SPA (Sales and Purchase Agreement): A contract that finalizes the terms and conditions of a
property sale between a buyer and seller. In off-plan sales, the SPA is a detailed contract outlining
payment schedule, completion date, and remedies. In many markets this is synonymous with the
sale contract. (In Dubai, the Form F or Oqood contract serves as the SPA.) Example: After paying
the deposit, both parties signed the Sale and Purchase Agreement (SPA), which included the
agreed price, handover date, and a clause that penalties apply if the developer delays completion
beyond the agreed date.