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Simple Real Estate Sales Agreement

Simple Real Estate Sales Agreement Template for Pakistan

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Key Requirements PROMPT example:

Simple Real Estate Sales Agreement

"I need a Simple Real Estate Sales Agreement for selling my residential property in Lahore to an individual buyer, with a closing date of March 15, 2025, including provisions for a 10% initial deposit and the property being sold fully furnished."

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Document background
The Simple Real Estate Sales Agreement is a fundamental legal document used in Pakistan for property transactions between buyers and sellers. It serves as the primary contract documenting the terms and conditions of property sales, whether residential, commercial, or agricultural. This agreement type is essential for ensuring legal compliance with Pakistani property laws, including the Transfer of Property Act 1882 and related legislation. It includes crucial details such as property description, purchase price, payment terms, and transfer conditions, while incorporating necessary local legal requirements for property registration and transfer. The document is designed to be comprehensive yet straightforward, suitable for both private individuals and corporate entities engaging in property transactions within Pakistan's jurisdiction.
Suggested Sections

1. Parties: Identification of seller and buyer with complete legal names, CNICs, and addresses

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

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

4. Property Details: Complete legal description of the property including address, dimensions, and registration details

5. Purchase Price: Agreed purchase price and payment structure including deposit and final payment terms

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and any installment arrangements

7. Closing and Transfer: Conditions for closing, transfer process, and documentation requirements

8. Seller's Representations: Warranties regarding property ownership, encumbrances, and legal status

9. Buyer's Representations: Confirmations regarding financial capacity and acceptance of property condition

10. Possession: Terms for transfer of possession and conditions of the property at handover

11. Costs and Taxes: Allocation of transfer costs, stamp duty, registration fees, and other applicable taxes

12. Default and Remedies: Consequences of breach and available remedies for either party

13. Governing Law: Confirmation of Pakistani law application and jurisdiction

14. Execution: Signature blocks and witness requirements

Optional Sections

1. Tenant Rights: Required if property is currently tenanted, addressing existing lease agreements

2. Mortgage Details: Needed if property has existing mortgage or if buyer is obtaining mortgage financing

3. Property Inspection: Detailed terms for property inspection rights and consequences

4. Utility Transfers: Process for transferring utilities when applicable

5. Furniture and Fixtures: Required if sale includes specific furniture or fixtures

6. Agricultural Land Provisions: Special provisions required for agricultural land sales

7. Joint Ownership: Required when property will be owned by multiple buyers

8. Power of Attorney: Needed if any party is acting through an attorney

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of property including boundaries and measurements

2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and dates if applicable

3. Schedule C - Property Documents: List of all property papers and certificates to be transferred

4. Schedule D - Inventory: List of fixtures, fittings, or furniture included in the sale if applicable

5. Appendix 1 - Property Title Documents: Copies of relevant property ownership documents

6. Appendix 2 - Property Plans: Architectural plans, maps, or surveys of the property

7. Appendix 3 - NOCs: Copies of necessary No Objection Certificates from relevant authorities

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
Clauses
Identification of Parties
Property Description
Sale and Purchase
Purchase Price
Payment Terms
Deposit
Title and Ownership
Due Diligence
Property Inspection
Representations and Warranties
Seller Covenants
Buyer Covenants
Closing Conditions
Transfer of Possession
Registration and Transfer
Taxes and Fees
Default and Remedies
Risk and Insurance
Force Majeure
Assignment
Notices
Severability
Entire Agreement
Amendment
Governing Law
Dispute Resolution
Indemnification
Termination
Survival
Property Maintenance
Utilities Transfer
Municipal Compliance
Stamp Duty
Documentation
Relevant Industries

Real Estate

Property Development

Construction

Banking & Finance

Legal Services

Property Management

Urban Development

Housing

Commercial Property

Agriculture (for agricultural land)

Retail Property

Industrial Property

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Corporate Services

Contract Administration

Risk Management

Finance

Operations

Business Development

Asset Management

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Manager

Real Estate Developer

Construction Manager

Property Valuer

Mortgage Officer

Real Estate Broker

Compliance Officer

Legal Administrator

Property Administrator

Contract Manager

Real Estate Investment Manager

Land Registration Officer

Industries
Transfer of Property Act, 1882: Fundamental law governing property transfers in Pakistan, defining requirements for valid property sales, rights and obligations of parties, and conditions for property transfer
Registration Act, 1908: Mandates registration of property documents, specifies registration procedures, and requirements for property deed registration at relevant sub-registrar offices
Stamp Act, 1899: Determines stamp duty requirements and rates for property documents, making them legally admissible in court
Contract Act, 1872: Provides basic framework for contract formation, including offer, acceptance, consideration, and legal capacity of parties
Land Revenue Act, 1967: Regulates land records and revenue matters, crucial for property verification and mutation processes
Specific Relief Act, 1877: Provides remedies in case of breach of contract and enforceability of property agreements
Islamic Law (for Muslim Parties): Considerations of Islamic principles in property transactions where applicable, particularly regarding interest (riba) and inheritance aspects
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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