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Memorandum Of Agreement For Land Sale
"I need a Memorandum of Agreement for Land Sale for purchasing an undeveloped commercial plot in Dubai Industrial City, with completion scheduled for March 2025 and including specific development timeline requirements."
1. Parties: Detailed identification of the Seller and Buyer, including full legal names, Emirates ID numbers, passport details for foreign nationals, and contact information
2. Background: Context of the transaction, brief description of the property, and parties' intentions
3. Definitions: Key terms used throughout the agreement, including Property, Completion Date, Purchase Price, Deposit, etc.
4. Property Details: Comprehensive description of the property including plot number, area, location, any buildings, and registration details as per UAE land registry
5. Purchase Price: Agreed purchase price, payment schedule, deposit requirements, and payment methods in compliance with UAE regulations
6. Completion Requirements: Conditions for completion, including required documentation, registration procedures, and timeframes
7. Seller's Obligations: Responsibilities of the seller including providing clear title, necessary documentation, and cooperation with registration
8. Buyer's Obligations: Responsibilities of the buyer including payment obligations, due diligence requirements, and registration cooperation
9. Warranties and Representations: Standard warranties from both parties regarding capacity, ownership, and authority to enter into the agreement
10. Registration and Transfer: Procedures for property registration with relevant authorities and transfer of ownership
11. Costs and Taxes: Allocation of transaction costs, registration fees, and applicable taxes
12. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction of UAE courts
1. Mortgage Status: Required if property is currently mortgaged, detailing discharge process
2. Development Restrictions: Needed for undeveloped land or properties with specific development conditions
3. Condition of Property: Detailed when property includes buildings or structures requiring inspection
4. Tenancy Details: Required if property is currently tenanted, addressing tenant rights and obligations
5. Foreign Ownership Compliance: Required for foreign buyers, addressing ownership restrictions and compliance
6. Service Charge Provisions: Needed for properties in managed communities or developments
7. Power of Attorney: Required if any party is acting through an authorized representative
8. Force Majeure: Optional clause addressing unforeseen circumstances affecting completion
1. Property Schedule: Detailed property information including site plan, title deed details, and property boundaries
2. Payment Schedule: Detailed breakdown of payment installments and timing
3. Due Diligence Documents: List of required documentation including title deed, building permits, and compliance certificates
4. Property Condition Report: If applicable, detailed report on property condition and included fixtures/fittings
5. Required Approvals: List of necessary NOCs and regulatory approvals
6. Registration Requirements: Checklist of documents required for property registration
7. Existing Encumbrances: Details of any existing mortgages, liens, or other encumbrances
Authors
Real Estate
Property Development
Construction
Banking and Finance
Investment
Legal Services
Property Management
Urban Planning
Agriculture (for agricultural land)
Industrial (for industrial plots)
Hospitality (for hotel/tourism developments)
Retail (for commercial properties)
Residential Development
Legal
Real Estate
Property Development
Compliance
Finance
Investment
Operations
Project Management
Risk Management
Business Development
Asset Management
Acquisitions
Property Management
Real Estate Director
Property Manager
Legal Counsel
Contract Manager
Development Manager
Investment Manager
Real Estate Agent
Property Developer
Land Acquisition Manager
Compliance Officer
Real Estate Transaction Specialist
Property Registration Officer
Chief Investment Officer
Real Estate Portfolio Manager
Project Manager
Site Manager
Financial Controller
Real Estate Consultant
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