Sample Sale Agreement Pakistan

Agreement of Sale (Part Payment):

An Agreement for sale or Sale Agreement is a contractual document to sell a property in future. An agreement of sale constitutes the terms and conditions of sale of a property by the seller to the buyer. These terms and conditions include the amount at which it is to be sold and the future date of full payment. This agreement specifies the terms and conditions, under which the property in question will be transferred. The Transfer of Property Act, 1882, which regulates the matters dealing with the sale and transfer of house property, defines the contract for sale or an agreement for sale as under:
“A contract for the sale of immovable property, is a contract that a sale of such property shall take place on the terms settled between the parties”.

It is an initial document which start the process of sale to go through without any hurdle as per terms and conditions decided by both parties. It is usually made in two phases. This first Sale Agreement is made when both parties agreed on terms and buyer paid 10% advance payment of total sale value. This agreement of Sale is know as Part Payment. The second agreement is made at the time of full payment and transfer of property which is known as Full & Final Payment. Sale Agreement is not the same as Sale Deed.

 

For further assistance and legal advice, you can contact our Property’s Legal Advisor on given number for prepartion of such documents.