Sell Agreement
Sell Agreement
This Agreement to Sell is executed at Karachi on 18-1-2017
Between
First Party (Seller)
And
Second Party (Purchaser)
Whereas with mutual consent of both the parties to this Sale Agreement the Seller has agreed to sell the property Bunglow No. 112/III, 23rd Street, measuring 666.66 sq. yds, situated at Khayaban-e-Muslim, Phase VI, DHA, Karachi to the Purchaser in total consideration of Rs. 80, 00, 000 (Eight Crore).
Whereas the abovementioned property is currently mortgaged with Bank Islami as well as the property is also subject matter in Civil Suit No. 1633/2015 which is pending adjudication before the High Court of Sindh at Karachi. The Seller agrees to pay off the outstanding finance liability to Bank Islami and redeem the property from Bank Islami.
Whereas the Seller approached the Purchaser and the Purchaser agreed to purchase the property from the Seller in lieu of deposit of a total sale consideration price of Rs. 80, 00, 000 (Eight Crore).
Whereas the Purchaser agree and pay an amount of Rs. 50 Million as part payment to the Seller in the shape of pay orders dated 17-1-2017 in order to deposit the amount after the Court decision in Suit No. 1633/2015. Remaining full and final amount of Rs. 2 Crore 90 Lacs will be paid by Purchaser to Seller vide pay order (s) at the time of handing over physical possession of the house and execution of Sale Deed.
Whereas the Purchaser agree to pay to Seller total consideration of Rs. 80, 00, 000 (Eight Crore) as per following break-up:
Break-up
- The Purchaser has paid 10% as token money of the total sale consideration price to the sum of Rs. 80, 00, 000 vide Pay Orders issued by the following person(s) and the same are as under:
- Pay Order 02980066 dated 17-1-2017 amounting to Rs. 800, 000/-
- Pay Order 02980067 dated 17-1-2017 amounting to Rs. 900, 000/-
- Pay Order 02980068 dated 17-1-2017 amounting to Rs. 900, 000/-
- Pay Order 02980069 dated 17-1-2017 amounting to Rs. 900, 000/-
- Pay Order 029800670 dated 17-1-2017 amounting to Rs. 900, 000/-
- Pay Order 029800671 dated 17-1-2017 amounting to Rs. 900, 000/-
- Pay Order 029800672 dated 17-1-2017 amounting to Rs. 900, 000/-
- Pay Order 029800673 dated 17-1-2017 amounting to Rs. 900, 000/-
- Pay Order 029800674 dated 17-1-2017 amounting to Rs. 900, 000/-
Total amount of Rupees Eighty Lacs has been paid by Purchaser to the Seller.
- Whereas second part Payment of Rs. 430, 00, 000 has been paid via Pay Orders to the Seller in favour of Bank Islami for onward payment to the Nazir of the Court in compliance of the order in Suit No. 1633/2015 as directed by the Honourable High Court of Sindh. Detail of the aforementioned Pay Orders are as under:
- Pay Order No. 03085462 dated 30-3-19 amounting to Rs. 2, 500, 000.00
- Pay Order No. 03085463 dated 30-3-19 amounting to Rs. 2, 500, 000.00
- Pay Order No. 03085464 dated 30-3-19 amounting to Rs. 2, 00, 000.00
Total amount of Rupees Eighty Lacs has been paid by Purchaser to the Seller and has been submitted before the Nazir of the High Court of Sindh at Karachi. Further transaction was made between the Seller and Rehan Shaikh.
Whereas the remaining full and final consideration amounting to Rs. Two Crore 90 Lacs has been paid by Purchaser to Seller by way of pay orders at the time of handing over physical possession and execution of the Sale Deed after the decision of the Honourable High Court of Sindh.
Whereas all past utility bills and/or taxes, if any, shall be borne by the Seller and Purchaser shall bear the stamp duty, tax, registration charges while execution of Sale Deed between Seller and Purchaser. The Purchaser shall be at liberty to execute the sale deed in favour of his nominee or any person for which the Seller shall have no objection whatsoever.
Whereas the Seller and the title holder Mr. Rehan Shaikh under took that all documents, sale deed , undertaking shall be duly signed by both the parties to this Agreement in favour of Purchaser for which the Seller has no objection.
Whereas the sale deed shall be completed by or before May 2018 and the Seller indemnify that this Agreement to Sell shall not be revoked and shall fulfil within above time period.
IN WITNESS WHEREOF the parties thereto have hereunto set and subscribed their respective hands at Karachi on the day, month and year above mentioned.
Witness:
Mr. Mumtaz Ali
S/o Ali Muhammad Shaikh
CNIC: 42000-9648001-7
r/o Flat No. 703, 7th Floor, Mehran Crystal Town, Both Island, Karachi
Witness:
Mrr. Rohail Khan
S/o Bashir Ahmad Baqai Shaikh
CNIC: 432013-1498623-7
r/o Classic View Flat No. P 317, Block 19, Mohallah Gulistan-e-Johar, Karachi East.