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Procedure to buy property in Pakistan |
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Monday, 24 November 2008 |
For those people who are considering buying property in Pakistan and are unsure of the process and / or want to make sure that they are doing it properly, the following step by step procedure defines everything that you should do to ensure that you are covering all the steps involved.
This process is for those buying land or property which is NOT covered byt the development authority in the area and does NOT APPLY for those purchasing a CDA / LDA / KDA type property. The authority is responsible for the transfer in that case and is very straightforward in most cases.
1 Advertisement of transaction in 2 newspapers inviting objections. Allow around 8 days to recieve any objections. Costs around Rs.5000-8000
2 Draft a sale / purchase agreement using a qualified lawyer or company. This should cost no more than Rs. 5000 PKR
3 Pay the stamp duty, capital value tax, and registration fee - 2% of the property price (CVT) +2% of property price (stamp duty) + 1% of property price (registration fee). Total 5% of property price.
4&Receipt of payment is l dged with the Stamp Office/Patwari/Registrar
5 Execution and registration of the deed before the registration authority. May take up to 2 months.
- Advertisement of transaction in 2 newspaper, usually English AND Urdu newspapers inviting objections
- Allow for a seven-day waiting time for arrival of objections, if any. Advertisement should be published in local newspapers having a large circulation.
- It is common practice in Pakistan to hire a lawyer or deed writer to draft the sale purchase agreement.
- Conveyance stamp duty, capital value tax, and registration fee must be paid at the Government Treasury or National Bank of Pakistan, an autonomous bank jointly owned by Government of Pakistan and public, who issue receipt of money which is taken to the Stamp office of the Government.
- The receipt of payment is taken to the Stamp Office of the Government. The Stamp office will, upon production of receipt, issue a stamp paper of the value (money deposited) on the Sale Deed. Such typed stamp paper will be presented later before the Registrar, who registers the change of ownership.
- The conveyance deed must be executed before the registering authority. Execution of the deed is done before the Sub-Registrar / Parwari and Tehsildar of the area, the official responsible under the Registration Act. Registration of the deed automatically follows the execution of sale deed. A receipt is issued immediately, but the deed is available a few weeks later. The name of the buyer is recorded in the new deed, showing the change in ownership.
The documentation includes:
Conveyance/Sale Deed (stamped after payment)
Identification of the parties to the agreement (buyer and seller)
Original title deed of seller
If the parties have authorised someone else through a power of attorney, then the power of attorney in original with copies is also attached.
If you follow these steps then you should be in the clear and have peace of mind about your property purchase. Create a File and store all of the documents and receipts and copies of the newspaper advertisements for future reference and for when you come to sell the property.
» 3 Comments
1Comment
at Sunday, 30 November 2008 10:38
After you execute the Deed and you have the receipt the ownership is complete and the documents are just a formality?
2Comment
at Thursday, 18 December 2008 22:17
Once you have carried out the steps above you are indeed in the safety zone and can collect the documents in due course. Keep the receipt safe.
3"Mr."
at Sunday, 20 June 2010 06:41
Father was alloted plot by CDA in 1968. Father trasnferreed it to his daughters via "Conveyance Deed" in 1971. Daughters transferred to their brother via "Oral Gift Deed" in 1999. Brother has original letter from CDA telling the daughters that plot/house transferred to their brother. Brother now selling house. But original "Conveyance Deed" can not be located. Is it MANDATORY to advertise loss of Conveyance Deed in newspapers and wait for what time for sale to
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Last Updated ( Thursday, 18 December 2008 )
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