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Earnest Money Contract

Earnest Money Contract Template for Pakistan

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Key Requirements PROMPT example:

Earnest Money Contract

"I need an Earnest Money Contract for a commercial property purchase in Lahore, Pakistan, with a 10% earnest money deposit of the total PKR 50 million purchase price, and closing date set for March 15, 2025."

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Document background
The Earnest Money Contract is a crucial document in Pakistani property transactions, used when a buyer intends to purchase real estate and needs to formalize their commitment through a good faith deposit. This contract type serves as a preliminary agreement that protects both parties' interests during the period between initial agreement and final sale completion. It is particularly important in the Pakistani legal context, where property transactions must comply with both civil law and Islamic law principles. The document typically includes specific provisions about the earnest money amount (usually 5-10% of the purchase price), conditions for its retention or return, timeline for the transaction, and obligations of both parties. It forms the foundation for the subsequent sale deed and is essential for establishing legal rights and responsibilities in property transactions under Pakistani jurisdiction.
Suggested Sections

1. Parties: Identification and details of the seller and purchaser, including complete legal names, addresses, and any relevant registration numbers

2. Background: Context of the transaction and brief description of the parties' intention to enter into a property sale agreement

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Property Description: Detailed description of the property being sold, including legal description, boundaries, and registered title number

5. Purchase Price: Total purchase price for the property and payment structure

6. Earnest Money Deposit: Amount of earnest money, payment terms, holder details, and conditions for return or forfeiture

7. Closing Date and Possession: Specified date for closing the transaction and terms for transferring possession

8. Seller's Representations: Warranties and representations regarding property title, condition, and encumbrances

9. Buyer's Representations: Warranties and representations regarding financial capability and intention to purchase

10. Default and Remedies: Consequences of default by either party and available remedies

11. Notices: Method and addresses for formal communications between parties

12. Governing Law: Specification of Pakistani law as governing law and jurisdiction details

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Financing Contingency: Terms regarding buyer's ability to secure financing, used when purchase depends on mortgage approval

2. Property Inspection: Rights and procedures for property inspection, included when buyer requires inspection period

3. Title Insurance: Requirements for title insurance, included when title insurance is being obtained

4. Property Condition: Detailed terms about property condition and any required repairs, used when specific condition issues exist

5. Broker Provisions: Terms regarding real estate broker involvement and commissions, included when brokers are involved

6. Assignment: Terms regarding ability to assign the contract, included when assignment rights are important to either party

7. Force Majeure: Provisions for unforeseen circumstances, included when additional protection against external events is desired

Suggested Schedules

1. Schedule A - Property Details: Detailed property description, including floor plans, land survey, or property measurements

2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, including earnest money and subsequent payments

3. Schedule C - Property Documents: List of all property-related documents to be delivered at closing

4. Schedule D - Permitted Encumbrances: List of accepted encumbrances or limitations on the property title

5. Appendix 1 - Property Photos: Current photographs of the property and any relevant features

6. Appendix 2 - Title Documents: Copies of relevant title documents and certificates

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

Construction

Banking and Finance

Legal Services

Property Development

Commercial Property

Residential Property

Industrial Property

Retail

Hospitality

Relevant Teams

Legal

Real Estate

Property Management

Acquisitions

Business Development

Compliance

Finance

Corporate Services

Operations

Risk Management

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Real Estate Agent

Property Developer

Acquisition Manager

Business Development Manager

Contract Administrator

Property Manager

Compliance Officer

Finance Manager

Real Estate Broker

Corporate Lawyer

Escrow Officer

Transaction Coordinator

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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