The For Sale By Owner Contract is a crucial legal instrument used in Pakistan when property owners wish to sell their property directly to buyers without involving real estate agents as intermediaries. This type of agreement is particularly relevant in the Pakistani property market where direct sales are common and can help reduce transaction costs. The document must comply with various Pakistani laws including the Contract Act 1872, Transfer of Property Act 1882, and Registration Act 1908, while also considering Islamic law principles. It includes detailed provisions for property description, payment terms, transfer processes, and necessary warranties, along with requirements for proper registration and stamp duty payment. The contract is designed to protect both parties' interests while ensuring the transaction meets all legal requirements for property transfer in Pakistan.
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1. Parties: Full legal names, CNIC numbers, and addresses of the seller and buyer
2. Background: Brief context of the sale and confirmation of seller's ownership
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including address, dimensions, and registration details
5. Purchase Price: Total sale price, payment terms, and payment schedule
6. Deposit: Amount and handling of initial deposit
7. Completion Date: Date for final payment and property transfer
8. Seller's Representations and Warranties: Guarantees regarding property ownership, encumbrances, and condition
9. Property Inspection: Buyer's right to inspect and acceptance of property condition
10. Transfer of Title: Process and obligations for legal transfer of property ownership
11. Costs and Taxes: Allocation of transfer costs, stamp duty, and other fees
12. Default and Remedies: Consequences of breach by either party
13. Governing Law: Confirmation of Pakistani law governance and jurisdiction
14. Execution: Signature blocks with witness requirements
1. Possession: Terms for transfer of possession if different from completion date
2. Existing Tenancies: Details of any existing tenants and lease agreements
3. Fixtures and Fittings: List of items included/excluded from sale
4. Utilities and Maintenance: Arrangements for transfer of utility connections and maintenance contracts
5. Property Documents: List of documents to be handed over upon completion
6. Condition Precedents: Any conditions that must be met before completion
7. Islamic Finance Compliance: Specific terms to ensure compliance with Islamic finance principles
8. Force Majeure: Provisions for unexpected events preventing completion
1. Schedule 1 - Property Details: Comprehensive property details including lot number, boundaries, and land registration particulars
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and dates
3. Schedule 3 - Property Documents: List of all property papers and certificates to be transferred
4. Schedule 4 - Fixtures and Fittings: Itemized list of included/excluded items
5. Appendix A - Property Plans: Official property plans and drawings
6. Appendix B - Property Photos: Current dated photographs of the property
7. Appendix C - Land Registry Documents: Copies of relevant land registry documents
8. Appendix D - Title Documents: Copies of title documents and ownership history
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