Document background
The Agreement For Sale Of Leasehold Property is a crucial document used in Pakistani property transactions where a leaseholder wishes to transfer their leasehold interest to another party. This document becomes necessary when dealing with properties that are not held in freehold but rather under a lease from a superior landlord. It must comply with various Pakistani legislation including the Transfer of Property Act 1882, Registration Act 1908, and relevant provincial laws. The agreement covers essential aspects such as property details, purchase price, payment terms, conditions precedent, representations and warranties, and completion requirements. It's particularly important in urban areas where leasehold properties are common, and requires careful attention to both the original lease terms and the conditions of transfer. The document serves as a legally binding contract that protects the interests of both parties while ensuring compliance with local property laws and registration requirements.
