The Home Buy Sell Agreement serves as the primary legal instrument for residential property transactions in Pakistan. This document is essential when transferring ownership of residential property, whether it involves individual homeowners, property developers, or corporate entities. It must comply with various Pakistani federal and provincial laws, including the Transfer of Property Act 1882, Registration Act 1908, and relevant stamp duty regulations. The agreement comprehensively covers all aspects of the property transaction, from initial property description and purchase price to completion requirements and post-sale obligations. It's designed to protect both parties' interests while ensuring compliance with local legal requirements, including proper registration and transfer procedures. The document is particularly important in Pakistan's complex property market, where clear documentation and legal compliance are crucial for avoiding future disputes.
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1. Parties: Identification of the seller and buyer with complete details including CNIC numbers and addresses
2. Background: Context of the sale and brief description of the property being transferred
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.
4. Property Details: Comprehensive description of the property including location, dimensions, and registration details
5. Purchase Price: Agreed purchase price and payment structure including initial deposit and completion payment
6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default
7. Title and Transfer: Seller's confirmation of clear title and process for transfer of ownership
8. Completion Requirements: Conditions to be met before completion, including documentation and registration requirements
9. Seller's Warranties: Warranties regarding property ownership, encumbrances, and legal compliance
10. Buyer's Warranties: Warranties regarding financial capacity and compliance with purchase terms
11. Possession: Terms for handover of physical possession of the property
12. Registration and Transfer Costs: Allocation of costs related to registration, stamp duty, and other transfer expenses
13. Governing Law: Confirmation of Pakistani law as governing law and relevant jurisdiction
14. Dispute ReΊμΠΣΦ±²₯: Process for resolving disputes including mediation and litigation procedures
1. Property Inspection: Details of property inspection rights and findings, used when buyer hasn't completed full inspection
2. Existing Tenancies: Information about current tenants and lease agreements, included if property is tenant-occupied
3. Fixtures and Fittings: List of items included/excluded in the sale, used when specific items need to be detailed
4. Construction Completion: For properties under construction, including completion timelines and specifications
5. Mortgage Contingency: Conditions related to buyer's mortgage financing, included if purchase depends on mortgage approval
6. Society NOC: Requirements for No Objection Certificate from housing society, if property is in a managed society
7. Islamic Finance Compliance: Specific terms to ensure compliance with Islamic finance principles, if required by either party
1. Property Documents: List of all property papers including title deeds, tax receipts, and previous transfers
2. Property Plan: Detailed architectural plans, site maps, and property boundaries
3. Payment Schedule: Detailed breakdown of payment installments and due dates
4. Fixtures and Fittings Inventory: Comprehensive list of items included in the sale
5. Outstanding Utilities: Details of any pending utility bills and transfer procedures
6. Completion Checklist: List of documents and actions required for completion
7. Required Regulatory Approvals: List of necessary government and regulatory approvals
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Finance
Legal Services
Construction
Property Development
Property Management
Islamic Finance
Insurance
Urban Development
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Risk Management
Documentation
Customer Relations
Operations
Business Development
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Bank Manager
Mortgage Officer
Property Valuer
Conveyancing Officer
Real Estate Developer
Housing Society Manager
Compliance Officer
Property Registrar
Title Search Specialist
Real Estate Investment Manager
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