The Commercial Contract Unimproved Property is a specialized agreement used for transactions involving undeveloped land in Pakistan intended for commercial purposes. This document is essential when businesses or individuals are purchasing raw land for future development or investment. It incorporates crucial elements required under Pakistani property law, including compliance with the Transfer of Property Act 1882 and relevant provincial regulations. The contract is particularly important as it addresses specific challenges associated with unimproved property transactions, such as development restrictions, zoning requirements, and future use considerations. It provides comprehensive protection for both parties while ensuring the transaction meets all legal and regulatory requirements in Pakistan's property market.
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1. Parties: Identification and details of the seller and purchaser, including complete legal names, addresses, and registration details if companies
2. Background: Context of the transaction and brief description of the property and intended commercial purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the unimproved property including exact boundaries, dimensions, and location
5. Purchase Price: Agreed purchase price and payment structure, including deposit requirements
6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default
7. Conditions Precedent: Conditions that must be satisfied before completion of the sale
8. Due Diligence: Buyer's right to conduct investigations and timeframe for due diligence period
9. Title and Transfer: Warranties regarding clear title and process for transfer of ownership
10. Completion: Details of the completion process, timing, and requirements
11. Representations and Warranties: Standard representations and warranties from both parties
12. Default and Termination: Consequences of default and circumstances allowing termination
13. Dispute Resolution: Process for resolving disputes including jurisdiction and governing law
14. General Provisions: Standard boilerplate clauses including notices, amendments, and entire agreement
1. Development Restrictions: Specific restrictions on development of the property, included when there are zoning or local authority limitations
2. Environmental Matters: Environmental warranties and indemnities, included when environmental concerns exist
3. Access Rights: Rights of access pre-completion, included when buyer needs early access for planning or testing
4. Broker/Agent Provisions: Terms relating to real estate agents, included when brokers are involved
5. Tax Provisions: Specific tax arrangements, included when special tax considerations apply
6. Force Majeure: Provisions for unforeseen circumstances, included in areas prone to natural disasters or political instability
1. Property Plan: Detailed plan showing property boundaries and dimensions
2. Title Documents: Copies of relevant title documents and land registry entries
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Due Diligence Requirements: Checklist of required due diligence items and documentation
5. Land Use Certificates: Copies of relevant zoning and land use certificates
6. Property Tax Records: Historical property tax records and assessments
7. Encumbrances Schedule: List of any existing encumbrances, easements, or restrictions
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