Buyer’s Guide to Buying Real Estate in Pakistan
The purchase of real estate is a step of the divergence of your investment portfolio. Not only will you have a mix of investment types, but you have the assurance that whatever happens to one investment will not happen to the other, thereby allowing you to protect your income. If you are looking for a property, you may want to check out the Pakistan real estate industry. The sector has been in continuous growth in recent years and with the fall in mortgage loans it is an attractive place to invest.
foreign
Foreign buyers should not be deterred from purchasing property in the country. While the process involved is lengthy, closely following the requirements would ensure a smooth transaction. Foreign buyers wishing to buy or rent a property must provide a valid passport, a copy of the landlord/real estate CNIC, certified copy of property, contract valid and an employment contract in case the buyer is working for a company. These are just some of the requirements that the government requires when buying and selling a property.
Purchase of Properties
Buyers should thoroughly review the property they are purchasing to ensure that the property is clean and that ownership of the property actually resides with the seller. Deeds of sale are the best way to determine if the property is free of liens and can be found at your local authorities. It is crucial that buyers review the property to avoid government penalties.
Properties in Pakistan are governed by various laws and regulations of the province or municipality where the property is located. The most important laws buyers should refer to are the Transfer of Property Act of 1882, the Stamp Act of 1899, the Land Revenue Act of 1967, and the Registration Act of 1908. These laws outline the legal requirements and responsibilities that may arise when buying or selling. properties.
In order for title to be transferred to a new owner, a deed of sale or “Bay Nama” must be registered with the government registration office. The deed of sale must have a stamp duty attached. The stamp duty shows the percentage of the transaction value of the property and differs depending on the size and value of the property itself. In modern homes, a simple award letter is sufficient proof that ownership is legally transferred to the buyer.
For buyers who are not sure how to proceed with the transaction, they can hire a lawyer or a “Mukhtar-e-Aam” to help them with the legal process. As always, it is important for buyers to ensure the authenticity of the Deed as well as the authorities of the attorney they are transacting business with to ensure that all transactions are valid and legal.