Property Sale Agreement Format Pakistan

PROPERTY SALE AGREEMENT

This Property Sale Agreement (the "Agreement") is made and entered into this [Day] day of [Month], [Year] (the "Effective Date"), by and between:

SELLER: [Full Name/Company Name], son/daughter/entity of [Father's Name/Parent Company], holder of CNIC/Registration No. [Number], residing at/having its principal place of business at [Address] (hereinafter referred to as the "Seller");

AND

BUYER: [Full Name/Company Name], son/daughter/entity of [Father's Name/Parent Company], holder of CNIC/Registration No. [Number], residing at/having its principal place of business at [Address] (hereinafter referred to as the "Buyer").

(Collectively referred to as the "Parties" and individually as a "Party").

RECITALS

WHEREAS, the Seller is the absolute, legal, and beneficial owner of the property described in Schedule A attached hereto (the "Property"); WHEREAS, the Seller desires to sell, and the Buyer desires to purchase, the Property free from all liens, encumbrances, and litigation, subject to the terms and conditions set forth herein.

1. OPERATIONAL DEFINITIONS

1.1. "Property" means the land, structure, and all appurtenances thereto, situated at [Full Address and Plot/Survey Number], measuring [Area size] square yards/feet. 1.2. "Consideration" means the total sum of [Amount in PKR] agreed upon as the sale price. 1.3. "Closing Date" means the date on which the final transfer of title and possession occurs, scheduled for [Date]. 1.4. "Encumbrance" means any mortgage, lien, charge, pledge, security interest, or third-party claim of any nature. 1.5. "Business Day" means a day, other than a Saturday or Sunday, on which banks are open for business in [Jurisdiction, e.g., Karachi/Lahore], Pakistan.

2. SUBSTANTIVE TERMS & OBLIGATIONS

2.1. Sale and Purchase: The Seller hereby agrees to sell and the Buyer agrees to purchase the Property for the Consideration, payable in the manner stipulated in Clause 2.2. 2.2. Payment Schedule: The Buyer shall pay the Consideration as follows: (a) Earnest Money: [Amount] paid upon execution of this Agreement (Receipt acknowledged). (b) Balance Payment: [Amount] to be paid via Pay Order/Bank Draft at the time of execution of the Sale Deed. 2.3. Representations of Seller: The Seller represents that: (a) The Seller has full legal authority to enter into this Agreement. (b) The Property is free from any litigation, adverse possession, or undisclosed encumbrances. (c) All taxes, utility dues, and maintenance charges regarding the Property have been paid up to the Effective Date. 2.4. Possession: Physical, vacant, and peaceful possession shall be handed over to the Buyer simultaneously with the registration of the Sale Deed.

3. DEFAULT, TERMINATION, AND REMEDIES

3.1. Events of Default: A Party shall be in default if they fail to perform any material obligation under this Agreement. 3.2. Notice and Cure: In the event of a breach, the non-breaching Party shall provide written notice. The defaulting Party shall have thirty (30) Business Days to cure said breach. 3.3. Remedies: If the default remains uncured: (a) If the Buyer defaults, the Seller may forfeit the Earnest Money as liquidated damages and terminate this Agreement. (b) If the Seller defaults, the Buyer may seek specific performance through a court of competent jurisdiction or demand a refund of the Earnest Money plus interest at [Rate]% per annum.

4. BOILERPLATE LEGAL PROVISIONS

4.1. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of Pakistan and the provincial laws of [Province]. 4.2. Dispute Resolution: Any dispute arising out of this Agreement shall be settled through binding arbitration in [City], conducted by a sole arbitrator appointed by mutual consent under the Arbitration Act, 1940. 4.3. Entire Agreement: This document constitutes the entire agreement between the Parties and supersedes all prior negotiations or understandings. 4.4. Severability: If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect. 4.5. Force Majeure: Neither Party shall be liable for failure to perform due to causes beyond their reasonable control, including acts of God, war, or governmental restriction.

5. FORMAL EXECUTION BLOCK

IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first above written.

SELLER Name: ___________________________ Title: ____________________________ Date: _____________________________

BUYER Name: ___________________________ Title: ____________________________ Date: _____________________________

WITNESS 1 Name: ___________________________ CNIC: ____________________________

WITNESS 2 Name: ___________________________ CNIC: ____________________________