The Simple Purchase Agreement For House is a fundamental legal document used in Pakistani real estate transactions to formalize the purchase and sale of residential property. This document is essential when parties wish to document the terms and conditions of a property sale in compliance with Pakistani law, particularly the Transfer of Property Act 1882 and related legislation. It serves as a binding contract between buyer and seller, detailing crucial aspects such as property description, purchase price, payment terms, and transfer procedures. The agreement is designed to protect both parties' interests while ensuring the transaction meets all legal requirements for property transfer in Pakistan, including proper registration and stamp duty payment. It's commonly used in both direct sales between private parties and transactions involving real estate agents or property developers.

1. Parties: Identification of the Seller and Buyer with complete details including CNIC numbers, addresses and contact information

2. Background: Brief context of the transaction, including the Seller's ownership and intention to sell, and Buyer's intention to purchase

3. Definitions: Definitions of key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.

4. Property Details: Complete description of the property including address, size, boundaries, and registration details as per official records

5. Purchase Price: The agreed purchase price, payment schedule, and method of payment

6. Payment Terms: Detailed breakdown of payment structure including earnest money, installments if any, and final payment

7. Completion: The process and timeline for completing the transaction, including registration and handover

8. Seller's Representations and Warranties: Seller's declarations regarding ownership, encumbrances, legal status of the property

9. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and compliance with laws

10. Property Inspection: Buyer's right to inspect the property and acceptance of its condition

11. Registration and Transfer: Process for legal transfer and registration of the property

12. Costs and Taxes: Allocation of transaction costs, taxes, and duties between parties

13. Default and Remedies: Consequences of default by either party and available remedies

14. Governing Law: Confirmation that the agreement is governed by Pakistani law

15. Execution: Signature blocks for parties and witnesses as required under Pakistani law