The As Is Home Purchase Agreement is a specialized real estate contract used in Pakistan when a property is being sold in its existing condition without any warranties or guarantees from the seller. This document is particularly relevant in situations where the seller wishes to limit their post-sale liability regarding the property's condition, or where the property may require significant repairs or renovation. The agreement incorporates provisions from Pakistani property law, including the Transfer of Property Act 1882 and the Registration Act 1908, while explicitly stating that the buyer accepts the property with all existing defects, whether visible or not. It's commonly used for older properties, distressed sales, or situations where the seller has limited knowledge of the property's condition.
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1. Parties: Identification and details of the seller and buyer, including their full legal names, addresses, and contact information
2. Background: Brief context of the transaction and the parties' intention to enter into an as-is property sale
3. Definitions: Key terms used throughout the agreement, including Property, Closing Date, Purchase Price, and As Is condition
4. Property Description: Detailed legal description of the property being sold, including address and registration details
5. As Is Condition and Disclaimer: Clear statement that the property is being sold in its current condition with all faults and defects, with buyer's acknowledgment
6. Purchase Price and Payment: Total purchase price, payment schedule, and method of payment
7. Earnest Money: Amount of earnest money deposit, where it will be held, and conditions for its release or forfeiture
8. Closing and Possession: Closing date, location, required deliverables, and when possession will be transferred
9. Seller's Representations: Limited representations regarding ownership, authority to sell, and any mandatory disclosures
10. Buyer's Acknowledgments: Buyer's confirmation of property inspection opportunity and acceptance of as-is condition
11. Costs and Expenses: Allocation of closing costs, transfer taxes, and other transaction expenses
12. Default and Remedies: Consequences of default by either party and available remedies
13. Notices: How and where formal notices between parties should be delivered
14. Governing Law: Specification that Pakistani law governs the agreement
15. General Provisions: Standard clauses including entire agreement, amendments, and severability
1. Financing Contingency: Optional section for when buyer's purchase is contingent on obtaining financing
2. Property Inspection Period: Details of any inspection period if buyer requests time to conduct due diligence
3. Existing Tenancies: Required if property is currently tenant-occupied, describing handling of existing lease agreements
4. Property Management Until Closing: Used when specific arrangements are needed for property maintenance between agreement and closing
5. Broker Relationships: Required if real estate brokers are involved in the transaction
6. Personal Property Inclusion/Exclusion: Used when specific items of personal property are included or excluded from the sale
7. Title Insurance: Optional section if buyer wishes to obtain title insurance
8. Closing Date Extension: Terms for extending the closing date if needed
1. Schedule A - Property Details: Detailed property description, including lot size, boundaries, and any easements
2. Schedule B - Property Documents: List of all property documents provided by seller to buyer
3. Schedule C - Known Defects: List of known defects or issues with the property, if any disclosed by seller
4. Schedule D - Included Fixtures: Detailed list of fixtures included in the sale
5. Schedule E - Excluded Items: List of items specifically excluded from the sale
6. Appendix 1 - Property Photos: Current photographs of the property documenting its as-is condition
7. Appendix 2 - Property Plans: Floor plans and property layout drawings if available
8. Appendix 3 - Title Documents: Copies of relevant title and ownership documents
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