Agreement To Sell And Contract Of Sale Template for Pakistan

The Agreement To Sell And Contract Of Sale is a crucial legal document used in Pakistani property transactions when parties wish to formalize both their initial commitment and final sale in a single comprehensive agreement. This document type is particularly relevant when the property transfer involves a phased approach, typically with initial booking/commitment followed by subsequent payments and final transfer. It combines elements of both an agreement to sell (which creates a commitment to transfer) and a contract of sale (which effects the actual transfer) in accordance with Pakistani property law. The document must comply with the Contract Act 1872, Transfer of Property Act 1882, and local registration requirements. It's commonly used in both residential and commercial property transactions where parties want to ensure a legally binding commitment while detailing the conditions and process for the final transfer.

1. Parties: Identification and details of the seller and purchaser, including full legal names, addresses, and ID numbers

2. Background: Context of the transaction, including seller's ownership and intention to sell

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

4. Agreement to Sell: Terms of the initial agreement including property details and agreed purchase price

5. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, payment schedule, and method of payment

6. Conditions Precedent: Conditions that must be satisfied before proceeding to final sale

7. Completion of Sale: Process and requirements for executing the final sale

8. Seller's Warranties: Warranties regarding property title, encumbrances, and legal capacity to sell

9. Property Possession: Terms regarding handover of property possession

10. Registration and Stamp Duty: Obligations regarding document registration and payment of stamp duty

11. Representations and Warranties: General representations and warranties from both parties

12. Default and Remedies: Consequences of default and available remedies

13. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and relevant jurisdiction