Property Sale Purchase Rules in Pakistan
Property sale purchase rules in Pakistan are governed by certain laws that both individuals and organizations need to abide by when making any deals. Below are some important sale purchase rules
Registration Act 1908
Registration Act 1908 is a law that was originally made to check the registration of real estate. Act 1908 has all the necessary instructions for the registration of properties and it has in total of fifteen sections. Act 1908 contains details about the establishment of registration and describes where the properties can be registered. The time of presentation of the documents and the place of presenting the documents is also mentioned in the Registration Act 1908. In short, the Registration Act 1908 is quite a comprehensive law that guides you on all matters of real estate registration in Pakistan, while leaving no ambiguity
Stamp Act 1899
The Stamp Act of 1899 directly affects the revenue of the government. As it mentions in detail the different stamps used in buying and selling Pakistan real estate. Stamp Act 1899 directs buyers and sellers to pay a certain amount to the government. In lieu of the stamp papers used to make the legal agreements of buying and selling real estate in Pakistan. The stamp rates might change due to the impact of inflation and governmental policies, but the overall Act of 1899 instructs buyers and sellers of Pakistan real estate to legally validate their buying and selling of properties through the use of Stamps.
Land Revenue Act 1967
Land Revenue Act 1967 lays out the complete structure and hierarchy of the land and revenue department in Pakistan. It discusses the different powers allotted to the different land and revenue department offices and their due jurisdictions. Land Revenue Act also instructs on the collection of land revenue. Some of the more critical issues like conducting surveys, marking boundaries, partitions, and arbitrations are also instructed about in Land Revenue Act 1967.
Transfer of Property Act 1882
Transfer of Property Act 1882 discusses in detail how the transfer of Pakistan real estate should take place. Transfer of Property Act 1882 has a direct impact on the buying and selling of property. There are times when people tend to transfer a property to another person even when they are not legally entitled to do that, which can cause a major problem for the buyer who has paid his hard-earned money to buy the property. Act 1882 discusses in detail the persons entitled to transfer the property, the operation of transfer, oral transfer, and what types of properties can be transferred.
A sale deed is a registered legal document in writing that transfer the ownership of the property in exchange for a price paid. This document is required to be registered with the concerned registration authorities. Whenever you enter into any sale of property, then the sales deed should be signed by both parties
Mother’s deed is an important document in a property transaction. This is the document that traces the origin of the property as well as all other relevant conveyance deeds. It is the main document to determine ownership of a property. Tracing ownerships should always begin with scrutiny of the earliest document recorded
Approved Plan of the Property
Approved Building Plans means the final construction plans/documents that have been approved by the local governing body that will be utilized for the construction of the Project.
Bank Approval Certificate
A bank certificate is usually a one-page document that certifies that you have an account with that branch. Often, the latest available balance is indicated. But in some banks, you can request that some details be included.
Power of Attorney
A power of attorney (POA) is a legally binding document that allows you to appoint someone to manage your property, medical, or financial affairs. Although it can be uncomfortable to think about needing it, a POA is an important part of your estate plan.
A POA is typically used if you cannot manage your affairs. Each type gives your attorney-in-fact—the person who will make decisions for you—a different level of control. Some POAs take effect immediately after they’re signed, and others only kick in after you’re incapacitated
Completion Certificate of Property
A completion certificate is a legal document that is given to housing projects. Once they have reached completion, follow an approved building plan. A completion certificate is awarded to any housing project after authorities concerned to make a physical visit to the site and check all the paperwork to ensure the housing project has not flouted any applicable building bye-laws. The responsibility to get a completion certificate for a housing project lies with the developer
You can hire a property manager after all these matters, but you still need to manage your property manager to ensure the good condition of the rentals.
In line with this, property dealers typically charge around 25% of the rent as commission which is more than long-term rental properties.
In addition to this, there is always the possibility that your short-term rental remains empty for long periods of time, especially during the off-season. It can disturb your budget.