Condominium Sale And Purchase Agreement Template for Pakistan

The Condominium Sale and Purchase Agreement is a crucial legal document used in Pakistan's real estate market for transactions involving apartment or condominium units. This agreement is essential when transferring ownership of a condominium unit from seller to buyer, whether in existing buildings or new developments. It must comply with federal laws such as the Transfer of Property Act 1882 and Registration Act 1908, as well as provincial regulations and local development authority requirements. The document typically includes comprehensive details about the property, payment terms, completion requirements, and ongoing maintenance obligations. It's particularly important in urban areas where condominium living is becoming increasingly common, and requires careful attention to both statutory requirements and Islamic law principles that may affect property transactions in Pakistan.

1. Parties: Identification and details of the Seller and Purchaser, including complete legal names, CNIC numbers, and addresses

2. Background: Brief context of the transaction and property ownership history

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the condominium unit, including unit number, floor, building name, and registered address

5. Purchase Price: Total consideration and detailed payment structure including installments if applicable

6. Payment Terms: Timeline and method of payments, including deposit and completion payment details

7. Completion Requirements: Conditions to be met before completion, including documentation and regulatory requirements

8. Seller's Representations and Warranties: Seller's guarantees regarding property title, encumbrances, and condition

9. Purchaser's Representations and Warranties: Purchaser's confirmations regarding financial capacity and compliance with laws

10. Common Areas and Facilities: Rights and obligations regarding shared spaces and facilities

11. Transfer of Title: Process and requirements for legal transfer of property ownership

12. Maintenance and Service Charges: Ongoing maintenance fees and service charge obligations

13. Default and Remedies: Consequences of breach and available remedies for both parties

14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes

15. Notices: Method and addresses for formal communications between parties

16. Entire Agreement: Confirmation that the agreement represents the complete understanding between parties