How to Transfer Property Ownership in Pakistan?

September 10, 20210

Suppose you have effectively completed a piece of land or built property in Pakistan after perseverance. Or on the other hand, you have found a buyer for your plot or property, and the ownership needs to be transferred to the new owner.

With properties being sold without the involvement of lawyers and real estate agents, it is important for everyone to know the basic rules for managing the exchange of land or property in this country.

Relevant steps to transfer property in Pakistan

There are some common steps for transferring property ownership in Pakistan.

  • Property gave as a gift to someone
  • Receiving property as an inheritance.
  • Selling property and transferring property.

These are just some of the goal-setting shareware that you can use. In this blog, we will discuss the most important thing i.e. transfer of ownership of land/ property after the sale.

 

What is property ownership transfer?

In law, property ownership can be claimed by the person whose title it is. Thus, in the legitimate terms, the transfer of property means that the exchange of title of possession begins with one person and then with another.

Furthermore, as is not the case in many cases, the exchange generally does not indicate that it is identified by the offer of the property.

Who can transfer his/her property?

However, only the person who can sign the agreement will be able to transfer property or land ownership in Pakistan. An agreement is the government agreement between two parties, and the following persons cannot be part of any legitimate agreement.

  • A person under 18year of age
  • Someone with chronic and minor mental disability
  • Someone who has been excluded from marking a legitimate agreement.

 

Procedure for transfer of land or property tokens

 

The exchange process begins when an interested buyer pays a small amount as a “token” or shows interest to buy the property. This development is lagging behind through the exchange, the payment of the deposits (which is a significant amount), and various useful measures for the purchase of specific property in Pakistan.

If the token or deposit is approved by the seller, he or she will stop advertising and fussing about similar property offers with different buyers. In addition, if the buyer follows all the necessary steps, the legitimate process of transferring the property is initiated.

Once the token is recognized, and the terms are chosen, the buyer continues to make a statement.

 

 

Record required completing the transfer process

 

In order to purchase and transfer his property buyer needs to capture the archives of legally required documents. Here is an agenda:

  • Copies of Computerized National Identity Card (CNIC) of both the parties.
  • The original title deed of the dealer. The document demonstrates the responsibility for the dealer.
  • The “sales deed”. It is a record (contract) that is commonly endorsed by the two parties, in the greater majority of cases on a stamp paper.

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Copyright by Smartway Consultants. All rights reserved.

Copyright by Smartway Consultants. All rights reserved.