The Legal Guide to Buying a House in Pakistan
When a person wants to buy his dream house, there are some legal formalities that are needed to be taken care of. Every country has its own set of rules and procedures that are to be followed while buying, selling or renting real estate properties. If you are one of the investors or sellers associated with the real estate industry, you need to go through some guidelines to make sure that you never face any kind of inconvenience.
The First Step
People find it easier to go to a real estate advisor for finding properties but the trend is changing nowadays. Instead, people prefer to automate their tasks with a few touches on their smartphones. This is made possible by the availability of thousands of properties listed on property portals with pictures and details too. We are an example of one such kind of portal. If you are a seller, you can post your listing on different websites to directly engage with buyers.
The Meeting Phase
After you have selected a property you can now contact the owner and set up a meeting with him to negotiate or see the property. The seller than informs the buyer about all aspects of the property which finally leads to a deal. It is also possible that these properties have been posted by real estate dealers themselves so you may still have to go through a real estate agency but the comfort is worth it since you do not have to waste your time choosing among agencies and can simply hop onto the one which has the property you require.
The buyer checks the “fard” which is a legal document about the land on which the property is based. Other legal documents are also checked like the registration and stamp papers.
A stamp paper had to be filled with all the details of the property including the buyer and seller. The value of the stamp paper depends on the value of bought or sold property. Hence, if you are buying a property under LDA or DHA or any other gated-society you have to get a no objection certificate and the transfer has to happen under the roof of these authorities.
After the stamp paper, a deal is carried on i.e payment and transfer of title. Payment needs to be done at a safe place preferably in the bank to ensure no unfavorable activity occurs. When the decided amount is paid to the seller, The rights of use, retention, and selling are transferred to the buyer. In fact, a new set of documents are prepared in the favor of the buyer stating that he is the new owner.
After all this, both the buyer and the seller visit the local registrar of the property wherein the presence of witnesses, both parties declare that the buying and selling have been done on a mutual agreement. Now, this is followed by the registrar’s order to the local land record officer to make the changes regarding ownership of the land and to transfer the title of property from one party to another.
Following all these above-mentioned guidelines in mind, you will never face any inconvenience buying or selling a property legally in Pakistan.