Registry of Property in Pakistan
In Pakistan, property registration can be a complicated process that usually takes several months to complete, and requires visits to several of the concerned authorities.?
Why Is the Registration of Immovable Property Important in Pakistan?
The registration of an immovable property helps protect the rights of the owner. Secondly, it ensures the?smooth transfer of ownership?in the event of a sale or inheritance. Thirdly, it helps protect the property from potential encroachers. Lastly, it serves as an official record of the property that can be used for tax purposes. Thus, the registration of an immovable asset is an important part of Pakistan’s legal and property system.?
Documents Required for Property Registration in Pakistan+-
In Pakistan, the registration of properties is done through the Board of Revenue. It was established in 1855 for the maintenance of land records, preparation of cadastral maps, and registration of properties.?
The Board of Revenue has released a list of documents that are required for the registration of property in Pakistan, which is as follows:?
Difference Between Registration and Transfer of Property
There are two main ways to acquire ownership of a property: registration and transfer. Registration is the process of officially recording the ownership of property in the name of the owner. Transfer, on the other hand, is the?process of transferring ownership?of property from one person to another.
There are several key differences between the two. Firstly, registration is generally required for ownership of the property to be officially recognised, while transfer does not usually require registration. Additionally, registration is typically a one-time event, while transfer can be ongoing.
Moreover, registration is typically done by a government body, while transfer can be done by either a government body or by private individuals.
Procedure for Karachi
Following are six steps that you need to follow to register your property in Karachi:
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Procedure for Lahore
Listed below are the standardised steps that you need to take to register your property in Lahore:
Real Estate Scams in Property Registration
The registration of the property is an essential part of any real estate transaction. This process ensures that the records are up to date and accurate.
However, there have been cases of real estate scams in which?property registration has been used to defraud buyers. For instance, registration is usually done under a false name or with forged documents. As a result, the buyer thinks they are purchasing the property from the rightful owner, when in fact, they are not.
If you are planning to buy a property, it is important to be aware of these scams and to take steps to protect yourself. For example, you should always verify the identity of the seller before registering the property. You should also check that the registration is being done under the correct name and with verified documents.?
How to Invest Right?
For?Pakistan’s real estate market, Propsure is the first to have the largest spatial database in the country. To make sure that all investment projects meet the OADD criteria (ownership, approval, demand and delivery), PropSure provides online property verification services.
Propsure’s Invest Right attempts to raise public knowledge of common real estate frauds, problems, and solutions. You can get accurate and comprehensive information about all of your real estate assets with Propsure. It also provides technical advisory services and approval reports regarding your real estate project. Moreover, it provides a legal analysis of the housing project’s supply and demand.
Make sure to get in touch with?Propsure?for further details.