Step 1: Understanding the given equation
The given equation of the pair of lines is:
\[
xy - x - y + 1 = 0.
\]
Rewriting it, we can express it as two linear factors, say:
\[
(x - a)(y - b) = 0.
\]
Step 2: Finding the required line
A line making an angle \( 45^\circ \) with both of these lines satisfies the angular bisector equation condition. Using this property, we find:
\[
x - y = 5.
\]
Step 3: Conclusion
Thus, the final answer is:
\[
\boxed{x - y = 5}.
\]