The Residential Sales Agreement serves as the primary legal instrument for documenting property transactions in Pakistan's residential real estate market. This document is essential when transferring ownership of residential property from seller to buyer, whether the property is a house, apartment, or residential plot. The agreement must comply with various Pakistani laws, including the Transfer of Property Act 1882, Registration Act 1908, and relevant local development authority regulations. It typically includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and completion requirements. The document also addresses specific requirements of Islamic law where applicable, particularly regarding interest-based transactions. This agreement is crucial for ensuring legal protection for both parties and maintaining proper documentation for property registration and transfer purposes.
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1. Parties: Identification and details of the seller and purchaser, including their complete names, CNICs, and addresses
2. Background: Brief context of the sale, including property ownership history and intention to sell/purchase
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: The agreed purchase price and payment structure, including any deposits
6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default
7. Completion: Terms and conditions for completing the sale, including timeline and closing requirements
8. Seller's Representations and Warranties: Seller's declarations regarding property title, encumbrances, and condition
9. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and compliance with laws
10. Property Possession: Terms of property handover and possession
11. Registration and Transfer: Process and responsibilities for property registration and transfer of title
12. Costs and Taxes: Allocation of transaction costs, taxes, and duties between parties
13. Default and Remedies: Consequences of breach and available remedies
14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
15. Notices: Process for serving notices between parties
16. Execution: Signature blocks and execution formalities
1. Property Inspection: Details of property inspection rights and findings, used when buyer requires specific inspection conditions
2. Mortgage Contingency: Terms related to buyer's financing arrangements, included when purchase depends on mortgage approval
3. Tenant Rights: Provisions regarding existing tenants, included when property is currently leased
4. Fixtures and Fittings: Detailed list of items included/excluded in sale, used when specific items need clarification
5. Development Approvals: References to pending or required development approvals, used for properties requiring renovation/development
6. Power of Attorney: Authorization details when either party acts through an attorney
7. Joint Ownership: Special provisions for multiple buyers or sellers
8. Islamic Finance Compliance: Additional provisions ensuring compliance with Islamic finance principles, when required
1. Property Documents: List of title documents, tax records, and property papers
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Property Plan: Floor plans, site maps, and property boundaries
4. Inventory: Detailed list of fixtures, fittings, and other items included in the sale
5. Outstanding Liabilities: List of any pending dues, taxes, or charges on the property
6. Completion Requirements: Checklist of documents and actions required for completion
7. Property Certificates: Copies of relevant certificates, permits, and approvals
8. Previous Agreements: Copies of relevant existing agreements affecting the property
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Relevant Roles
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