REGISTRATION OF PROPERTY IN PAKISTAN
Registering a property in Pakistan can be a challenging process that typically involves multiple visits to various government agencies and may take several months to complete. However, the leading property portal in Pakistan, Star Marketing, provides a comprehensive guide outlining the steps involved in the property registration process, along with a checklist of the required documentation.
IMPORTANCE OF PROPERTY REGISTRATION IN PAKISTAN:
In Pakistan, immovable property registration is crucial because it serves several important purposes. Firstly, it helps protect the rights of property owners by establishing legal proof of ownership. Secondly, it facilitates the smooth transfer of property ownership in the event of a sale or inheritance. Thirdly, it provides protection against potential trespassers or encroachers. Lastly, it serves as a legal document that can be used to establish ownership of the property for tax purposes. As such, immovable property registration is an integral part of Pakistan’s legal and property system.
BASIC DOCUMENTATION REQUIRED FOR PROPERTY REGISTRATION IN PAKISTAN:
In Pakistan, the registration of properties is done through the Board of Revenue, which was established in 1855 to maintain land records, create cadastral maps, and register properties. To register a property in Pakistan, the following documents are typically required, as outlined by the Board of Revenue:
The original title deed of the seller
Sale deed
No Objection Certificate (NOC)
Power of attorney
It’s important to note that additional documentation may be required based on the specific circumstances of the property transaction. It’s always best to consult with a legal professional or property registration expert to ensure that all necessary documents are in order before starting the registration process.
DIFFERENCE BETWEEN REGISTRATION AND TRANSFER OF PROPERTY IN PAKISTAN:
In Pakistan, there are two primary methods for acquiring property ownership: registration and transfer. Registration involves the formal documentation of a person’s ownership of a property, while transfer refers to the process of transferring property ownership from one person to another.
There are several key differences between the two. Firstly, registration is typically necessary for legal recognition of property ownership, while transfer may not always require registration. Secondly, while transfers can occur multiple times, registration is typically a one-time event. Thirdly, while transfers can be carried out by either government organizations or private individuals, registration is usually handled by a government entity.
It’s important to note that both registration and transfer of property in Pakistan are subject to certain legal requirements and procedures, and it’s recommended to seek legal advice and assistance to ensure that all necessary steps are followed correctly.
REAL ESTATE SCAMS IN REGISTRATION OF PROPERTY IN PAKISTAN:
The registration of property is an important part of any real estate transaction, as it ensures the accuracy and currency of records. However, in Pakistan, there have been cases of real estate scams where buyers have been defrauded through the use of fraudulent property registration.
For example, fraudulent documents or fictitious names may be used to complete the registration process, leading the buyer to believe they are purchasing the property from the legitimate owner. To avoid falling victim to such scams, it’s important to take certain precautions when purchasing real estate in Pakistan.
One of the most important precautions is to verify the seller’s identity before registering any property. Additionally, it’s important to ensure that the registration is being completed under the correct name and using authenticated paperwork. It’s always recommended to seek legal advice and assistance to ensure that all necessary steps are taken to avoid real estate scams in Pakistan.
HOW TO INVEST RIGHT IN PROPERTY OF PAKISTAN:
Investing in property in Pakistan can be a wise financial decision, but it’s important to take the right steps to ensure that your investment is safe and profitable. One option to consider is investing with Star Marketing, the first company to have the biggest spatial database in Pakistan’s real estate sector.
They offers online property verification services to help ensure that all investment projects comply with the OADD criteria (ownership, approval, demand, and delivery). The Invest Right program also aims to increase public awareness of common real estate frauds, issues, and remedies.
In addition to online property verification services, Star Marketing offers technical advisory services and approval reports related to your real estate project. It also provides legal analysis of the supply and demand for the housing project, giving you a comprehensive understanding of the investment opportunity. With Star Marketing’s accurate and detailed information about all of your real estate holdings, you can invest in property in Pakistan with confidence.