The Agreement For Sale Of Leasehold Property is a crucial document used in Pakistani property transactions where a leaseholder wishes to transfer their leasehold interest to another party. This document becomes necessary when dealing with properties that are not held in freehold but rather under a lease from a superior landlord. It must comply with various Pakistani legislation including the Transfer of Property Act 1882, Registration Act 1908, and relevant provincial laws. The agreement covers essential aspects such as property details, purchase price, payment terms, conditions precedent, representations and warranties, and completion requirements. It's particularly important in urban areas where leasehold properties are common, and requires careful attention to both the original lease terms and the conditions of transfer. The document serves as a legally binding contract that protects the interests of both parties while ensuring compliance with local property laws and registration requirements.
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1. Parties: Identification and details of the seller (current leaseholder) and buyer, including their full legal names, addresses, and legal capacity
2. Background: Context of the transaction, including brief description of the leasehold property and current lease status
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the leasehold interest, including the property description and lease terms
5. Purchase Price: Details of the purchase price, payment terms, and payment schedule
6. Conditions Precedent: Conditions that must be satisfied before completion of the sale
7. Seller's Representations and Warranties: Seller's declarations regarding the property, lease status, and authority to sell
8. Buyer's Representations and Warranties: Buyer's declarations regarding capacity and authority to purchase
9. Completion: Details of the completion process, timing, and requirements
10. Post-Completion Obligations: Obligations of parties after completion, including registration and transfer formalities
11. Lessor's Consent: Requirements and process for obtaining the original lessor's consent to the transfer
12. Default and Remedies: Consequences of default and available remedies
13. Notices: Process and requirements for giving notices under the agreement
14. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and jurisdiction for disputes
15. Miscellaneous: Standard boilerplate provisions including entire agreement, amendments, and severability
1. Deposit: Details of any deposit required, applicable when parties agree to a deposit structure
2. Due Diligence: Provisions for buyer's investigation of property and documents, relevant for complex properties
3. Existing Tenancies: Details of any existing sub-tenancies, if the property is currently sub-let
4. Property Management: Interim management provisions between exchange and completion, relevant for income-producing properties
5. Tax Matters: Specific tax provisions and allocations, relevant where significant tax implications exist
6. Environmental Matters: Environmental warranties and indemnities, relevant for industrial or potentially contaminated properties
7. Break Clause: Details of any break options in the existing lease that transfer to the buyer
8. Service Charge: Provisions regarding service charge reconciliation and apportionment, relevant for properties in managed buildings
1. Property Description: Detailed description of the property including address, boundaries, and registered title number
2. Existing Lease Terms: Key terms of the existing lease including date, parties, term, rent, and key covenants
3. Form of Transfer: Prescribed form of transfer document to be executed at completion
4. Outstanding Requirements: List of outstanding requirements or repairs required under the existing lease
5. Payment Schedule: Detailed schedule of payment installments if payment is not made in full at completion
6. Property Documents: List of title and property documents to be handed over on completion
7. Completion Requirements: Detailed list of requirements for completion including documents and formalities
8. Existing Tenancies Schedule: Details of any existing sub-tenancies including key terms and conditions
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