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Agreement To Sell Property

Agreement To Sell Property Template for Pakistan

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Key Requirements PROMPT example:

Agreement To Sell Property

"I need an Agreement to Sell Property for a residential house in Lahore, Pakistan, with a purchase price of PKR 25 million to be paid in three installments, with completion scheduled for March 2025."

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Document background
An Agreement to Sell Property is a crucial legal document used in Pakistani property transactions as a preliminary step before the final sale deed. This document is essential when parties have agreed to a property sale but need to formalize the terms and conditions before the actual transfer takes place. It's particularly relevant in situations involving payment installments or when certain conditions must be met before completing the sale. The agreement must comply with Pakistani property law, including the Transfer of Property Act 1882 and related legislation. It protects both parties' interests by clearly documenting the property details, price, payment schedule, and obligations of each party. This type of agreement is widely used in both residential and commercial property transactions throughout Pakistan, serving as a legally binding commitment to transfer property ownership upon fulfillment of specified conditions.
Suggested Sections

1. Parties: Identification of the seller and purchaser with complete details including name, CNIC, address and contact information

2. Background: Context of the transaction, including brief property history and current ownership status

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including exact location, dimensions, and boundaries

5. Sale Consideration: Purchase price, payment schedule, and payment methods

6. Payment Terms: Detailed breakdown of payment installments, timelines, and consequences of default

7. Completion: Timeline and process for completing the sale, including documentation requirements

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 capacity to purchase and financial ability

10. Possession and Transfer: Terms regarding property possession and transfer of ownership

11. Registration and Expenses: Responsibilities for registration costs, stamp duty, and other transaction expenses

12. Default and Remedies: Consequences of breach and available remedies

13. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction

14. Execution: Signing requirements and witness details

Optional Sections

1. Third Party Rights: Include when there are existing tenants or other parties with rights over the property

2. Conditions Precedent: Include when completion is subject to specific conditions being met

3. Property Inspection: Include when specific inspection requirements or findings need to be documented

4. Utilities and Maintenance: Include when there are specific arrangements for handling utility transfers or maintenance responsibilities

5. Agricultural Land Provisions: Include when the property involves agricultural land with specific legal requirements

6. Joint Ownership Provisions: Include when the property will be owned by multiple purchasers

7. Power of Attorney: Include when either party is acting through an attorney

8. Islamic Finance Provisions: Include when the transaction involves Islamic financing arrangements

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property including plot number, measurements, and boundaries

2. Payment Schedule: Detailed breakdown of payment installments with specific dates and amounts

3. Title Documents: List of all title documents and their copies

4. Property Papers: Copies of essential property documents including registry, tax receipts, and approvals

5. Encumbrance Certificate: Recent encumbrance certificate showing any registered transactions or charges

6. Site Plan: Approved site plan or layout of the property

7. Inventory Schedule: List of any fixtures and fittings included in the sale

8. Due Diligence Report: Summary of legal and technical due diligence findings

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses






























Relevant Industries

Real Estate

Banking & Finance

Construction

Property Development

Legal Services

Agriculture

Industrial

Retail

Hospitality

Commercial Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Finance

Corporate Affairs

Risk Management

Operations

Business Development

Document Control

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Manager

Company Director

Real Estate Developer

Compliance Officer

Land Surveyor

Property Valuer

Contract Manager

Chief Legal Officer

Real Estate Investment Manager

Title Examiner

Conveyancing Lawyer

Property Consultant

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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