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Purchase Contract For Home
"I need a Purchase Contract For Home for a 500-square-yard property in DHA Lahore, Pakistan, with a total purchase price of 45 million PKR, including a 20% down payment and remaining amount to be paid in quarterly installments until March 2025."
1. Parties: Identification and details of the seller and purchaser, including their complete legal names, CNICs, and addresses
2. Background: Context of the transaction and brief property history
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including exact location, measurements, and boundaries
5. Purchase Price: Total purchase price and payment structure including deposit and installment details
6. Payment Terms: Timeline and method of payments, including any financing arrangements
7. Title and Ownership: Seller's warranties regarding clear title and ownership rights
8. Possession: Terms and timing of property possession transfer
9. Registration and Transfer: Process and responsibilities for property registration and transfer
10. Representations and Warranties: Statements and guarantees by both parties regarding the property and transaction
11. Costs and Taxes: Allocation of transaction costs, taxes, and duties between parties
12. Default and Remedies: Consequences and remedies in case of default by either party
13. Governing Law: Specification of Pakistani law as governing law and relevant jurisdictions
14. Execution: Signing details and execution requirements
1. Financing Contingency: Terms related to buyer's ability to secure mortgage financing, used when buyer requires bank financing
2. Property Inspection: Terms for property inspection rights and procedures, used when buyer requests inspection period
3. Existing Tenancies: Details of current tenants and lease agreements, included if property is currently rented
4. Construction Completion: Terms for completion of ongoing construction, used for under-construction properties
5. Cooperative Housing Society Rules: Society-specific rules and requirements, included for properties in housing societies
6. Islamic Finance Compliance: Specific terms ensuring compliance with Islamic financing principles, used when Islamic financing is involved
7. Power of Attorney: Terms related to power of attorney if any party is acting through an attorney
1. Schedule A - Property Documents: List of all property documents including title deeds, tax receipts, and previous transfers
2. Schedule B - Property Plan: Detailed architectural plans, site maps, and property measurements
3. Schedule C - Payment Schedule: Detailed breakdown of payment installments and due dates
4. Schedule D - Property Inventory: List of fixtures, fittings, and other items included in the sale
5. Schedule E - Outstanding Liabilities: List of any pending utilities, taxes, or other liabilities
6. Appendix 1 - Property Photos: Recent photographs of the property and its major features
7. Appendix 2 - Compliance Certificates: Copies of relevant regulatory approvals and compliance certificates
Authors
Real Estate
Banking & Finance
Legal Services
Construction
Property Development
Insurance
Urban Planning
Islamic Finance
Legal
Real Estate
Compliance
Property Management
Contract Administration
Risk Management
Documentation
Finance
Business Development
Customer Relations
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Compliance Officer
Property Developer
Bank Manager
Mortgage Officer
Title Examiner
Contract Administrator
Real Estate Consultant
Property Valuation Expert
Housing Society Manager
Legal Documentation Specialist
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