Property Sale Agreement Format Karachi

PROPERTY SALE AGREEMENT

THIS PROPERTY SALE AGREEMENT (the "Agreement") is entered into and made effective as of this [Day] day of [Month], [Year] (the "Effective Date"), by and between:

THE VENDOR / SELLER: [Seller Full Legal Name], son/daughter/wife of [Father's/Spouse's Name], holding Computerized National Identity Card (CNIC) No. [Seller CNIC Number], residing at [Seller Complete Residential Address] (hereinafter referred to as the "Vendor", which expression shall unless repugnant to the context include his/her heirs, executors, administrators, legal representatives, and assigns) of the FIRST PART;

AND

THE VENDEE / PURCHASER: [Purchaser Full Legal Name], son/daughter/wife of [Father's/Spouse's Name], holding Computerized National Identity Card (CNIC) No. [Purchaser CNIC Number], residing at [Purchaser Complete Residential Address] (hereinafter referred to as the "Vendee", which expression shall unless repugnant to the context include his/her heirs, executors, administrators, legal representatives, and assigns) of the SECOND PART.

(The Vendor and the Vendee are hereinafter collectively referred to as the "Parties" and individually as a "Party").

RECITALS:

WHEREAS, the Vendor is the absolute, lawful, and undisputed owner, and is in peaceful physical possession of the immovable property situated at [Complete Property Address, e.g., Plot/House No., Block, Scheme/Subdivision, City District Karachi], measuring [Area Size, e.g., 400 Square Yards / Square Feet], held under Lease / Sub-Lease / Allotment Order No. [Document Number], dated [Date], issued by [Issuing Authority, e.g., KDA/SBCA/Cantonment Board/Cooperative Housing Society], and registered in the office of the Sub-Registrar [Sub-Registrar Jurisdiction], Karachi, vide Registration No. [Registration Number], Book No. [Book Number], Volume No. [Volume Number], Pages [Page Numbers] to [Page Numbers], dated [Date] (hereinafter referred to as the "Property");

WHEREAS, the Vendor has represented and warranted that the Property is free from all encumbrances, mortgages, charges, liens, prior sales, gifts, mortgages, attachments, litigation, pendency of suits, and public or private dues whatsoever;

WHEREAS, the Vendor has agreed to sell, transfer, convey, and assign the Property to the Vendee, and the Vendee has agreed to purchase and acquire the same from the Vendor, for the total agreed consideration/sale price of Pakistani Rupees [Written Amount in PKR] (PKR [Numeric Amount]), subject to the terms, covenants, and conditions hereinafter set forth;

NOW, THEREFORE, IT IS MUTUALLY AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

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SECTION 1: OPERATIONAL DEFINITIONS

For the purposes of this Agreement, the following terms shall have the meanings ascribed to them below:

1.1 "Agreement" means this Property Sale Agreement, including all recitals, schedules, annexures, and amendments executed in writing between the Parties.

1.2 "Balance Consideration" means the remaining unpaid portion of the Total Consideration amounting to Pakistani Rupees [Written Balance Amount] (PKR [Numeric Balance Amount]), payable by the Vendee to the Vendor at the time of execution and registration of the formal Conveyance/Sale Deed.

1.3 "Earnest Money / Advance Payment" means the initial deposit of Pakistani Rupees [Written Advance Amount] (PKR [Numeric Advance Amount]) paid by the Vendee to the Vendor upon the execution of this Agreement, via Pay Order / Demand Draft No. [Instrument Number], drawn on [Bank Name], dated [Date].

1.4 "Effective Date" means the date first written above, upon which this Agreement is executed by both Parties.

1.5 "Jurisdiction" means the civil and revenue courts and registration districts located within Karachi, Sindh, Pakistan.

1.6 "Property" means the immovable residential/commercial property more particularly described in the Recitals of this Agreement, including all rights of ingress, egress, structures, fixtures, fittings, and easements appurtenant thereto.

1.7 "Target Completion Date" means the date on or before [Completion Date, e.g., 60 days from Effective Date], by which the Parties are legally obligated to complete the transaction, including payment of balance consideration and execution of the Sale Deed.

1.8 "Total Consideration" means the aggregate purchase price of Pakistani Rupees [Written Total Amount] (PKR [Numeric Total Amount]) agreed upon by the Parties for the absolute transfer of the Property.

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SECTION 2: SUBSTANTIVE TERMS & OBLIGATIONS

2.1 Sale and Purchase: Subject to the receipt of the Total Consideration by the Vendor, the Vendor hereby agrees to sell, convey, transfer, and assign absolute, unencumbered, and marketable title of the Property to the Vendee.

2.2 Payment Schedule: The Total Consideration of PKR [Numeric Total Amount] shall be paid by the Vendee in the following manner:

• (a) Earnest Money: PKR [Numeric Advance Amount] paid upon the execution of this Agreement (Receipt whereof the Vendor hereby acknowledges).
• (b) Balance Consideration: PKR [Numeric Balance Amount] payable on or before the Target Completion Date, specifically at the time of execution and registration of the registered Sale Deed before the Sub-Registrar having jurisdiction in Karachi.

2.3 Vendor's Representations and Warranties: The Vendor expressly represents, warrants, and covenants that:

• (a) The Vendor has good, marketable, and absolute title to the Property, free and clear of any claims, demands, encumbrances, or third-party rights.
• (b) No legal proceedings, acquisition notices, or injunctions by any competent court, tribunal, or municipal authority (including KDA, SBCA, Cantonment Board, or Revenue Department) are pending or threatened against the Property.
• (c) All past utility bills, including electricity (K-Electric), water and sewerage (KWSB), gas (SSGC), and municipal property taxes, have been paid in full up to the date of physical possession handover.

2.4 Handover of Physical Possession: The Vendor shall deliver vacant, peaceful, and unencumbered physical possession of the Property to the Vendee simultaneously upon the receipt of the Balance Consideration and the execution of the registered Sale Deed.

2.5 Execution of Title Documents: The Vendor shall execute, sign, and present the formal Sale Deed, transfer applications, and all other necessary statutory documents before the Sub-Registrar or relevant housing authority office in Karachi. All expenses pertaining to stamp duty, registration fees, capital value tax (CVT), advance income tax, and legal documentation charges shall be borne exclusively by the [Vendee / Vendor / Shared equally].

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SECTION 3: DEFAULT, TERMINATION, AND REMEDIES

3.1 Default by Vendee: If the Vendee fails to pay the Balance Consideration on or before the Target Completion Date, or otherwise breaches any material obligation under this Agreement, the Vendor shall issue a written notice of default providing a cure period of thirty (30) business days. If the Vendee fails to remedy the default within the said thirty (30) business day cure period, the Vendor shall be entitled to terminate this Agreement and forfeit a sum not exceeding [Percentage, e.g., 10%] of the Total Consideration as liquidated damages from the Earnest Money, refunding the remainder without interest to the Vendee within fifteen (15) days thereafter.

3.2 Default by Vendor: If the Vendor fails or refuses to execute the Sale Deed, transfer the Property, or deliver possession thereof to the Vendee in accordance with the terms hereof, the Vendee shall issue a written notice of default providing a cure period of thirty (30) business days. If the Vendor fails to remedy the default within the said thirty (30) business day cure period, the Vendee shall be entitled to:

• (a) Terminate this Agreement and demand an immediate refund of the Earnest Money/payments made, along with liquidated damages equivalent to [Percentage, e.g., 10%] of the Total Consideration; OR
• (b) Institute legal proceedings for Specific Performance of Contract under the Specific Relief Act, 1877, compelling the Vendor to execute the transfer documents through a court of law at the Vendor's sole cost and risk.

3.3 Statutory Remedies: The remedies provided in this Section 3 are cumulative and shall not prejudice any other rights or remedies available to the non-defaulting Party under the laws of the Islamic Republic of Pakistan.

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SECTION 4: BOILERPLATE LEGAL PROVISIONS

4.1 Severability: If any provision of this Agreement is held to be illegal, invalid, or unenforceable by any court or administrative body of competent jurisdiction, such provision shall be severed to the extent of its invalidity, and the remaining provisions of this Agreement shall remain in full force and effect.

4.2 Entire Agreement: This Agreement constitutes the entire understanding and agreement between the Parties relating to the subject matter hereof and supersedes all prior negotiations, representations, warranties, or preliminary agreements, whether written or oral.

4.3 Force Majeure: Neither Party shall be held liable for any failure or delay in performing their obligations under this Agreement if such failure arises from acts of God, war, civil insurrection, severe natural disasters, pandemic lockdowns, or statutory enactments by the government that render performance legally impossible. The time for performance shall be extended for a period equal to the duration of such force majeure event.

4.4 Governing Law: This Agreement shall be governed by, construed, and enforced in accordance with the substantive and procedural laws of the Islamic Republic of Pakistan.

4.5 Dispute Resolution: Any dispute, controversy, or claim arising out of or relating to this Agreement, including its formation, breach, termination, or validity, shall be settled through amicable negotiations between the Parties. If unresolved within fifteen (15) days, the dispute shall be referred to binding arbitration in Karachi, administered in accordance with the Arbitration Act, 1940. The courts at Karachi shall have exclusive territorial jurisdiction over all legal proceedings.

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SECTION 5: FORMAL EXECUTION BLOCK

IN WITNESS WHEREOF, the Parties hereto have signed, sealed, and delivered this Property Sale Agreement in the presence of the marginal witnesses on the Effective Date first written above.

VENDOR / SELLER:

Signature: _________________________________
Name: [Seller Full Legal Name]
CNIC No: [Seller CNIC Number]
Designation/Entity: [If applicable, e.g., Director / Authorized Attorney]
Date: [Date]

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VENDEE / PURCHASER:

Signature: _________________________________
Name: [Purchaser Full Legal Name]
CNIC No: [Purchaser CNIC Number]
Designation/Entity: [If applicable, e.g., Director / Authorized Representative]
Date: [Date]

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WITNESS 1:

Signature: _________________________________
Name: [Witness 1 Full Name]
CNIC No: [Witness 1 CNIC Number]
Address: [Witness 1 Complete Address]

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WITNESS 2:

Signature: _________________________________
Name: [Witness 2 Full Name]
CNIC No: [Witness 2 CNIC Number]
Address: [Witness 2 Complete Address]