The Purchase Agreement Residential is a crucial legal instrument used in Pakistani property transactions to formalize the sale and purchase of residential properties. This document is essential when transferring ownership of houses, apartments, or other residential units in Pakistan, ensuring compliance with local property laws and regulations. It becomes necessary when parties have agreed on basic terms and need to formalize their agreement in a legally binding document. The agreement includes comprehensive details about the property, parties involved, financial terms, and conditions of sale, while adhering to requirements set forth in Pakistani legislation such as the Transfer of Property Act 1882 and provincial property laws. This Purchase Agreement Residential serves as the primary document for property registration authorities and is often required by financial institutions when mortgage financing is involved.
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1. Parties: Identification of the seller and purchaser with complete details including CNIC numbers
2. Background: Context of the sale and brief description of the property being transferred
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including address, dimensions, and registration details
5. Purchase Price: Agreed purchase price and payment schedule
6. Payment Terms: Detailed payment structure including installments, if any
7. Transfer of Title: Process and obligations regarding the transfer of property title
8. Seller's Representations: Warranties and representations regarding property ownership and condition
9. Buyer's Representations: Confirmations and warranties from the buyer regarding purchase capacity
10. Completion: Details of the completion process and transfer of possession
11. Costs and Taxes: Allocation of transaction costs, taxes, and duties
12. Default and Remedies: Consequences of default and available remedies
13. Governing Law: Specification of Pakistani law and relevant jurisdiction
14. Notices: Process for serving notices between parties
15. Execution: Signature blocks and execution requirements
1. Mortgage Details: Include when property purchase involves mortgage financing
2. Property Inspection: Details of property inspection when buyer requires specific inspection conditions
3. Existing Tenancies: Include when property is subject to existing tenant agreements
4. Foreign Ownership: Include when buyer is a foreign national, addressing specific requirements
5. Construction Completion: Include for under-construction properties
6. Utilities Transfer: Include when specific arrangements for utility transfer are needed
7. Furniture and Fixtures: Include when sale includes specific furniture or fixtures
8. Power of Attorney: Include when any party is acting through an attorney
1. Property Documents: List of all property documents including title deeds and tax records
2. Payment Schedule: Detailed breakdown of payment installments and dues
3. Property Plan: Architectural plans and property layout
4. Property Photos: Current photographs of the property
5. Outstanding Dues: List of any pending utilities, taxes or other dues
6. Inventory List: Detailed list of included fixtures and fittings
7. Form of Transfer Deed: Template of the property transfer deed
8. Required Permits: Copies of necessary permits and approvals
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