Sale Deed & Property Lawyer in Lahore Pakistan:
Advocate Nazia in Lahore is an expert property lawyer in Lahore Pakistan. In agreement to sell, the seller’s covenant will deliver a good and marketable title gives the buyer a measure of protection in such a situation. All easements and rights of way should nonetheless be specifically itemized to the extent possible. Any other special provisions should likewise be included in the agreement of sale. Looking the Property Lawyer in Lahore (2022) & Property Lawyer in Lahore Pakistan to solve the any kind of Property Issue. Our Property Lawyers in Lahore Pakistan & Property Lawyer in Lahore Pakistan is best to property issue.
Example:
For example, if the buyer is taking the property subject to an existing mortgage—if he is assuming the seller’s mortgage—the agreement should so state. The assumption clause should be specific to the property lawyer in Lahore Pakistan, should identify the mortgage and the name of the financial institution involved, where the mortgage is recorded, and the balance at the time of signature. Why does an agreement of sale specifically mention plumbing, heating fixtures and systems, laundry tubs and permanent fixtures, awnings, Venetian blinds, and television antennas? Unfortunately, some sellers have removed from the property such things as blinds, fixtures, storm doors, and even light bulbs after the agreement of sale has been signed. The buyer moving into the property later finds a significantly different property from what he agreed to buy.
Agreement:
The agreement of sale should be specific to a property lawyer in Lahore Pakistan. It should state that the sale includes all the buildings, improvements, and plumbing and heating fixtures forming a part of the property. To be also mentioned: all built-in ranges, refrigerators, laundry tubs, and other permanent fixtures, storm doors, windows and awnings if any, screens, shades, blinds, drapery rods, and fixtures, television antennas, and all trees, shrubbery, and plants currently on the property. Personal property includes items that are not normally considered part of real estate. If any personal property items are to be transferred with the house, they should be separately listed by a property lawyer in Lahore Pakistan, not included in the purchase price. Personal property may cover wall-to-wall carpeting, rugs, drapes, mirrors, chandeliers, refrigerator, deep freeze, dishwasher, window air conditioners, fireplace items, lawnmower, garden tools, workbenches, water softeners, automatic door openers, and similar items. If any of these is being sold with the property, it should be specifically listed by a property lawyer in Lahore Pakistan, if it is to pass as part of the purchase price. A better alternative should be noted. Where personal property is being sold with real estate, a separate value should be given to the personal items.
Bills:
They can then be listed in a separate bill of sale. For example, if the wall-to-wall carpeting drapes, chandelier, and refrigerator are included in the sale, and the parties agree that they are worth $3,000, then the house’s agreement of sale could reflect a purchase price of $27,000. A separate bill of sale ($3,000) would list the items of personal property passing to the buyer—total price for the entire package: $30,000. Here a distinction has been made between the real estate and the items of personal property.
Tax Issue:
This becomes important later on since, in many cases, the real estate tax assessment on the land and the house is based on the price stated in the deed. If the price in the deed reflects items of personal property that are not part of the real estate, the real estate tax assessment may be set at too high a rate—namely, on $30,000 instead of $27,000—covenant to Buy. In the agreement, the buyer consents to purchase the property. The price is stated. All payment terms should also be stated by a property lawyer in Lahore Pakistan, such as the amount of earnest money paid and the balance and how it is to be paid—whether in cash or certified funds or otherwise.
Example:
For example, suppose the property’s price is $30,000 and $5,000 has already been deposited as earnest money. In that case, the agreement should provide that the buyer agrees to pay the sum of $30,000 payable as follows: $5,000 as earnest money on the signing of the agreement, receipt of which is acknowledged by the seller. The balance of $25,000 to be payable in cash at the time of final closing.
