The Real Estate Sales Contract is a fundamental legal instrument used in Pakistan for documenting property transactions between parties. It serves as the primary agreement for transferring ownership of real estate, whether residential, commercial, or industrial property. This document is essential for compliance with Pakistani property law, including the Transfer of Property Act 1882, Registration Act 1908, and relevant provincial legislation. The contract typically includes comprehensive details about the property, parties involved, financial terms, and conditions of sale. It must be properly executed and registered with local authorities to ensure legal validity. This document type is particularly important in Pakistan's property market, where formal documentation is crucial for establishing clear title and avoiding future disputes.
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1. Parties: Identification and details of the seller and purchaser, including their complete legal names, CNICs, and addresses
2. Background: Context of the transaction, including brief property history and purpose of the sale
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including exact location, dimensions, and boundaries as per title documents
5. Purchase Price: Total consideration, payment schedule, and payment methods
6. Payment Terms: Detailed breakdown of payment structure, including earnest money, installments, and final payment
7. Completion: Timeline and process for completing the sale, including registration and handover
8. Seller's Representations and Warranties: Seller's declarations regarding property title, encumbrances, and legal status
9. Purchaser's Representations and Warranties: Purchaser's declarations regarding financial capacity and compliance
10. Title and Transfer: Process of title transfer, registration requirements, and responsibilities
11. Possession: Terms and conditions for transferring possession of the property
12. Costs and Taxes: Allocation of transaction costs, taxes, and duties between parties
13. Default and Remedies: Consequences of default and available remedies to parties
14. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes
15. Notices: Process and addresses for serving notices between parties
16. Execution: Signature blocks and witness requirements
1. Mortgage Details: Required when property is being purchased through bank financing, detailing mortgage terms and bank requirements
2. Existing Tenancies: Needed when property is subject to ongoing tenancies, describing tenant rights and obligations
3. Construction Completion: Required for under-construction properties, detailing completion timelines and specifications
4. Property Management: Relevant for properties in managed communities, describing maintenance fees and obligations
5. Due Diligence Period: Optional cooling-off period for purchaser to conduct property investigations
6. Broker/Agent Provisions: Required when real estate agents are involved, detailing commission arrangements
7. Joint Ownership Terms: Needed when multiple purchasers are involved, describing shares and rights
8. Force Majeure: Optional clause for unforeseen circumstances affecting completion
9. Environmental Matters: Required for industrial or agricultural properties, addressing environmental compliance
1. Property Description Schedule: Detailed technical description of property including plot numbers, measurements, and boundaries
2. Payment Schedule: Detailed breakdown of payment installments with dates and amounts
3. Title Documents: List and copies of all relevant title and ownership documents
4. Property Inspection Report: Technical assessment of property condition and any defects
5. Outstanding Utilities: List of utility connections and outstanding bills
6. Inventory List: For furnished properties, detailed list of included items and their condition
7. Required Approvals: List of necessary governmental and regulatory approvals
8. Site Plan: Architectural drawings and approved plans of the property
9. Chain of Title: Historical record of property ownership and transfers
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Finance
Construction
Property Development
Legal Services
Agriculture (for agricultural land)
Industrial
Retail
Hospitality
Investment & Asset Management
Relevant Teams
Legal
Real Estate
Compliance
Finance
Risk Management
Business Development
Property Management
Corporate Affairs
Investment
Operations
Relevant Roles
Real Estate Manager
Property Lawyer
Legal Counsel
Property Developer
Real Estate Agent
Compliance Officer
Contract Manager
Chief Legal Officer
Property Valuator
Real Estate Investment Manager
Corporate Counsel
Property Portfolio Manager
Business Development Manager
Risk Manager
Financial Controller
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