The Pre-Sale Agreement is a crucial document in Pakistan's real estate sector, used when purchasing property that is yet to be constructed or completed. It serves as a fundamental contract between developers/sellers and buyers, establishing legally binding commitments for both parties. This document is particularly important in the Pakistani context where property development projects often rely on pre-sales for funding. The agreement must comply with various Pakistani laws including the Contract Act 1872, Transfer of Property Act 1882, and local development authority regulations. It typically includes detailed provisions for property specifications, payment schedules, construction timelines, quality standards, and delivery terms, while incorporating necessary consumer protection measures and dispute resolution mechanisms. The document is essential for securing the interests of both parties in property transactions involving future developments.
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1. Parties: Identification and details of the seller/developer and buyer, including complete legal names, addresses, and registration details if companies
2. Background: Context of the agreement, including brief description of the property development project and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold, including location, dimensions, and specifications
5. Purchase Price: Total purchase price, payment schedule, and payment methods
6. Payment Terms: Detailed breakdown of payment installments, due dates, and consequences of default
7. Construction Timeline: Expected completion dates, construction milestones, and delivery schedule
8. Specifications and Standards: Detailed specifications of construction, materials, and quality standards
9. Possession and Transfer: Terms and conditions for possession and final transfer of property
10. Representations and Warranties: Warranties by seller regarding title, permissions, and quality; representations by both parties
11. Default and Remedies: Consequences of default by either party and available remedies
12. Force Majeure: Provisions for unforeseen circumstances affecting construction or completion
13. Governing Law: Specification of Pakistani law as governing law and jurisdiction
14. Dispute Resolution: Process for resolving disputes, including mediation and arbitration procedures
1. Maintenance Charges: Details of maintenance charges and terms, applicable for properties in managed developments
2. Car Parking: Allocation and terms of parking spaces, if applicable
3. Modifications: Process and terms for requesting and implementing modifications to specifications
4. Transfer Rights: Terms for transferring the agreement to third parties before completion
5. Utilities: Provisions regarding utility connections and charges
6. Club Membership: Terms of access to community facilities, if applicable
7. Insurance: Requirements for insurance during construction and after possession
1. Schedule A - Property Details: Detailed technical specifications of the property including floor plans, area calculations, and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments with specific amounts and due dates
3. Schedule C - Construction Specifications: Detailed construction specifications, materials to be used, and quality standards
4. Schedule D - Amenities List: List of included amenities and facilities
5. Schedule E - Common Area Specifications: Details of common areas and facilities in case of apartment/community developments
6. Appendix 1 - Development Approvals: Copies of relevant permits and approvals from authorities
7. Appendix 2 - Title Documents: Copies of land title documents and development rights
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