The Real Estate Contract For Sale By Owner is a crucial legal instrument used in Pakistan when property owners wish to sell their real estate directly to buyers without the involvement of real estate agents. This document is essential in Pakistan's property market where direct sales are common and must comply with various laws including the Transfer of Property Act 1882, Registration Act 1908, and local property regulations. It's designed to protect both parties' interests by clearly documenting the sale terms, property details, payment conditions, and transfer requirements. The contract must consider Pakistan's unique legal framework, which includes both common law principles and Islamic law considerations. It's particularly useful for private sellers looking to save on agent commissions while ensuring all legal requirements are met for a valid property transfer.
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1. Parties: Identification and details of the Seller and Buyer, including complete legal names, CNICs, and addresses
2. Background: Brief context of the property sale and the parties' intention to enter into this agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including exact location, dimensions, and boundaries as per official records
5. Purchase Price: Agreed purchase price, payment terms, and schedule of payments
6. Payment Method: Specified method of payment including banking details or other acceptable forms of payment
7. Title and Ownership: Seller's warranties regarding clear title and right to sell the property
8. Possession: Terms and conditions for transferring possession of the property
9. Closing Date: Specified date for completion of the transaction and transfer of title
10. Registration and Transfer: Process and responsibilities for property registration and transfer of title
11. Representations and Warranties: Statements and guarantees made by both parties regarding the property and transaction
12. Costs and Taxes: Allocation of transaction costs, taxes, and fees between parties
13. Default and Remedies: Consequences and remedies in case of breach by either party
14. Governing Law: Specification of Pakistani law as governing law and relevant jurisdiction
15. Execution: Signing requirements and execution formalities
1. Property Inspection: Terms regarding property inspection rights and conditions, used when buyer requests inspection period
2. Financing Contingency: Conditions related to buyer's ability to secure financing, included when purchase depends on mortgage approval
3. Existing Tenancies: Details of current tenants and lease agreements, included if property is currently rented
4. Property Maintenance: Responsibilities for property maintenance between agreement and closing, used for longer closing periods
5. Islamic Finance Compliance: Specific terms ensuring compliance with Islamic finance principles, included when required by parties
6. Property Development: Terms regarding incomplete construction or planned development, used for properties under construction
7. Third Party Rights: Acknowledgment and handling of any third-party rights or claims, included if applicable
8. Force Majeure: Provisions for unforeseen circumstances preventing completion, used in complex transactions
1. Schedule A - Property Documents: List of all property documents including title deeds, tax receipts, and utility bills
2. Schedule B - Property Plans: Architectural plans, site maps, and property measurements
3. Schedule C - Payment Schedule: Detailed breakdown of payment installments and due dates
4. Schedule D - Property Inventory: List of fixtures, fittings, and other items included in the sale
5. Schedule E - Outstanding Liabilities: List of any pending dues, taxes, or charges on the property
6. Appendix 1 - Property Photos: Recent photographs of the property and its major features
7. Appendix 2 - Compliance Certificates: Copies of relevant compliance certificates and permits
8. Appendix 3 - Previous Title Documents: Historical chain of property ownership documents
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Legal Services
Financial Services
Banking
Construction
Urban Development
Property Management
Islamic Finance
Professional Services
Relevant Teams
Legal
Real Estate Operations
Property Management
Finance
Compliance
Risk Management
Documentation
Advisory Services
Asset Management
Customer Relations
Relevant Roles
Property Owner
Real Estate Lawyer
Legal Counsel
Property Manager
Financial Advisor
Bank Manager
Mortgage Officer
Property Developer
Land Registration Officer
Tax Consultant
Islamic Finance Advisor
Property Valuation Expert
Compliance Officer
Real Estate Investor
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