note (Real Estate) for a commercial property purchase in Doha, Qatar, with quarterly installment payments starting March 2025, including specific default provisions and the option to accelerate payment if the property is sold before full payment."

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Document background
A Promissory Note (Real Estate) is commonly used in Qatar's real estate transactions to formalize payment obligations between parties. This document type is particularly relevant when there's a need to structure payments for property purchases, secure real estate investments, or formalize developer payments. The note must comply with Qatar's Civil Code and Commercial Code requirements for negotiable instruments, while also adhering to Islamic finance principles where applicable. It typically includes specific details about the property, payment terms, parties involved, and enforcement mechanisms. The document's format and content are designed to ensure enforceability under Qatar law while providing clear documentation of the financial obligation related to the real estate transaction.
Suggested Sections

1. Date and Place of Execution: The specific date and location where the promissory note is executed, which is crucial for legal validity under Qatar law

2. Maker's Details: Full legal name, address, and identification details of the person/entity making the promise to pay

3. Payee's Details: Full legal name, address, and identification details of the person/entity to whom payment is promised

4. Promise to Pay: Unconditional promise to pay a specific sum, including the amount in both numbers and words

5. Payment Terms: Specific date or timeline when payment is due, including whether it's on demand or at a fixed future date

6. Property Details: Description of the real estate property related to the promissory note, including title details and registration information

7. Place of Payment: Specific location where payment must be made

8. Governing Law Statement: Clear statement that the note is governed by Qatar law

9. Signature Block: Space for maker's signature, with full name and date

Optional Sections

1. Interest Rate: Include only if interest is to be charged, ensuring compliance with Qatar's Islamic banking principles

2. Installment Schedule: Include if payment is to be made in multiple installments rather than a single payment

3. Security Details: Include if the note is secured by additional collateral beyond the referenced property

4. Witness Details: Include when additional verification of execution is desired, though not legally required

5. Joint Maker Details: Include when there are multiple makers jointly responsible for the payment

6. Default Provisions: Include specific consequences and procedures in case of default

7. Transfer Rights: Include specific provisions regarding the right to transfer or assign the note

Suggested Schedules

1. Property Title Documents: Copies of relevant property ownership documents and registration details

2. Payment Schedule: If applicable, detailed breakdown of installment amounts and due dates

3. Security Documents: If applicable, documents relating to additional security or collateral

4. Property Valuation: If relevant, professional valuation report of the property

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

Construction & Development

Investment & Asset Management

Property Management

Legal Services

Islamic Finance

Commercial Property

Residential Property

Infrastructure Development

Relevant Teams

Legal

Real Estate

Finance

Compliance

Risk Management

Investment

Property Management

Business Development

Corporate Affairs

Operations

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Finance Director

Investment Manager

Real Estate Agent

Property Manager

Compliance Officer

Contract Administrator

Chief Financial Officer

Real Estate Investment Officer

Transaction Manager

Risk Manager

Corporate Lawyer

Business Development Manager

Industries
Qatar Civil Code (Law No. 22 of 2004): The fundamental law governing civil transactions, contracts, and obligations in Qatar. It provides the basic framework for contractual relationships and financial commitments.
Qatar Commercial Code (Law No. 27 of 2006): Contains specific provisions regarding commercial paper and negotiable instruments, including the requirements and regulations for promissory notes.
Qatar Real Estate Registration Law (Law No. 14 of 1964): Governs the registration and documentation of real estate transactions and related securities in Qatar.
Qatar Central Bank Law (Law No. 13 of 2012): Relevant for financial instruments and monetary obligations, including regulations on payment instruments and financial securities.
Law No. 16 of 2018 on the Regulation of Non-Qatari Real Estate Ownership: Specifically relevant if the transaction involves non-Qatari parties, as it regulates foreign ownership of real estate and related transactions.
Law No. 10 of 2020 (Civil and Commercial Procedure Law): Provides the legal framework for enforcement of promissory notes and dispute resolution procedures in case of default.
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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