How to purchase Property in Pakistan?
It is a country of plots. we need plots not only for our residences but also for investments. Plots are the central part of our economy. Nevertheless, the plot industry is devouring our agricultural industry. All and sundry are involved in the business of plots. Politicians, public institutional bureaucracies, overseas citizens, and commoners all love plots. Against these obsessive demands, the sector is manipulated by fraudulent sleeping cells. Therefore, it is essential to follow the guidelines of the revenue record and allied institutions. Following guidelines are essential to purchase property in Pakistan.
If you plan to purchase property in a private housing scheme, verify from the local regulatory authority like LDA, MDA, RDA, FDA, CDA , etc. whether the housing scheme is approved or not. Do not rely on the advertisement alone. Inquire from the management of the housing society about the property they have actually acquired and cross-check from the Land Revenue Department / Punjab Land Records Authority Website or even visit these offices. Always, inquire from the management of the housing scheme whether they will get the land transferred into your name in the revenue record or simply allot it to you. Importantly, it is better that the land is transferred to your name.
If you are purchasing a property from a private person, verify the clean title of the seller from the local revenue authorities. In the case of agricultural land if you have purchased a property in a joint holding, get it demarcated properly and partitioned from the local court.
If you have inherited any property, get it transferred to your name without further delay. After purchasing property through a Registered Sale Deed, ensure that mutation is entered in the land record because the entry of mutation validates you as the owner of property otherwise mere sale deed does not serve the purpose.
After every four years, you should get a copy of Jama Bandi showing your title and the extent of property owned by you. In case of purchasing a house already having tenants, prefer to get it vacated completely replacing the previous tenants with new ones with fresh tenancy/lease agreement duly registered by Rent Registrar.
Open plots are prone to illegal possession, hence construct a boundary wall with a gate to safeguard your property. Before purchasing property, give notice in the local newspaper through your lawyer. If you have a property that is lying vacant, it is better for you to properly lock it in case of a house, and arrange for a guard.
If you are going to lease out your property, sign a rent agreement, register it with the rent registrar and also provide a copy of the same to your local police station. If you are making Benami transactions, keep original documents of property and payment receipts with you.
Always, follow procedures and rules. Ignorance in these transactions may lead to fraudulent occurrences. The revenue record system is improving and following the due procedure can save buyers from these complicated transactional frauds. It is also essential to know that people involved in the business of property know least about revenue records and law.