The As Is Residential Contract For Sale And Purchase is essential for real estate transactions in Pakistan where properties are sold in their existing condition. This document is particularly relevant when sellers wish to transfer property without undertaking repairs or improvements, and buyers accept the property's current state. It complies with Pakistani property laws, including the Transfer of Property Act 1882 and relevant provincial regulations, while incorporating necessary Islamic law considerations. The agreement includes comprehensive provisions for property transfer, explicit condition acknowledgments, mandatory disclosures, and specific clauses addressing local legal requirements such as stamp duty and registration procedures. It's commonly used in situations involving quick sales, distressed properties, or when sellers want to limit post-sale liability for property condition.
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1. Parties: Identification of seller and purchaser with complete legal names and addresses
2. Background: Context of the transaction and brief property description
3. Definitions: Key terms used throughout the agreement including 'As Is' condition definition
4. Property Description: Detailed legal description of the property including address and registration details
5. Purchase Price: Agreed purchase price and payment terms including deposit requirements
6. As Is Condition: Express acknowledgment that property is sold in current condition with all faults
7. Buyer's Acknowledgments: Buyer's confirmation of property inspection and acceptance of condition
8. Seller's Disclosures: Known material defects that seller is legally required to disclose
9. Closing and Possession: Closing date, possession details, and requirements for transfer
10. Transfer of Title: Process and requirements for legal transfer of property ownership
11. Costs and Taxes: Allocation of transaction costs, stamp duty, and registration fees
12. Default and Remedies: Consequences of default by either party and available remedies
13. Governing Law: Confirmation of Pakistani law application and jurisdiction
14. Execution: Signature blocks and witnessing requirements
1. Financing Contingency: Optional clause for purchases dependent on buyer securing financing
2. Property Insurance: Provisions regarding transfer or procurement of property insurance
3. Tenant Rights: Required if property is currently tenanted or has existing lease agreements
4. Religious Property Considerations: Specific provisions related to Islamic law requirements if applicable
5. Utilities and Maintenance: Provisions for transfer of utility connections and maintenance responsibilities
6. Agent Representation: Required if real estate agents are involved in the transaction
7. Force Majeure: Optional provisions for unforeseen circumstances affecting completion
8. Dispute Resolution: Alternative dispute resolution mechanisms if preferred over court proceedings
1. Property Schedule: Detailed inventory of property including boundaries and fixed fixtures
2. Title Documents: List of title documents and property papers to be transferred
3. Defects Schedule: List of known defects and current condition issues
4. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
5. Property Inspection Report: Third-party inspection report if conducted
6. Utility Details: List of existing utility connections and account information
7. Outstanding Charges: Schedule of any pending dues, taxes or charges on the property
8. Completion Requirements: Checklist of documents required for completion of transfer
Relevant legal definitions
Agreement
As Is Condition
Business Day
Closing
Closing Date
Completion
Deposit
Effective Date
Encumbrances
Fixtures
Force Majeure
Known Defects
Land Revenue Records
Material Defects
Mutation
Parties
Possession
Property
Purchase Price
Registration
Seller's Disclosure
Stamp Duty
Title Documents
Transfer Deed
Utilities
Vacant Possession
As Is Condition
Business Day
Closing
Closing Date
Completion
Deposit
Effective Date
Encumbrances
Fixtures
Force Majeure
Known Defects
Land Revenue Records
Material Defects
Mutation
Parties
Possession
Property
Purchase Price
Registration
Seller's Disclosure
Stamp Duty
Title Documents
Transfer Deed
Utilities
Vacant Possession
Clauses
Identification of Parties
Property Description
Purchase Price
Payment Terms
As Is Condition
Property Inspection
Title Transfer
Seller Warranties
Buyer Acknowledgments
Property Disclosure
Closing Conditions
Registration Requirements
Stamp Duty
Possession
Risk Transfer
Default Remedies
Force Majeure
Dispute Resolution
Governing Law
Notices
Assignment
Severability
Entire Agreement
Amendment
Representations
Due Diligence
Property Taxes
Cost Allocation
Insurance
Termination
Property Description
Purchase Price
Payment Terms
As Is Condition
Property Inspection
Title Transfer
Seller Warranties
Buyer Acknowledgments
Property Disclosure
Closing Conditions
Registration Requirements
Stamp Duty
Possession
Risk Transfer
Default Remedies
Force Majeure
Dispute Resolution
Governing Law
Notices
Assignment
Severability
Entire Agreement
Amendment
Representations
Due Diligence
Property Taxes
Cost Allocation
Insurance
Termination
Relevant Industries
Real Estate
Residential Property
Legal Services
Banking and Finance
Property Development
Construction
Property Management
Insurance
Property Investment
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Property Management
Sales
Documentation
Contract Administration
Due Diligence
Property Development
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Property Developer
Conveyancing Manager
Compliance Officer
Real Estate Broker
Property Valuation Expert
Contract Administrator
Legal Document Specialist
Property Transaction Manager
Risk Assessment Officer
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