A preliminary, usually non-binding agreement outlining intended terms.
Related terms
- Musataha
A UAE and Gulf right, typically up to 50 years and renewable, allowing the holder to build on and use land owned by another, with the buildings owned separatel…
- Notarisation
Formal authentication of a document or signature by a public notary, giving it legal validity; in the Gulf and Egypt most property transfers must be notarised…
- Off-plan registration
Official recording of an off-plan sale to protect the buyer interest.
- Power of attorney
Authority granted to one party to act on another behalf in property matters.
- Registration fee
The fee paid to record an interest in land at the registry, distinct from any transfer tax; required to make the interest enforceable against third parties.
- Repossession
The lender or lessor retaking possession of an asset following default, whether under a mortgage, lease, or Islamic finance structure.
- Restrictive covenant
A binding obligation in a title or contract that limits how land may be used (e.g.
- Sale and purchase agreement (SPA)
The binding contract setting out the terms of a property transaction.