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Buy Sell Agreement For A House
"I need a Buy-Sell Agreement For A House for a residential property in Lahore, Pakistan, with a purchase price of 25 million PKR to be paid in three installments, with completion scheduled for March 2025."
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 agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the property, including address, dimensions, and registration details
5. Purchase Price: Agreed purchase price and payment terms, including deposit and installment schedule if applicable
6. Payment Terms: Detailed breakdown of payment structure, timing, and method of payment
7. Title and Ownership: Seller's warranties regarding clear title and property ownership
8. Completion Requirements: Conditions and requirements for completing the sale, including documentation and registration
9. Possession: Terms and timing for transferring possession of the property
10. Representations and Warranties: Statements and guarantees by both parties regarding the property and transaction
11. Costs and Taxes: Allocation of transaction costs, taxes, and duties between parties
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law: Specification of Pakistani law as governing law and jurisdiction
14. Execution: Signature blocks and attestation requirements
1. Condition of Property: Used when specific property conditions need to be documented or when property is sold as-is
2. Fixtures and Fittings: Include when specific items are included or excluded from the sale
3. Due Diligence: When buyer requires specific inspection or investigation rights
4. Mortgage Contingency: Include if purchase is contingent on buyer obtaining financing
5. Islamic Finance Compliance: Required when transaction needs to comply with Islamic financing principles
6. Foreign Ownership: Include when buyer is a foreign national, addressing specific requirements
7. Tenant Rights: Include if property is currently tenanted or subject to existing tenancy rights
8. Development Restrictions: Include when property is subject to specific development or usage restrictions
1. Property Documents: List of all title and property documents, including previous deeds and registrations
2. Property Plan: Detailed architectural plans, site maps, and property boundaries
3. Payment Schedule: Detailed breakdown of payment installments and timing if not paid in full
4. Property Inspection Report: Results of any property inspections or surveys conducted
5. Outstanding Liabilities: List of any existing mortgages, liens, or encumbrances
6. Completion Checklist: List of documents and actions required for completion
7. Utilities and Services: Details of existing utility connections and service providers
8. Tax Certificates: Copies of property tax payments and clearance certificates
Authors
Real Estate
Property Development
Legal Services
Banking and Finance
Construction
Property Management
Insurance
Urban Development
Housing Development
Legal
Real Estate
Property Management
Compliance
Risk Management
Finance
Contracts Administration
Business Development
Operations
Document Control
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Property Developer
Bank Manager
Mortgage Officer
Property Valuer
Compliance Officer
Contract Administrator
Real Estate Portfolio Manager
Housing Development Officer
Property Rights Specialist
Title Officer
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