The Real Estate Buyers Contract is a fundamental legal document used in Pakistan for property transactions between buyers and sellers. It is essential for both residential and commercial property transfers, providing a comprehensive framework that ensures compliance with Pakistani property laws and local regulations. This document becomes necessary whenever there is an intention to purchase real estate property, whether it's land, residential buildings, commercial spaces, or industrial properties. The contract includes crucial elements such as property details, payment terms, warranties, and completion requirements, while incorporating necessary provisions from the Transfer of Property Act 1882, Registration Act 1908, and other relevant Pakistani legislation. It's designed to protect both parties' interests and ensure a smooth property transfer process while adhering to local legal requirements and Islamic financing principles where applicable.
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1. Parties: Identification of the seller and buyer with complete legal names, CNIC numbers, and addresses
2. Background: Context of the sale, brief description of the property, and intention of the parties to enter into the transaction
3. Definitions: Definitions of key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.
4. Property Description: Detailed description of the property including exact location, dimensions, boundaries, and registration details
5. Purchase Price: Agreed purchase price, payment schedule, and payment methods
6. Payment Terms: Detailed breakdown of payment installments, deadlines, and consequences of default
7. Completion Requirements: Conditions to be met before completion, including documentation and regulatory requirements
8. Seller's Warranties: Warranties regarding property title, encumbrances, and legal status
9. Buyer's Warranties: Warranties regarding financial capacity and compliance with applicable laws
10. Property Possession: Terms and conditions for handover of property possession
11. Registration and Transfer: Process and responsibilities for property registration and transfer
12. Costs and Taxes: Allocation of transaction costs, taxes, and fees between parties
13. Default and Remedies: Consequences of default and available remedies for both parties
14. Governing Law: Specification of Pakistani law as governing law and jurisdiction
15. Notices: Method and addresses for serving legal notices between parties
1. Islamic Finance Compliance: Required when the transaction involves Islamic financing arrangements
2. Foreign Ownership Provisions: Required when the buyer is a foreign national or entity
3. Development Obligations: Required for undeveloped or partially developed properties
4. Tenant Rights: Required when the property is currently tenanted
5. Mortgage Requirements: Required when the purchase involves bank financing
6. Power of Attorney: Required when either party is acting through an authorized representative
7. Due Diligence Period: Optional cooling-off period for buyer's investigations
8. Condition Precedents: Required when completion is subject to specific conditions being met
1. Property Details Schedule: Detailed technical description of the property including plot number, khata number, and exact measurements
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Title Documents: List of all title documents and their copies
4. Property Inspection Report: Report detailing the current condition of the property
5. Outstanding Utilities: List of pending utility bills and their settlement plan
6. Inventory List: List of fixtures and fittings included in the sale
7. Required Approvals: List of regulatory approvals needed for transfer
8. Property Tax History: Statement of property tax payments and any outstanding dues
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