The Purchase Agreement For Commercial Property is a crucial legal instrument used in Pakistan when transferring ownership of commercial real estate between parties. This document is essential for businesses and individuals engaging in commercial property transactions within Pakistani jurisdiction, ensuring compliance with local property laws, including the Transfer of Property Act 1882, Registration Act 1908, and relevant stamp duty regulations. The agreement comprehensively covers property description, purchase price, payment terms, warranties, due diligence requirements, and completion procedures. It serves as both a binding contract and a detailed record of the transaction terms, protecting the interests of both buyer and seller while facilitating a smooth property transfer process in accordance with Pakistani legal requirements.
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1. Parties: Identification and details of the seller and purchaser, including full legal names, addresses, and registration numbers for companies
2. Background: Context of the transaction, including brief property description and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the commercial property, including exact boundaries and measurements
5. Purchase Price: Agreed purchase price and payment structure, including deposit arrangements
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 investigate property title, condition, and compliance with regulations
9. Seller's Warranties: Warranties regarding property title, condition, and compliance with laws
10. Completion: Process and requirements for completing the transaction
11. Transfer of Title: Mechanism and obligations for transferring property title
12. Registration and Stamp Duty: Responsibilities for registration costs and stamp duty payments
13. Possession: Terms for delivering possession of the property
14. Default and Remedies: Consequences of breach and available remedies
15. Governing Law: Confirmation of Pakistani law as governing law and jurisdiction
16. Notices: Process for serving notices between parties
17. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Existing Tenancies: Details of current tenants and treatment of existing leases - include when property has sitting tenants
2. Environmental Matters: Environmental warranties and indemnities - include for industrial properties or where environmental concerns exist
3. Property Management: Interim management arrangements between exchange and completion - include for larger commercial properties
4. Tax Matters: Specific tax arrangements and allocations - include when complex tax implications exist
5. Planning Permissions: Details of existing and required planning permissions - include when property development is intended
6. Service Contracts: Treatment of existing service contracts - include when property has ongoing service arrangements
7. Intellectual Property: Transfer of associated intellectual property - include when relevant to property's commercial use
8. Employee Matters: Treatment of existing employees - include when property involves transfer of business operations
1. Property Details: Detailed property specifications, including floor plans and site maps
2. Title Documents: List of title documents and certified copies
3. Existing Encumbrances: Details of any existing mortgages, charges, or encumbrances
4. Inventory: List of fixtures, fittings, and equipment included in the sale
5. Payment Schedule: Detailed breakdown of payment installments and timelines
6. Due Diligence Results: Summary of due diligence findings and outstanding issues
7. Existing Leases: Copies and details of current lease agreements
8. Property Certificates: Copies of relevant certificates, permits, and compliance documents
9. Service Contracts: List and copies of ongoing service contracts
10. Form of Transfer Deed: Template of the property transfer deed to be executed
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Financial Services
Retail
Manufacturing
Hospitality
Healthcare
Technology
Education
Logistics & Warehousing
Professional Services
Construction & Development
Industrial
Agriculture
Relevant Teams
Legal
Finance
Real Estate
Operations
Facilities Management
Risk & Compliance
Corporate Development
Investment
Treasury
Business Development
Property Management
Asset Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Real Estate Manager
Property Manager
Legal Counsel
Corporate Lawyer
Facilities Manager
Finance Director
Business Development Manager
Operations Director
Investment Manager
Asset Manager
Commercial Director
Property Developer
Risk Manager
Compliance Officer
Real Estate Analyst
Treasury Manager
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