The Assignment Deed Of Immovable Property is a crucial legal document used in Pakistan when transferring ownership rights of immovable property. It is essential for both commercial and residential property transactions and must comply with various Pakistani laws, including the Transfer of Property Act 1882 and Registration Act 1908. This document is typically used when there is a complete transfer of ownership rights, as opposed to a lease or license. It must contain specific details about the property, parties involved, consideration amount, and various warranties and representations. The deed requires mandatory registration with the Sub-Registrar's office and proper stamping as per provincial stamp duty regulations. It serves as evidence of the transfer and is a vital document for maintaining clear property ownership records in Pakistan's land revenue system.
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Key Requirements PROMPT example:
Assignment Deed Of Immovable Property
"I need an Assignment Deed of Immovable Property for transferring a commercial building in Lahore, Pakistan to my company, with completion planned for March 2025; the property is currently unoccupied and free from encumbrances."
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1. Parties: Identification of the Assignor and Assignee with complete details including name, age, occupation, and address
2. Background: Brief history of property ownership, reason for assignment, and any relevant previous transactions
3. Definitions: Definitions of key terms used in the deed including Property, Effective Date, Consideration, etc.
4. Details of Property: Comprehensive description of the immovable property including location, boundaries, and measurements
5. Title and Ownership: Declaration of Assignor's current ownership and right to transfer the property
6. Consideration: Details of the consideration amount and payment terms
7. Assignment: The operative part declaring the absolute assignment of rights, title, and interest in the property
8. Assignor's Covenants: Warranties and representations regarding property title, encumbrances, and right to assign
9. Possession: Terms regarding the handover of physical possession of the property
10. Registration and Expenses: Provisions regarding registration of the deed and responsibility for associated expenses
11. Governing Law: Specification that the deed is governed by Pakistan law and relevant jurisdictional details
1. Existing Tenancies: Details of any existing tenants and lease agreements (include if property is currently leased)
2. Outstanding Charges: Details of any pending utility bills or property taxes (include if there are outstanding charges)
3. Mortgage Details: Information about any existing mortgage or charge (include if property is mortgaged)
4. Third Party Rights: Details of any rights of third parties over the property (include if applicable)
5. Development Status: Details of ongoing or pending development works (include for properties under development)
6. Power of Attorney: Details if the deed is being executed through a power of attorney (include if applicable)
7. Stamp Duty Declaration: Specific declarations regarding stamp duty payment (include if required by local authorities)
1. Property Description Schedule: Detailed technical description of the property including exact measurements, boundaries, and construction details
2. Title Documents Schedule: List of all title documents being handed over with the property
3. Payment Schedule: If payment is in installments, detailed schedule of payment terms and dates
4. Encumbrance Schedule: List of any existing encumbrances, easements, or restrictions on the property
5. Inventory Schedule: List of any fixtures, fittings, or other items included in the assignment
6. Property Tax Schedule: Details of property tax payments and any pending dues
7. Compliance Documents: List of necessary NOCs, permissions, and compliance certificates
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