When purchasing a property in Pakistan, the first step is to ensure that the property is registered in the name of the person with whom you are negotiating. For this reason alone, you should understand how to verify property records and determine who the legal owner is.
Real estate deals in Pakistan, or anyplace else on the planet, are not as straightforward as they appear. A little flaw in a real estate transaction can make or break the sale. You must be watchful, well-informed, and updated as a property owner, buyer, or estate agent. Otherwise, you risk being a victim of a scam or fraud.
Verify a document by yourself
The only method to ensure that the property you're dealing with is lawfully registered is to check the property paperwork. Sellers and purchasers are sometimes unaware of the paperwork that verifies a property's legality under Pakistani property regulations.
They are exposed to property scams and fraudulent operations because of this gap and ambiguity.
Following are the documents you should verify by yourself
Title deed
It is one of the most important documents to have when dealing with property concerns. It is a legal document that establishes property ownership. The deed safeguards an owner's rights and gives them the entire ability to sell.
Sale deed
A sale deed is a crucial document that must be completed as part of the property transfer procedure. Both the seller and the buyer sign the paperwork.
The sale deed must be drafted and signed once both parties have agreed on the mutual terms. Before signing the transfer, the seller must pay any outstanding debts on the property. The property formally belongs to the buyer after the deed is signed.
Mother deed
The name of the owner on the title deed changes every time a property is transferred. This makes tracing the property's original owner challenging.
A mother deed is a document that includes the names of all prior owners. The document tracks the origins of the property and specifies how the property was acquired, such as by purchase, donation, or inheritance.
If a mother deed is missing, the seller must get certified copies from the appropriate government agencies.
Intimation of disapproval
It is also known as a building permit and is the approval of civil blueprints. The paper specifies the requirements that the builder must meet at various stages of construction.
It is a legal requirement for newly constructed structures and housing cooperatives. Various permits are included in the indication of rejection. For instance, A No Objection Certificate (NOC) from the relevant municipal authorities.
Approved plan of the property
This document certifies that the property in question was constructed in accordance with the authorities' authorized framework and is free of legal concerns.
Purchase agreement
The agreement spells down the terms and circumstances under which the property transaction will be completed, ensuring that all parties involved follow them. It is created prior to the exchange of funds. The paper contains information such as project conditions, payment, terms, and deadlines.
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Power of attorney
A legal body is required to register this document. It empowers an individual to act in the place of someone else. The person who has been given the power can sell, rent, or buy.
Completion of certificate
After a project has been finished and built according to legal criteria, the certificate is given to it. The property's authenticity is also determined by the completion certificate.
Property taxes
Make certain that the previous owner has paid all applicable taxes before purchasing plots or any other property. To be sure, go through all of the property taxes. Some taxes include stamp duty, advance tax, and capital value tax (CVT).
If the property's seller refuses to produce the tax receipts, you should contact the appropriate authorities.
The papers listed above are only a handful of the many that are required for property verification.
You can independently verify the property documentation. If you engage a real estate lawyer or another professional, though, the procedure will go much more smoothly. A real estate agent is well-versed in the ins and outs of property transactions. These expert agents will guide you through the procedure and find you the greatest bargains.
We offer some of the top real estate plans, so whether you want to purchase or sell a patch of land anywhere in the country, we can assist. Simply go to our website and leave the rest to us. Stay up to date with Qazi investments for additional information about the real estate industry or property dealing in Pakistan.