The Multi Family Purchase And Sale Agreement is a crucial legal instrument used in Pakistan for transactions involving residential properties with multiple dwelling units. This document is essential when selling or purchasing apartment buildings, residential complexes, or any property containing multiple residential units. It must comply with Pakistani property laws, including the Transfer of Property Act 1882, Stamp Act 1899, and relevant provincial regulations. The agreement incorporates necessary provisions for property transfer, payment structures, due diligence requirements, and existing tenancy considerations. It also addresses specific Pakistani market considerations such as Islamic finance compliance and local registration requirements. This document is particularly important given Pakistan's growing urban population and increasing demand for multi-family residential properties in major cities.
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1. Parties: Identification of seller(s) and buyer(s) with complete legal names, addresses, and registration details if applicable
2. Background: Context of the transaction, brief description of the property, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the multi-family property, including legal description, boundaries, and included fixtures
5. Purchase Price: Total purchase price, payment structure, and deposit requirements
6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default
7. Due Diligence: Buyer's rights and timeframe for property inspection, title search, and other investigations
8. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, condition, and legal status
9. Buyer's Representations and Warranties: Buyer's guarantees regarding financial capability and intended use
10. Closing Conditions: Conditions that must be met before the sale can be completed
11. Transfer of Title: Process and requirements for transferring property title
12. Possession: Terms and timing of property possession transfer
13. Property Management Until Closing: Responsibilities for property maintenance and management until closing
14. Default and Remedies: Consequences and remedies for breach of contract
15. Notices: Method and addresses for official communications between parties
16. Governing Law: Specification of Pakistani law as governing law and jurisdiction
17. Execution: Signature blocks and execution requirements
1. Existing Tenancies: Details of current tenants and lease agreements, used when property is partially or fully occupied
2. Financing Contingency: Conditions related to buyer's ability to secure financing, included when buyer requires mortgage
3. Property Management Transition: Terms for transitioning property management, relevant for properties with existing management
4. Environmental Matters: Environmental investigations and responsibilities, important for older properties or industrial areas
5. Zoning Compliance: Specific zoning requirements and compliance matters, needed when property use changes are planned
6. Foreign Investment Provisions: Special provisions for foreign buyers, included when buyer is non-Pakistani
7. Broker Provisions: Terms regarding real estate broker involvement and commissions, if brokers are involved
8. Islamic Finance Compliance: Special provisions ensuring compliance with Islamic finance principles, if required
9. Service Contracts: Treatment of existing service contracts, relevant for properties with ongoing service agreements
1. Property Schedule: Detailed property description, including floor plans, boundaries, and registered title details
2. Inventory Schedule: List of fixtures, fittings, and equipment included in the sale
3. Tenancy Schedule: Details of all existing tenancies, including lease terms and rent rolls
4. Outstanding Violations Schedule: List of any building or municipal code violations
5. Due Diligence Documents: List of documents provided for due diligence
6. Service Contracts Schedule: List of existing service contracts and maintenance agreements
7. Payment Schedule: Detailed breakdown of payment installments and timing
8. Property Title Documents: Copies of relevant title documents and certificates
9. Maintenance Records: History of property maintenance and repairs
10. Regulatory Approvals: Copies of all relevant permits and regulatory approvals
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