The Option To Purchase Agreement is a crucial document in Pakistani property transactions where immediate purchase is not feasible or desired. It provides potential buyers with the exclusive right to purchase property within a specified period while allowing time for due diligence, financing arrangements, or strategic planning. Commonly used in commercial real estate, land development, and investment transactions, this agreement must comply with Pakistani legal requirements including the Contract Act 1872, Transfer of Property Act 1882, and relevant property regulations. The document typically specifies the option price, purchase price, duration, exercise mechanisms, and any conditions that must be met before the purchase can proceed. This type of agreement offers protection to both parties by legally securing the potential transaction while maintaining flexibility for the option holder.
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1. Parties: Identification and details of the Option Grantor and Option Holder
2. Background: Context of the agreement and brief description of the property and transaction purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Option: Core terms of the option grant, including duration and exclusivity
5. Option Price: Amount payable for the option itself (if any)
6. Purchase Price: Agreed purchase price for the property when option is exercised
7. Exercise of Option: Mechanism and procedure for exercising the option
8. Payment Terms: Terms and schedule of payments, including deposits and balance
9. Property Details: Detailed description of the property subject to the option
10. Representations and Warranties: Statements and guarantees by both parties regarding the property and their capacity
11. Conditions Precedent: Conditions that must be satisfied before the option can be exercised
12. Termination: Circumstances under which the agreement can be terminated
13. Governing Law: Specification of Pakistani law as governing law
14. Dispute Resolution: Process for resolving disputes between parties
15. Notices: Method and addresses for formal communications between parties
1. Due Diligence: Terms regarding property inspection and verification rights - include when buyer requires specific inspection rights
2. Financing Conditions: Terms related to obtaining financing - include when purchase is contingent on securing funding
3. Assignment Rights: Rights to assign the option to third parties - include when transferability is negotiated
4. Property Maintenance: Obligations regarding property maintenance during option period - include for longer option periods
5. Insurance Requirements: Insurance obligations during option period - include for high-value properties
6. Development Rights: Rights regarding property development during option period - include for undeveloped land
7. Multiple Properties: Special terms for options covering multiple properties - include when dealing with portfolio sales
1. Property Description Schedule: Detailed legal description of the property including boundaries and registration details
2. Payment Schedule: Detailed breakdown of all payments including option price, purchase price, and payment milestones
3. Title Documents: List of title documents and ownership proof
4. Encumbrances Schedule: List of any existing encumbrances, liens, or restrictions on the property
5. Due Diligence Documents: List of documents provided for due diligence
6. Form of Exercise Notice: Template notice for exercising the option
7. Property Plans: Property maps, plans, and surveys
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Real Estate
Commercial Property
Residential Property
Industrial Property
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Infrastructure Development
Banking and Finance
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Legal
Real Estate
Property Management
Corporate Development
Investment
Finance
Risk Management
Business Development
Acquisitions
Compliance
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
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Real Estate Investment Director
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