The Residential Contract of Sale is a fundamental legal document used in Pakistan for facilitating the transfer of residential property ownership from seller to purchaser. This document is essential for any residential property transaction in Pakistan, whether involving individual homeowners, property developers, or real estate investors. It must comply with multiple Pakistani laws including the Transfer of Property Act 1882, Registration Act 1908, and Stamp Act 1899, while also considering Islamic law principles. The contract typically includes comprehensive details about the property, payment terms, warranties, and obligations of all parties, along with necessary provisions for registration and transfer of title. It serves as the primary evidence of the transaction and protects the legal interests of both parties while ensuring compliance with local property laws and regulations.
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1. Parties: Full legal names and details of the seller and purchaser, including CNIC numbers and addresses
2. Background: Brief context of the transaction and property ownership history
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including exact location, dimensions, and boundaries
5. Purchase Price: Total consideration and payment structure including deposit and installment details
6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default
7. Title and Transfer: Warranties of title, conditions for transfer, and registration requirements
8. Seller's Obligations: Commitments and responsibilities of the seller including delivery of documents
9. Purchaser's Obligations: Commitments and responsibilities of the purchaser including timely payments
10. Completion: Process and requirements for completing the sale and transfer
11. Representations and Warranties: Statements and guarantees by both parties regarding the property and transaction
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law: Specification of Pakistani law and relevant jurisdiction
14. Execution: Signature requirements and execution formalities
1. Mortgage Provisions: Include when the property purchase involves mortgage financing
2. Existing Tenancies: Required when the property is subject to ongoing tenant occupancy
3. Property Inspection: Detailed terms for property inspection when specifically requested by purchaser
4. Development Approvals: Include when property requires specific development or renovation approvals
5. Islamic Finance Compliance: Required when transaction involves Islamic financing arrangements
6. Joint Ownership: Include when property will be owned by multiple purchasers
7. Power of Attorney: Required when either party is acting through an authorized representative
1. Schedule 1 - Property Description: Detailed technical description of the property including plot number, dimensions, and boundaries
2. Schedule 2 - Property Documents: List of all title and supporting documents related to the property
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment installments and due dates
4. Schedule 4 - Property Condition Report: Current condition of the property and any existing defects
5. Schedule 5 - Outstanding Liabilities: List of any pending dues, taxes or charges on the property
6. Appendix A - Site Plan: Official site plan and property maps
7. Appendix B - Property Title Documents: Copies of original title documents and transfer history
8. Appendix C - NOCs and Permits: Copies of necessary No Objection Certificates and regulatory permits
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