Real Estate of Pakistan is the most top grossing sectors of all other sectors, the reason being the rules and regulations being followed and overlooked throughout the year. On one hand we have the laws that regulate the overall real estate sector, and on the other hand, we have the buying and selling rules, that have to be followed no matter what.
Rule#1: Sales Deed
Normally, while selling property in Pakistan, a title document is made, this is known as the sales deed. In some cases, for instance, Bahria Town, sales deed is least likely to be implemented while the transfer of property and an allotment letter or a transfer letter is used instead, and is considered to be the title document. People have been seen making selling agreements even before the implementation the sales deed. Well, in such cases, one has to be very aware of the fact that this may not help the other buyer get a proper transfer of property, hence, money wasted. It might prove to be in good favor of the buyer, but what if the seller dishonors the agreement’s terms and conditions and takes the plea to go against you, Scam Alert! Better safe than sorry.
So rule#1: Never make any deals as soon as you haven’t seen the Sales deed in hand of the seller. The sales deed for any land has to be attached with required stamp duty and it has to be registered with the relevant registrar.
In case of land, transfer of name is only subjected, if a proper sales deed has been implemented and attached. Never forget, that the “patwari” maintains all the transfers and changes in the subjected property.
Rule#2: Title of the Seller
While making any purchases and deals for an immovable property, always keep in mind to get the title of the seller checked. The best option is to look for the record of past 20 years; you must know all the owners of the land you are spending your money on. Original documentation, regarding the title and sales deed, has to be taken and checked from the sub-registrar, also the other relevant authorities.
If you come across someone with a power of attorney than in such cases, get this attorney verified and confirmed from (a) the registrar office and (b) the title holder. In man cases, get the attorney confirmed, but while transferring the property, the original title holder(s), if living overseas, are not mandatory to be presented in front of the authorities if the power of attorney is confirmed.
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Rule#3: Lease/Renting Property
If you’re wishing to lease out or rent out your home or flat or any such immovable property than you are subjected to form a formal agreement and get it registered if the lease is of more than one year. In cases where the property is to be leased for a time period of one year, then the registration of such deals is not a compulsion.
However, if the tenant fails to submit proper rent/lease, then it is up to the landlord if he terminates the lease or not. In case of not vacating the property, the land lord may file a petition and get the place by the power of law.
Rule#4: Paying Rent
Payment method for rent is to be ensured by the tenant by the time of making the agreements. It is preferable for one to make payments through either a crossed cheque and get its receipt from the landlords.
However, in case of unlawful or unjustifiable removal from the property by the landlords, the tenants may file a legal petition before the courts and the case be sorted out legally.