The Commercial Property Purchase Agreement is a crucial legal instrument used in Pakistan for facilitating the transfer of commercial real estate between parties. This document is essential when acquiring or disposing of commercial properties such as office buildings, retail spaces, industrial facilities, or mixed-use developments. It incorporates key requirements from Pakistani property law, including compliance with the Transfer of Property Act 1882, Registration Act 1908, and relevant provincial regulations. The agreement comprehensively addresses all aspects of the transaction, from property description and purchase price to warranties and completion procedures, while ensuring adherence to local zoning laws and development authority requirements. It's particularly important in protecting both parties' interests by clearly defining their rights, obligations, and remedies within the Pakistani legal context.
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1. Parties: Identification and details of the seller and purchaser, including registration/ID numbers for companies or individuals
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the property, including the agreed purchase price
5. Property Description: Detailed description of the property including boundaries, measurements, and registration details
6. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, payment schedule, and payment methods
7. Conditions Precedent: Conditions that must be satisfied before completion of the sale
8. Seller's Warranties: Warranties regarding property title, condition, and legal compliance
9. Due Diligence: Buyer's rights and process for conducting property investigations
10. Completion: Process and requirements for completing the sale
11. Registration and Transfer: Requirements and process for property registration and transfer
12. Costs and Taxes: Allocation of transaction costs, taxes, and duties
13. Default and Termination: Consequences of default and circumstances for termination
14. Notices: Process for serving notices between parties
15. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and jurisdiction
16. Execution: Signing and witnessing requirements
1. Tenant Rights and Obligations: Required if the property is currently leased to tenants
2. Environmental Matters: Required for properties with potential environmental concerns or compliance requirements
3. Development Rights: Include when the property has unused development potential or pending approvals
4. Service Contracts: Required if there are ongoing service contracts that need to be transferred
5. Intellectual Property: Include if the sale includes trading names or other IP associated with the property
6. Employee Matters: Required if the sale includes transfer of employees
7. Dispute Resolution: Optional alternative dispute resolution procedures
8. Force Majeure: Include for protection against unforeseen circumstances
9. Anti-Money Laundering Compliance: Required for high-value transactions or when dealing with foreign buyers
1. Property Details Schedule: Detailed technical description of the property, including maps and plans
2. Title Documents: List and copies of all relevant title documents
3. Encumbrances Schedule: Details of any mortgages, liens, or other encumbrances
4. Inventory Schedule: List of fixtures, fittings, and equipment included in the sale
5. Due Diligence Documents: Copies of surveys, certificates, and inspection reports
6. Payment Schedule: Detailed breakdown of payment installments and timing
7. Existing Leases: Details of any existing tenancies and lease agreements
8. Service Contracts Schedule: List and details of service contracts to be transferred
9. Required Consents: List of regulatory and third-party consents required
10. Property Tax Records: History of property tax payments and outstanding liabilities
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