Agreement To Sell A House

INTERNATIONAL ISLAMIC UNIVERSITY ISLAMABAD (Women Campus)

BUSINESS LAW AND LEGAL ENVIROMENTS

ASSIGNMENT-1 Submitted to: Mr. SAFDAR UL HASSAN

Submitted by: SUMAIRA YOUSUF BUSHRA FATIMA SABIHA BIBI

SADIA KHAN

AGREEMENT FOR SALE OF A HOUSE The agreement is made on the 26th day of March 2009 between Mr. Umer Naseem, Adult, s/o Muhammad Naseem, residing in House #45, Gulgasht Colony, Multan (herein after called the vendor) of the one part and Syed Omar Waqas, adult s/o of Syed Ajmal Hussain Shah, Muslim, residing in House#21, Gulgasht Colony, Multan (hereinafter called the purchaser) of the other part. WHEREBY the parties hereto mutually agree as follows:(1)

The vender will sell and the purchaser will buy the house (House# 50, Street# 21, Sector# 1, A.E.C.H.S, CHAKLALA) with all the rights belongings or appurtenant thereto.

(2)

The sale will be free from encumbrances.

(3)

The price will be Rs. 7 Million of which Rs. 2 Million has been paid by way of earnest money to the vendor and the balance shall be paid at the time of execution of the sale deed.

(4)

Loan interest, property taxes, insurance, and rents shall be prorated as of the date of closing. All security deposits shall be transferred to buyer at closing. All impound accounts for taxes and insurance are included in the purchase price and shall be transferred to buyer at closing. Any shortage in these accounts shall be charged to seller at closing.

(5)

The title of the vendor as absolute owner shall be accepted by the purchaser without any further investigation.

(6)

The vendor will reserve to himself a right of way for his adjoining house for all purposes over the property agreed to be sold between the points marked X and Y on the plan attached herewith.

(7)

The purchaser shall in the sale deed enter in to the restrictive covenants setout in the second Schedule thereto for the benefit of the adjoining property of the vendor.

(8)

The purchase shall be completed on 23rd day of November 2013 by the purchaser paying the balance of the price and the vendor executing the sale deed.

(9)

The vendor shall maintain property in its current condition and keep it insured against all loss until closing in the event of destruction covered by insurance, buyer may elect to close and collect the insurance proceeds.

(10)

The vendor agrees that purchaser may advertise property and have access during reasonable hours to show property to others. If the property is vacant and in need of repairs, purchaser at his expense may make repairs and improvements, and any improvements made shall become the property of the vendor should the purchaser default.

(11) All expenses for the preparation of the sale deed and the cost of stamp and registration charges shall be borne by the purchaser. (12) If from any default of the purchased, the purchase shall not be completed on the date fixed, the purchaser shall pay interest on the un-paid balance of the price at 5 per cent per annum up to the date of completion of sale. (13) If the purchaser shall fail to comply with the terms and conditions of this agreement, his earnest money will be forfeited and the vendor will be at the liberty to resell the property and recover the deficiency in price and expenses of resale from the purchaser (or, if the deficiency in price and expenses of resale exceed the amount of earnest money, recover the excess) and any excess in price on resale shall belong to the vendor.

In witness whereof the seller and the purchaser have here unto set and subscribed their respective hands /signatures in the presence of:

WITNESSES 1. Mr. Saqib Shehzad

Signature of the Vendor

……………………………….

P.B.BOX # 3931

Purchaser…………………………..

Doha, Qatar 2. Mr. Tariq Yousuf P.O.B # 1285 Doha, Qatar

Signature of the