Simple Contract To Purchase (Real Estate)

Simple Contract To Purchase (Real Estate) Template for Pakistan

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Key Requirements PROMPT example:

"I need a Simple Contract To Purchase (Real Estate) for buying a residential property in Lahore, Pakistan, with a completion date of March 15, 2025, including standard payment terms and immediate possession upon completion."

Document background

The Simple Contract To Purchase (Real Estate) is a fundamental legal instrument used in Pakistan for real estate transactions between buyers and sellers. This document is essential for both residential and commercial property transfers, incorporating requirements from Pakistani property law, including the Transfer of Property Act 1882, Registration Act 1908, and relevant provincial regulations. It serves as a comprehensive agreement that captures all crucial aspects of the property sale, from initial agreement to final transfer, while ensuring compliance with local legal requirements, including proper registration and stamp duty payments. The contract is designed to protect both parties' interests by clearly defining the property details, purchase price, payment terms, warranties, and completion requirements, making it suitable for straightforward property transactions where standard terms and conditions apply.

Suggested Sections

1. Parties: Identification of the seller and purchaser with complete legal names, CNIC numbers, and addresses

2. Background: Brief context of the transaction and property ownership status

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.

4. Property Details: Comprehensive description of the property including exact location, 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 how and when payments will be made, including any conditions precedent

7. Completion Requirements: Conditions and requirements for completing the sale, including documentation and registration

8. Seller's Warranties: Warranties regarding property ownership, encumbrances, and legal status

9. Property Handover: Terms and conditions for physical possession of the property

10. Registration and Transfer: Process and responsibilities for legal transfer and registration of the property

11. Costs and Taxes: Allocation of transaction costs, stamp duty, and other taxes between parties

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

13. Execution: Signature blocks and witness requirements

Optional Sections

1. Condition of Property: Used when specific property conditions need to be documented or when property is sold as-is

2. Financing Conditions: Include when purchase is contingent on buyer obtaining financing

3. Third Party Rights: Required when there are existing tenants or other third-party interests in the property

4. Development Requirements: Include for undeveloped land or properties requiring specific development obligations

5. Due Diligence: Add when buyer requires a due diligence period before finalizing the purchase

6. Utilities and Services: Include when transfer of utilities and services needs specific attention

7. Islamic Finance Compliance: Required when transaction needs to comply with Islamic financing principles

Suggested Schedules

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

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

3. Payment Schedule: Detailed breakdown of payment installments and dates if not a single payment

4. Property Inventory: List of fixtures, fittings, and other items included in the sale

5. Outstanding Liabilities: Details of any existing mortgages, liens, or other encumbrances

6. Required Permits: List of necessary permits and approvals for property transfer

7. Property Plans: Site plans, building plans, and other relevant technical drawings

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Urban Development

Housing

Commercial Property

Residential Property

Islamic Finance

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Operations

Acquisitions

Finance

Risk Management

Documentation

Corporate Services

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Manager

Real Estate Developer

Compliance Officer

Contract Manager

Property Consultant

Real Estate Investment Manager

Legal Administrator

Real Estate Portfolio Manager

Property Acquisitions Manager

Real Estate Transaction Coordinator

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