The binding legal contract between buyer and seller, signed before the DLD transfer is registered.
An SPA is the Sales Purchase Agreement signed between buyer and seller (or buyer and developer for off-plan). It locks in the price, deposit, payment milestones, handover terms, and any conditions. Once signed and a 10 percent deposit is paid, the SPA is legally binding.
Mario reads every SPA line by line before any client signs. The high-risk clauses are the late-payment penalty rate (some developers charge 18 percent annual), the handover date and the developer's right to extend it, and the dispute resolution venue. For off-plan, the SPA also references the Oqood registration timeline. Walking away after signing without a clean exit clause means losing the 10 percent deposit.
Mario walks every European investor through these mechanics on the first call. The diligence trail is what separates a clean deal from a regret.