The Simple Purchase Agreement For House is a fundamental legal document used in Pakistani real estate transactions to formalize the purchase and sale of residential property. This document is essential when parties wish to document the terms and conditions of a property sale in compliance with Pakistani law, particularly the Transfer of Property Act 1882 and related legislation. It serves as a binding contract between buyer and seller, detailing crucial aspects such as property description, purchase price, payment terms, and transfer procedures. The agreement is designed to protect both parties' interests while ensuring the transaction meets all legal requirements for property transfer in Pakistan, including proper registration and stamp duty payment. It's commonly used in both direct sales between private parties and transactions involving real estate agents or property developers.
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Key Requirements PROMPT example:
Simple Purchase Agreement For House
"I need a Simple Purchase Agreement For House in Pakistan for a residential property sale with a staged payment plan, where 30% is paid upfront and the remaining 70% will be paid in three equal installments over six months, with completion scheduled for March 2025."
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1. Parties: Identification of the Seller and Buyer with complete details including CNIC numbers, addresses and contact information
2. Background: Brief context of the transaction, including the Seller's ownership and intention to sell, and Buyer's intention to purchase
3. Definitions: Definitions of key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.
4. Property Details: Complete description of the property including address, size, boundaries, and registration details as per official records
5. Purchase Price: The agreed purchase price, payment schedule, and method of payment
6. Payment Terms: Detailed breakdown of payment structure including earnest money, installments if any, and final payment
7. Completion: The process and timeline for completing the transaction, including registration and handover
8. Seller's Representations and Warranties: Seller's declarations regarding ownership, encumbrances, legal status of the property
9. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and compliance with laws
10. Property Inspection: Buyer's right to inspect the property and acceptance of its condition
11. Registration and Transfer: Process for legal transfer and registration of the property
12. Costs and Taxes: Allocation of transaction costs, taxes, and duties between parties
13. Default and Remedies: Consequences of default by either party and available remedies
14. Governing Law: Confirmation that the agreement is governed by Pakistani law
15. Execution: Signature blocks for parties and witnesses as required under Pakistani law
1. Possession: Details about current occupancy and terms of vacant possession, used when the property is currently occupied
2. Utilities and Maintenance: Transfer of utility connections and maintenance responsibilities, relevant when dealing with developed properties
3. Property Contents: List of fixtures and fittings included/excluded in the sale, used when selling furnished or partially furnished properties
4. Conditions Precedent: Specific conditions that must be met before completion, used in complex transactions
5. Islamic Finance Compliance: Specific provisions ensuring compliance with Islamic finance principles, used when Islamic financing is involved
6. Power of Attorney: Authorization details if any party is acting through an attorney, used when parties cannot be present personally
1. Schedule 1 - Property Description: Detailed technical description of the property including plot number, survey numbers, measurements, and boundaries
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments with dates if payment is not made in full
3. Schedule 3 - Property Documents: List of all property documents to be handed over upon completion
4. Schedule 4 - Property Contents: Inventory of fixtures, fittings and contents included in the sale
5. Appendix A - Site Plan: Official site plan or map of the property
6. Appendix B - Title Documents: Copies of relevant title documents and certificates
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Real Estate
Banking & Finance
Legal Services
Property Development
Construction
Investment Management
Property Management
Mortgage Services
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Risk Management
Operations
Contract Administration
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Developer
Bank Manager
Mortgage Officer
Property Valuer
Legal Counsel
Real Estate Manager
Property Administrator
Compliance Officer
Contract Manager
Real Estate Investment Manager
Housing Finance Specialist
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