This 1 Year Lease Agreement template is designed for use in Pakistan when establishing a formal tenancy relationship between property owners and tenants. It is suitable for both residential and commercial properties, providing a comprehensive framework that ensures compliance with Pakistani property laws, including the Transfer of Property Act 1882, Registration Act 1908, and relevant Provincial Rent Restriction Ordinances. The agreement covers essential aspects such as rent determination, security deposits, maintenance obligations, and termination conditions, while incorporating necessary provisions for registration and stamp duty requirements. This template is particularly useful for property owners, real estate professionals, and businesses seeking to establish clear, legally-compliant rental arrangements for a one-year term, with the option for renewal upon mutual agreement.

1. Parties: Identifies and provides full details of the landlord/lessor and tenant/lessee, including their legal names, addresses, and ID numbers

2. Background: Brief context about the property and the parties' intention to enter into a lease agreement

3. Definitions: Defines key terms used throughout the agreement including Property, Term, Rent, Security Deposit, etc.

4. Property Details: Detailed description of the leased property including address, size, and included fixtures/fittings

5. Term and Possession: Specifies the lease duration, commencement date, and possession details

6. Rent and Payment Terms: Details of rent amount, payment schedule, method of payment, and late payment consequences

7. Security Deposit: Amount, payment terms, and conditions for return of the security deposit

8. Utilities and Maintenance: Responsibilities for utility payments and property maintenance obligations

9. Use of Property: Permitted uses of the property and any restrictions

10. Tenant Obligations: Key responsibilities and obligations of the tenant

11. Landlord Obligations: Key responsibilities and obligations of the landlord

12. Termination: Conditions and process for early termination by either party

13. Governing Law: Confirms Pakistani law governs the agreement and specifies relevant jurisdiction

14. Signatures: Execution block for parties' signatures and witness details as required by Pakistani law