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Condominium Purchase Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Condominium Purchase Agreement

"I need a Condominium Purchase Agreement for a 3-bedroom unit in Riyadh to be purchased by a Saudi national, with a standard payment schedule and completion date of March 2025."

Document background
The Condominium Purchase Agreement is a crucial legal instrument used in Saudi Arabia for transferring ownership of condominium units from sellers to buyers. This document is essential for any transaction involving the purchase of an apartment or unit within a larger building or complex in the Kingdom. It must comply with various regulatory requirements, including the Real Estate Ownership and Investment Law, Islamic Sharia principles, and recent property reforms under Vision 2030. The agreement covers all necessary aspects of the transaction, from initial property description and payment terms to ongoing maintenance obligations and common area rights. It's particularly important in urban centers where condominium living is becoming increasingly common, and can be used for both residential and commercial properties. The document includes specific provisions required by Saudi law for property registration, title transfer, and where applicable, foreign ownership restrictions.
Suggested Sections

1. Parties: Identification of the seller and purchaser, including full legal names, national ID numbers/CR numbers, and contact details as required by Saudi law

2. Background: Context of the transaction, including brief description of the property and intention to sell/purchase

3. Definitions: Key terms used in the agreement, including technical terms related to property ownership and Saudi real estate terminology

4. Property Description: Detailed description of the condominium unit, including unit number, floor, building details, and exact measurements as per Saudi property registration requirements

5. Purchase Price and Payment Terms: Agreed purchase price, payment schedule, and method of payment in compliance with Sharia financing principles

6. Title and Ownership: Confirmation of seller's ownership, warranties of title, and process for transfer of ownership through the official property registration system

7. Common Areas and Facilities: Rights and obligations regarding shared facilities and common areas as per Saudi condominium laws

8. Service Charges and Maintenance: Ongoing maintenance fees, service charges, and related obligations for common area maintenance

9. Warranties and Representations: Seller's warranties regarding the property condition, legal status, and compliance with local regulations

10. Closing and Transfer Procedures: Process and requirements for completing the sale and transferring ownership through official channels

11. Default and Remedies: Consequences of default by either party and available remedies under Saudi law

12. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction of Saudi courts

13. Notices: Process for formal communications between parties

14. Execution: Signature requirements and attestation procedures as per Saudi legal requirements

Optional Sections

1. Mortgage Financing: Include when the purchase involves bank financing, detailing the mortgage arrangements and compliance with Islamic finance principles

2. Off-Plan Purchase Provisions: Include for properties purchased before completion, including developer obligations and Wafi program requirements

3. Foreign Ownership Compliance: Include when the purchaser is non-Saudi, detailing compliance with foreign ownership regulations

4. Property Management Agreement: Include when there's a separate management company for the condominium complex

5. Furniture and Fixtures: Include when the sale includes specific furniture or fixtures

6. Parking Allocation: Include when specific parking spaces are assigned to the unit

7. Construction Warranty: Include for new properties, detailing developer warranties and defect liability periods

8. Strata Title Provisions: Include detailed provisions about strata title when the building has complex common facility arrangements

Suggested Schedules

1. Property Details Schedule: Detailed technical specifications of the unit, including floor plans, area calculations, and boundary details

2. Payment Schedule: Detailed breakdown of payment installments and due dates

3. Common Area Specifications: Details of common facilities, including maintenance obligations and usage rights

4. Title Deed Documents: Copies of current title deed and property registration documents

5. Building Permits and Certificates: Relevant building permits, completion certificates, and regulatory approvals

6. Service Charge Schedule: Breakdown of service charges and maintenance fees

7. Property Condition Report: Detailed report on the current condition of the property

8. Building Rules and Regulations: Copy of the condominium complex rules and regulations

9. Municipality Certificates: Required municipal certificates and clearances

10. Boundary Drawings: Official boundary drawings and unit location plans as required by Saudi regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ 红杏直播 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions









































Clauses

































Relevant Industries

Real Estate

Construction

Property Development

Banking & Finance

Legal Services

Property Management

Construction Management

Urban Development

Residential Property

Commercial Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Business Development

Contract Administration

Risk Management

Finance

Operations

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Sales Manager

Contract Administrator

Real Estate Investment Manager

Property Valuation Specialist

Transaction Manager

Development Director

Legal Director

Real Estate Portfolio Manager

Property Transaction Coordinator

Industries








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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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