The Agreement of Sale & Property Lawyers in Lahore Pakistan:
Nazia Law Associates has the best property lawyers in Lahore Pakistan. All the essential elements in the sale and purchase of a home converge in the agreement of sale. All these elements, including total cost, description of the property, the type of title that the owner has and will convey to the buyer, and so on, must appear in the agreement, which property lawyers in Lahore Pakistan can prepare.
Follow Legal Steps:
A checklist of those items that should be in the final sale agreement would include at least the following: Date of the contract. The agreement should contain the date on which it is made. The name and address of the seller should be written. These should be stated clearly, and the seller’s marital status should be noted, such as “Imran Ali and Shazia Imran, his wife, of 121 mosque Street, Center City, State X.” The name of the buyer etc. If the buyers are not husband and wife and want to take title jointly, the nature of the title they wish to take should be stated in the sale agreement. Law recognizes a form of title ownership known as “joint tenancy.” If the two persons, not husband and wife, want to take the title as “joint tenants,” such should be stated in the agreement. If they’re going to take the title as “tenants in common,” also a recognized form of ownership, this should be stated by property lawyers in Lahore Pakistan.
The sale agreement should contain a specific agreement by the seller to sell the property and the buyer to purchase it on a specified date. In other words, the contract should state that the seller will “on or before 90 days from the date of this agreement, sell, and the buyer will buy” the property as described in the agreement. The agreement should specify the type of deed that the seller will give to the buyer. An act of general warranty is the highest form of doing that can be conveyed and ordinarily utilized to sell a residence.
Deed of the Form:
Other forms of the deed, such as deeds of exceptional warranty, are used mainly in situations involving a sale from the estate of a deceased person and in other exceptional cases—type of title to be Conveyed. The agreement should provide that the seller will convey “fee simple title,” the highest form of title. The statement indicates that the seller has all the title elements to the property that he agrees to sell. By specific terms mentioned by property lawyers in Lahore Pakistan, the sale should be made clear of all liens and encumbrances except as noted in the agreement, thus assuring the buyer that the seller agrees to convey free of any liens or encumbrances except those stated in the contract itself. Excellent and Marketable Title.
The buyer wants to be sure that the title he is acquiring is good. He may later wish to sell the property to someone else. The agreement should thus provide that the seller is conveying a good and marketable title, one that will be insurable by a title insurance company at its regular rates and ‘that can be freely transferred in the marketplace.