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 Signature of the

Purchaser…………………………..

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