Agreement To Sell Real Estate Contract Template for Pakistan

The Agreement To Sell Real Estate Contract is a fundamental document used in Pakistani property transactions when parties wish to formalize their intention to sell and purchase real estate. This document is essential in both residential and commercial property transactions across Pakistan, requiring compliance with various laws including the Transfer of Property Act 1882, Registration Act 1908, and relevant provincial legislation. It serves as a preliminary agreement that outlines the terms and conditions of the sale, including property details, price, payment schedule, and completion timeline. The agreement becomes particularly important as it forms the basis for the subsequent transfer of property and must include all necessary elements to ensure enforceability under Pakistani law. It's commonly used in situations ranging from simple residential sales to complex commercial property transactions, and can be adapted to include specific provisions based on the nature of the property and the requirements of the parties involved.

1. Parties: Identifies and provides full details of the seller and purchaser, including their legal names, addresses, and identification numbers

2. Background: Outlines the context of the agreement, establishing the seller's ownership and the buyer's interest in purchasing the property

3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent misinterpretation

4. Property Details: Comprehensive description of the property being sold, including its legal description, boundaries, and registration details

5. Purchase Price: States the agreed purchase price and break-down of payment structure

6. Payment Terms: Details the payment schedule, including initial deposit, installments, and final payment

7. Completion Date: Specifies the date by which the sale must be completed and property transferred

8. Seller's Obligations: Lists all obligations of the seller including providing clear title, necessary documentation, and property maintenance until completion

9. Purchaser's Obligations: Details the purchaser's responsibilities including payment, due diligence, and compliance with terms

10. Property Condition: Describes the current condition of the property and any agreed repairs or modifications

11. Title and Transfer: Specifies requirements for clear title and the process of property transfer

12. Representations and Warranties: Lists the representations and warranties made by both parties

13. Default and Remedies: Outlines what constitutes default and the remedies available to either party

14. Governing Law: Confirms Pakistani law as governing law and specifies jurisdiction

15. Execution: Formal closing section with signature blocks and witness requirements