Possession of Property & Property Lawyers in Lahore Pakistan:
Nazia Law Associates has the best property lawyers in Lahore Pakistan. The agreement to sell can be closed or settled before that date, but a definite terminal date should be fixed in the contract so that all parties know the time limitations. Any sale agreement should state that either party may, on written notice to the other, declare time to be of the essence of the contract and fix a date, time, and place for final settlement through property lawyers in Lahore Pakistan.
Neither party can drag his feet or postpone the sale if the contract does not provide for such a contingency. If, after written notice is given, either party fails to proceed with the sale or purchase, that party defaults under the contract. The contract should also provide the other party a method of giving notice, such as certified or registered mail at the addresses outlined in the agreement through property lawyers in Lahore Pakistan.
Possession through property lawyers in Lahore Pakistan:
The agreement to sell by property lawyers in Lahore Pakistan should specify the date the buyer can take control of the property or move into the property. The possession date is usually the same as the date of the final closing. But this is not always the case. In a typical case, a seller may need additional time to move out of the property and request that the buyer take possession 30 days after the final closing date.
If the buyer agrees to the provision, the contract should provide for payment of rent or another form of payment for the 30day waiting period. Alternatively, the buyer may want to move into the property before the closing to make repairs, paint, or do other work. In this case, the seller should insist on some form of a 30-day lease or additional written agreement that would give him the right to eject the buyer if the latter cannot proceed with the closing after moving into the property. Where possession is granted through property lawyers in Lahore Pakistan or through party himself before delivery of the deed, or where the seller remains in possession after delivery of the deed to the buyer, and the party in possession does not sell or buy as specified, the contract should provide for the right of ejectment by the innocent party.
If any part of the property included in the sale is occupied by a tenant, the sale agreement should specify this fact through property lawyers in Lahore Pakistan. The lease or leases under which the tenants are holding possession should be identified. There is also a need to provide for the assignment and the proration of rent. The sale agreement should thus provide that the leases will be assigned at the closing to the buyer and that rent for the month during which the sale takes place will be prorated between the seller and the buyer.
Usually, such things as real estate taxes, water and sewer charges, rents, and interest are prorated—divided proportionately—between seller and buyer as of the date of closing. For example, if the real estate taxes for the current year have already been paid by ‘the seller, he is entitled to a refund of those taxes for the balance of the year following the settlement date. The buyer is entitled to a credit for the seller’s portion of the taxes for the part of the year during which the seller was the property owner if the seller has not paid the taxes.