Pre Sale Contract

Pre Sale Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

"I need a Pre-Sale Contract for a luxury residential development project in Riyadh, where our company will be selling 50 off-plan apartments to individual buyers, with construction completion scheduled for March 2025 and including specific payment milestone provisions."

Document background

The Pre-Sale Contract is essential in Saudi Arabian property transactions where assets are sold before their completion or availability. This document type is commonly used in real estate development projects, off-plan property sales, and commercial property transactions. It must comply with Saudi Arabian law, including Sharia principles, the Off-Plan Sales Law (Wafi Program), and relevant Ministry of Commerce regulations. The contract typically includes comprehensive details about the property, payment terms, completion schedules, and party obligations. It's particularly important in the current Saudi market given the increasing number of development projects under Vision 2030 and the growing real estate sector. The document provides legal protection for both buyers and sellers while ensuring regulatory compliance and transparent transaction terms.

Suggested Sections

1. Parties: Identification and details of the seller and buyer, including full legal names, addresses, and commercial registration numbers if applicable

2. Background: Context of the transaction, including brief description of the property and purpose of the pre-sale agreement

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Subject Matter: Detailed description of the property or asset being sold, including specifications and location

5. Purchase Price: Total purchase price, payment schedule, and payment methods in compliance with Sharia principles

6. Payment Terms: Detailed breakdown of installments, deposit requirements, and payment milestones

7. Completion Date: Expected completion and handover date of the property or asset

8. Seller's Obligations: Responsibilities and commitments of the seller, including construction milestones and quality standards

9. Buyer's Obligations: Responsibilities and commitments of the buyer, including payment obligations and cooperation requirements

10. Warranties and Representations: Statements and guarantees made by both parties regarding their capacity and authority

11. Default and Termination: Consequences of breach and conditions for contract termination

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

13. Notices: Process and requirements for formal communications between parties

14. Entire Agreement: Confirmation that the document represents the complete agreement between parties

Optional Sections

1. Force Majeure: Provisions for unforeseen circumstances preventing contract performance, used when project completion might be affected by external factors

2. Assignment: Rules for transferring rights under the contract, included when transfer rights need to be restricted or permitted

3. Confidentiality: Obligations to maintain confidentiality of contract terms, used in sensitive commercial transactions

4. Insurance: Requirements for insurance coverage, included when specific risks need to be managed

5. Dispute Re��ֱ��: Alternative dispute re��ֱ�� mechanisms, included when parties prefer arbitration or mediation before court proceedings

6. Variations: Process for making changes to specifications or terms, used in complex property transactions

7. Defects Liability: Extended warranty period for defects, included in new property sales

8. Escrow Arrangements: Details of escrow account management, included when required by regulations or agreed by parties

Suggested Schedules

1. Property Specifications: Detailed technical specifications, floor plans, and property features

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

3. Construction Timeline: Milestone dates for construction and development phases

4. Title Documents: Copies of relevant title deeds and ownership documents

5. Required Approvals: List of regulatory approvals and permits required or obtained

6. Property Plans: Architectural drawings and layout plans

7. Quality Specifications: Detailed quality standards and materials specifications

8. Handover Protocol: Procedures and checklist for property handover

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Construction

Property Development

Commercial Property

Residential Property

Retail

Industrial

Hospitality

Mixed-use Development

Infrastructure

Relevant Teams

Legal

Real Estate

Sales

Compliance

Property Development

Project Management

Finance

Risk Management

Business Development

Operations

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Contract Manager

Sales Director

Property Manager

Development Director

Compliance Officer

Project Manager

Investment Manager

Commercial Director

Business Development Manager

Risk Manager

Financial Controller

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Real Estate Sales Form

Standard real estate sales contract template for property transactions in Saudi Arabia, compliant with Saudi law and Sharia principles.

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Let's create your Pre Sale Contract

Authors

Alex Denne

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