Property Purchase through Lawyer in Lahore Pakistan:
Advocate Nazia is an expert property lawyer in Lahore Pakistan. In agreement to sell, the contract must contain other provisions on payment of the purchase price if the buyer must sell his present home first to secure funds to buy the house. This is also true if the buyer must secure a mortgage himself to proceed with purchasing the property. Too often, a buyer signs without specifying that he has to sell his present home. If he cannot sell the old house in time—before the closing date—he may breach his agreement with the seller, which can be challenged through a property lawyer in Lahore Pakistan.
Mortgage & Finance:
A buyer might also have difficulty in getting a mortgage to finance the purchase of the new house. When the time comes to a close, he cannot produce the money. In this case, he can lose his earnest money deposit. The buyer, who has to sell his present home or obtain a mortgage to finance the new home, or both, should insist that the agreement of sale protect him. He needs conditioned liability under the contract: he has to be allowed to sell his existing home before closing the new house.
Seller:
The seller may, of course, resist such a provision through a property lawyer in Lahore Pakistan. The seller should then insist on a time limitation. The buyer will have to sell his old home by a specified date, or the agreement will be void, and the seller can proceed to sell to someone else. If the buyer has to obtain a mortgage to buy the new home, he should ensure that the agreement contains a provision stating that purchase is subject to securing the mortgage. If the seller agrees, the interest rate should be indicated, and the number of years to pay off the mortgage specified. Such a provision is, of course, to the advantage of the buyer.
Shop:
It allows him to “shop” for a mortgage that suits his situation. Again, the seller may raise the legitimate objection that this injects an element of uncertainty into the contract. The seller who agrees to such a provision usually insists on a time limit by which the buyer has to secure a mortgage commitment in writing —to be shown to the seller. The seller is then assured that the sale will go through on schedule. If the buyer cannot procure the mortgage commitment within the time specified, the seller can offer the property to others.
Contract provisions:
Contract provisions conditioning the sale in any way should be negotiated. Both the seller and buyer have legitimate interests, which can be safeguarded through a property lawyer in Lahore Pakistan. Where possible, however, the buyer should insist, to the extent possible, on having these protections written into the contract. If they are not there, he is breaching the agreement if he cannot buy for those reasons at the time of closing. The agreement should provide a specific closing date.
