The Agreement For Sale Of Flat In Co Operative Housing Society is a crucial document used in Pakistan when transferring ownership of residential units within cooperative housing societies. These societies, regulated under the Cooperative Societies Act 1925 and provincial legislation, have specific requirements for property transfers that differ from regular property transactions. The agreement must account for society bylaws, membership requirements, and transfer procedures unique to cooperative housing structures. This document is essential for ensuring legal compliance, protecting both buyer and seller interests, and facilitating smooth property transfer within the society's framework. It includes comprehensive details about the property, payment terms, society rules, and transfer process, while ensuring adherence to both federal and provincial regulatory requirements.
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1. Parties: Details of the Seller (current owner) and Buyer, including full names, CNICs, addresses and contact information
2. Background: Context of the transaction, including brief description of the cooperative society and the flat being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the flat including location, measurements, floor, block number and unique identifiers
5. Purchase Price: Total consideration, payment schedule, and mode of payment
6. Payment Terms: Detailed breakdown of payment installments, due dates, and payment methods
7. Possession: Terms and conditions for handover of possession and consequences of delay
8. Seller's Representations: Warranties regarding title, encumbrances, pending dues, and legal status of the property
9. Buyer's Obligations: Responsibilities including timely payments, society membership requirements, and compliance with bylaws
10. Society Rules Compliance: Acknowledgment and agreement to comply with society bylaws and regulations
11. Transfer Process: Procedure for executing transfer documents and obtaining society approval
12. Taxes and Expenses: Allocation of transfer fees, taxes, stamp duty and other transaction costs
13. Default and Remedies: Consequences of default by either party and available remedies
14. Governing Law: Applicable laws and jurisdiction
15. Notices: Method and addresses for serving notices between parties
16. Force Majeure: Provisions for unforeseen circumstances preventing performance
17. Entire Agreement: Confirmation that the agreement represents complete understanding between parties
1. Loan and Mortgage: Required when buyer is obtaining bank financing, including details of the mortgage arrangement
2. Condition of Property: Needed when the flat is being sold in 'as is' condition or requires specific repairs
3. Parking Space: Include when designated parking space is part of the sale
4. Utilities Transfer: Required when specific arrangements for utility transfers need to be documented
5. Power of Attorney: Include when any party is acting through an authorized representative
6. Construction Status: Required for under-construction properties, including completion timeline and specifications
7. Furniture and Fixtures: Include when sale includes specific furniture or fixed installations
1. Schedule A - Property Details: Detailed specifications of the flat including floor plan, covered area, and amenities
2. Schedule B - Payment Schedule: Detailed breakdown of all payments with dates and amounts
3. Schedule C - Society Documents: Copies of relevant society documents including membership certificate and bylaws
4. Schedule D - Title Documents: List and copies of all title and ownership documents
5. Schedule E - Inventory: List of fixtures, fittings and items included in the sale
6. Appendix 1 - Transfer Forms: Standard society transfer forms to be executed
7. Appendix 2 - No Dues Certificate: Society certification of no pending dues on the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Housing & Construction
Cooperative Societies
Banking & Finance
Property Management
Legal Services
Urban Development
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Documentation
Housing Administration
Corporate Affairs
Asset Management
Relevant Roles
Real Estate Lawyer
Property Manager
Housing Society Administrator
Real Estate Agent
Legal Counsel
Property Developer
Compliance Officer
Housing Society Secretary
Real Estate Transaction Manager
Property Documentation Officer
Cooperative Society Manager
Real Estate Portfolio Manager
Housing Project Director
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