The Bargain Sale Deed is a specialized property transfer document used in Pakistan when immovable property is being sold at a price lower than its market value. This document is essential in situations such as family transfers, charitable dispositions, or distress sales, where the consideration is deliberately set below market rates. The deed must comply with the Transfer of Property Act, 1882, Registration Act, 1908, and relevant provincial laws in Pakistan. It requires mandatory registration at the Sub-Registrar's office and appropriate stamp duty payment. The document includes comprehensive details about the property, parties involved, consideration amount, warranties, and representations. It serves as a permanent record of the transaction and protects both parties' interests while ensuring legal compliance with Pakistani property law requirements.
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Key Requirements PROMPT example:
Bargain Sale Deed
"I need a Bargain Sale Deed to transfer my residential property in Lahore to my son at 60% of market value, with the transfer to be completed by March 2025 and including specific conditions about continued family occupation rights for myself."
1. Parties: Details of the Seller (Vendor) and Buyer (Vendee) including full names, ages, addresses, and legal capacity
2. Background: Brief history of property ownership, reason for sale, and context of the transaction
3. Definitions: Definitions of key terms used throughout the deed
4. Property Description: Detailed description of the property including exact measurements, boundaries, and location details
5. Title and Ownership Declaration: Seller's declaration of clear title and right to sell the property
6. Consideration: Details of the sale price and payment terms, including confirmation of receipt
7. Possession: Terms regarding the transfer of physical possession of the property
8. Warranties and Representations: Seller's warranties regarding property title, encumbrances, and legal status
9. Covenants: Promises by both parties regarding the transaction and property
10. Registration and Expenses: Details about registration requirements and allocation of associated costs
11. Execution: Formal execution clause with space for signatures and witnesses
1. Encumbrances: Details of any existing mortgages, liens, or other encumbrances on the property - include if property is not free from all encumbrances
2. Power of Attorney: Details of any power of attorney if either party is acting through an agent
3. Previous Transactions: History of previous sales/transfers - include if property has complex ownership history
4. Development Status: Details of any ongoing or planned development - include for properties under development
5. Utilities and Services: Status and transfer of utility connections - include for developed properties
6. Tax Matters: Specific tax obligations and arrangements - include if there are outstanding tax issues
7. Dispute Resolution: Specific dispute resolution mechanisms - include if parties want detailed conflict resolution procedures
1. Schedule A - Property Details: Comprehensive property description including exact measurements, boundaries, and any fixtures/fittings included
2. Schedule B - Title Documents: List of all title documents and previous deeds relating to the property
3. Schedule C - Payment Schedule: Detailed breakdown of payment terms if payment is to be made in installments
4. Schedule D - Encumbrance Details: List of any existing encumbrances, charges, or liens on the property
5. Schedule E - Property Tax Records: Details of property tax payments and any outstanding dues
6. Appendix 1 - Property Plans: Architectural plans, site maps, and location plans of the property
7. Appendix 2 - Photographs: Recent photographs of the property and its boundaries
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