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Dubai Property Purchase Agreement Terms

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0% found this document useful (0 votes)
120 views2 pages

Dubai Property Purchase Agreement Terms

Uploaded by

wmujeketwa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Additional conditions

1. The Buyer offers to purchase the property from the Seller at the Purchase Price of AED 0,000,000/- and the Seller hereby agrees to sell the
property to the Buyer accordingly.
2. The Seller and the Buyer agree that the transfer for the above-mentioned property, will take place on or before 00-Sep-2023 (the “Transfer
Date”), subject to receiving the NOC and clearance from the Master Developer and Seller agrees to hold the Property for the Buyer until the
Transfer Date.
3. The Buyer agrees to issue 10% Security Deposit (of the Selling Price) in the form of a Cheque/Cash to be kept with the SB CAPITAL REAL
ESTATE COMPANY LLC. After the successful transfer of the property in Dubai Land Department on the Transfer Date, the Agency shall return
the deposit cheque to the Buyer.
4. The Buyer agrees to pay the amount of AED 0,000,000/- to the Developer on behalf of the Seller, in order to receive the NOC to allow for
property transfer. The amount of AED 0,000,000/- will be paid by Buyer to Seller via Manager's Cheque on Date of Transfer.
5. The Buyer agrees to pay the following fees:
a. AED 000,000/- (4% of Purchase Price + AED 580/- for ready property or AED 40/- for off plan) in form of Manager’s Cheque addressed
to Dubai Land Department for Transfer Fee.
b. for ready property AED 4,200/- (AED 4,000/- + 5% VAT) / for off plan AED 5,250/- (AED 5,000/- + 5% VAT) payable to Dubai Land
Department for Trustee Fees.
c. AED 00,000/- (2% of selling price + 5% VAT) payable to SB CAPITAL REAL ESTATE ONE PERSON COMPANY LLC as Agency Fees.
d. AED 0,000/- +VAT payable to SB CAPITAL REAL ESTATE ONE PERSON COMPANY LLC as Sales progression fees.
c. Any additional fees/charges that might be required by DLD at the time of the transfer.
6. The Seller agrees to pay the following fees:
a. Any late payment fees/charges as required by the Developer.
b. AED 5,250/- (AED 5,000/- + 5% VAT) or any amount whatsoever to the Developer for NOC Charges.
c. AED 00,000/- (2% of selling price) payable to SB REAL ESTATE COMPANY LLC
d. d. AED 0,000/- +VAT payable to SB REAL ESTATE COMPANY LLC as Sales progression fees.
7. The Seller is responsible for all outstanding balance in order to process with resale NOC and will pay transfer NOC fees
to Developer.
8. Units Service Fees paid by the Seller will be paid by the Buyer to the Seller on pro rata basis at the Day of the Transfer.
9. In the event that the Developer or Dubai Land Department does not allow the transfer of Ownership for any reason which is beyond the control
of the Seller and the Buyer, the Agency shall return the Deposit back to the Buyer. The Agreement shall in all respects be governed by and be
construed in and interpreted and take effect in accordance with the laws of the Emirate of Dubai and the Federal laws of the United Arab Emirates.
10. If the Buyer withdraws from the agreed sale for any reason, the Buyer acknowledges the total deposit amount will be forfeited for not fulfilling
the contractual obligations of this Agreement. Eighty Percent (80%) of which will be paid to the Seller as compensation and Twenty Percent (20%) +
VAT will be paid to the Agency to cover any administrative costs.
11. If the Seller withdraws from the sale after the Broker receives the Buyer deposit on/or after signing this Agreement, the Seller is liable for a
penalty equivalent to the deposit amount to the Buyer; Eighty Percent (80%) of which will be paid to the Buyer as compensation and Twenty
Percent (20%) + VAT will be paid to the Agency to cover any administrative costs.
12. Should either party default on this agreement, both Buyer and Seller agree to the Broker releasing the deposit on their behalf to the other
party. For the avoidance of doubt, both Seller and Buyer confirm that no further authority is required by the Buyer or Sellers for the Broker to
release the deposit.
13. The Buyer and the Seller acknowledge the property is rented in amount of AED 000,000/- per annum until 00.00.2023 with a refundable deposit
of 0,000/-. The Seller agrees to refund rent to then Buyer on a pro rata basis from the day of transfer plus the refundable security deposit in full, on
the Day of Transfer. It is hereby noted by all parties there is a vacating notice applicable on this unit, and the tenant shall vacate at the end of the
tenancy contract on 00.00.2023. The Buyer and the Seller agree the property is sold unfurnished / fully furnished.
The Seller agrees not to make any changes to the property from the time of signing this agreement.
14. The following terms and conditions of this agreement of sale are read and understood in the English language and shall be considered integral
to this agreement. In the event of a dispute the terms shall be translated to Arabic by a Legal Translator and included as an integral part of
agreement.
15. SB CAPITAL REAL ESTATE COMPANY LLC, and the employees have to the best of their knowledge ascertained the intention of the first party to
sell and the second party to buy under the terms and conditions laid out in this agreement. Therefore, they cannot be held responsible should
either party has not disclosed any issues relating to the sale of the property or change in either party's circumstances.
16. Any FORCE MAJEURE shall discharge them from the terms of this agreement only if that the Force Majeure continues. If the force majeure is
of such a nature as to affect the property. Then both parties shall be discharged from the further performance of this contract. Parties shall then be
restored to their status prior to signing of this agreement. Force Majeure in this context shall mean an act of God; Death of either party or any
other natural event or act of state not within the control of either Party.
IF BLOCKING (MORTGAGE SELLER/CASH BUYER)

1. The Buyer has to prepare 2 separate manager cheques of selling amount:

- One chq on the name of the bank in the debt amount:

- One chq on the name of the seller of remaining amount, which will be released to the Seller only after release mortgage will be done (2-3 weeks).

2. The Seller will pay the NOC fee to the developer.

The Seller has to provide valid Liability letter addressed to Dubai Land Department (in Arabic).

The Seller will pay DLD Blocking fees AED 1545/- and release mortgage fees of AED 1605/- at the day of the Transfer.

IF MORTGAGE TO MORTGAGE

1. The Buyer bank will to prepare 2 separate manager cheques of selling amount:

- One chq on the name of the bank in the debt amount;

- One chq on the name of the seller of remaining amount, which will be released to the Seller only after release mortgage will be done.

2. The Seller will pay the NOC fee to the developer.

3. The Seller has to provide 2 valid Liability letters same day issued with same liability amounts:

- Liability letter addressed to Dubai Land Department (in Arabic or Arabic/English);


- Liability letter addressed to Buyer bank.

The Seller will pay DLD Blocking fees AED 1545/- (if required) and release mortgage fees of AED 1605/- at the day of the Transfer.

4. The Seller is obliged to arrange access to the property for valuation company in order to the Buyer to proceed with
bank final offer letter.

5. The Buyer will finance the transaction with a local bank. The purchase transaction depends on the Buyer obtaining
final mortgage approval from the Buyers bank. The purchase transaction depends on the final valuation within 5%
margin of the selling price.

or

Both Parties acknowledge that the agreed Selling Price is nonnegotiable once this agreement is signed and the Unified
Contract F has been approved. The Selling Price shall not be increased or decreased, irrespective of what the valuation
states the value to be.

[Link] Buyer will pay DLD mortgage registration fees 0,25% of mortgage amount + AED 290/-

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