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Real Estate Assignment Of Contract Form

Real Estate Assignment Of Contract Form Template for Pakistan

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Key Requirements PROMPT example:

Real Estate Assignment Of Contract Form

"I need a Real Estate Assignment of Contract Form for transferring my rights as buyer of a residential apartment in Lahore to a new buyer, with the assignment consideration of PKR 2,500,000 and completion date set for March 15, 2025."

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Document background
The Real Estate Assignment of Contract Form is a crucial document used in Pakistani property transactions when an original buyer (Assignor) wishes to transfer their rights and obligations under a purchase agreement to a new buyer (Assignee) before the completion of the property transaction. This document is particularly relevant in developing real estate markets where contract assignments are common, especially in pre-completion property sales. It must comply with various Pakistani laws including the Contract Act 1872, Transfer of Property Act 1882, and Registration Act 1908. The form includes essential details about the original purchase agreement, property specifications, consideration for the assignment, and all parties' obligations. It's commonly used in both residential and commercial property transactions, particularly in major urban centers across Pakistan where property development and pre-sale assignments are frequent.
Suggested Sections

1. Parties: Identifies and provides full details of the Assignor, Assignee, and Original Seller (from the original purchase agreement)

2. Background: Describes the original purchase agreement, the property involved, and the intent to assign the contract

3. Definitions: Defines key terms used throughout the document including Property, Original Purchase Agreement, Closing Date, etc.

4. Assignment: Core provision transferring all rights, title, and interest in the Original Purchase Agreement from Assignor to Assignee

5. Consideration: Specifies the amount and payment terms for the assignment

6. Assignor's Representations and Warranties: Assignor's confirmations regarding their right to assign, good standing of original contract, etc.

7. Assignee's Covenants: Assignee's commitments to perform all obligations under the Original Purchase Agreement

8. Completion Requirements: Steps required to complete the assignment including documentation, registration, and payment

9. Governing Law and Jurisdiction: Specifies Pakistani law as governing law and relevant jurisdiction for disputes

Optional Sections

1. Original Seller's Consent: Required if the Original Purchase Agreement requires consent for assignment

2. Conditions Precedent: Include if there are specific conditions that must be met before the assignment becomes effective

3. Return of Deposit: Include if there's a deposit to be transferred from Assignor to Assignee

4. Tax Provisions: Specific tax-related provisions if there are complex tax implications

5. Power of Attorney: Include if Assignor grants power of attorney to Assignee for completing the transaction

6. Broker's Commission: Include if there are real estate agents involved in the assignment

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the property including address, dimensions, and registration details

2. Schedule B - Original Purchase Agreement: Copy of the complete Original Purchase Agreement being assigned

3. Schedule C - Payment Schedule: Breakdown of payments, including assignment consideration and remaining payments under Original Purchase Agreement

4. Schedule D - Outstanding Obligations: List of any pending obligations under the Original Purchase Agreement

5. Appendix 1 - Required Consents: Copies of all required consents for the assignment, including from Original Seller if applicable

6. Appendix 2 - Property Documents: Copies of relevant property documents, including title documents and tax certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Investment and Asset Management

Urban Development

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Investment

Risk Management

Operations

Business Development

Finance

Corporate Services

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Contract Administrator

Property Manager

Investment Manager

Real Estate Agent

Property Consultant

Compliance Officer

Transaction Manager

Real Estate Portfolio Manager

Asset Manager

Development Director

Legal Director

Risk Manager

Industries
Contract Act 1872: The fundamental law governing contract formation, validity, and enforcement in Pakistan, including requirements for assignment of contracts
Transfer of Property Act 1882: Regulates the transfer of property between parties and specifies legal requirements for real estate transactions in Pakistan
Registration Act 1908: Mandates the registration requirements for property documents and assignments involving immovable property
Stamp Act 1899: Determines the stamp duty requirements and rates applicable to property transfer documents and assignments
Specific Relief Act 1877: Provides remedies and enforcement mechanisms for contracts relating to immovable property
Land Revenue Act 1967: Governs the maintenance of land records and property ownership documentation
Punjab Land Records Authority Act 2017: Specific to Punjab province, deals with computerized land records and property transfer procedures (similar acts exist for other provinces)
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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