Every country around the world has its own laws that govern property buying and selling process and being a part of Pakistan real estate industry, you need to know about the laws that are related to this important industry. Real estate activities across the country that include ownership of property, change of titles, selling, buying, leasing etc. are governed by different laws. Whether you are new to this industry or are not yet aware with all the laws that govern country’s real estate sector, your premier online property portal has penned down a list of Pakistan real estate laws to help you make smooth property sales or purchases and to avoid all kinds of frauds. The principal laws those are obligatory while buying and selling property in Pakistan include:
The Registration Act 1908
This act extends to the entire Pakistan except a few districts of the country that are excluded by the provincial governments from their operation. The act has a total of fifteen sections and includes all the details as regards establishment of the registration. The Registration Act 1908 thoroughly explains where properties can be registered and guides people on all the matters that are related to real estate registration in the country without leaving behind any kind of ambiguity.
The Stamp Act 1899
According to the Stamp Act 1899, the buyers as well as the sellers are required to pay certain amounts to government in lieu of stamp papers that are used for making all the legal agreements or contracts as regards real estate sector across Pakistan. By making use of the Stamp Act 1899, the buyers and sellers can therefore legally validate their buying and selling of properties and stay safe from all unfortunate or fraudulent activities. One should also keep in mind that the cost of stamp papers fluctuates in accordance with economic situation of country.
The Land Revenue Act 1967
This act lays out the structure and hierarchy of land and revenue department in Pakistan. It offers comprehensive guidance regarding collection of land revenue in the country such as the marking of boundaries, arbitrations, and surveys. These elements are instructed by Land Revenue Act 1967.
Transfer of Property Act 1882
There is no doubt about the fact that property buying and selling has never been a flawless procedure across Pakistan. It has never been considered a safe and risk free procedure, the reason being the primitive land record system, which carries along a lot of loopholes and pitfalls. This is the reason why buyers are required to carefully get the property title of the seller checked before making a payment transaction and signing a contract. The Transfer of Property Act 1882 clarifies about persons who are entitled to transfer the property. It also explains the methods of transferring property and the types of properties that can be transferred.
Before you finally decide buying or selling property in Pakistan, you should always keep these laws in mind in order to ensure smooth and seamless real estate transactions.
Author Bio:
Khadija Aslam is a marketing analyst at homespakistan.com and she writes on a variety of subjects including business, real estate, travel etc.
