Property registration in Pakistan is an easy few-step process but many people do not know the steps so, they perceive it to be a complex process. . Though it requires you to visit multiple government offices the procedure itself is quite simple. You only have to know what needs to be done and what documents you must carry in order to get your property registered. Here is a complete guide to property registration in Pakistan including plots, lands, and flats. One thing we want you to know is that the registration process might not be so dense, but it requires you to put in a little money. To make it clear, let’s get onto the registration process for property in Pakistan.
Karachi, the capital of Sindh, is known as the city of lights. It is a cosmopolitan city fully equipped with a modern way of life. Property in Karachi is growing up. In order to property register in Karachi, you need a total time of 14 days and a total sum of 342,058PKR. Within just two weeks you will have your property registered.
Guide for Property Registration in Pakistan
Here are the steps to follow:
Firstly, you will have to get a No Objection Certificate (NOC) or what is called a Sales Certificate to sell your property. This will take a total of 7 days and will cost you 500PKR only.
So, just a time of week and an amount of 500 rupees will get you NOC.
Secondly, you will have to conduct an online title search for the business. It will take a day only and will cost you nothing.
Thirdly, Using the standardized online templates create either a sale or a purchase agreement depending on what you are intending to do. It also takes a single day and the templates are free of cost.
Fourth, You will have to pay the property registration fee and the stamp duty among others. It would take one day to complete. Also, this time, you will need a total sum of 341,558PKR.
Fifth, this time take the receipt of the payment to the stamp office. It will be received the same day and won’t cost you anything extra.
Sixth and the final step, the execution and the registration of the deed i.e. sale or purchase are done before the sub-registrar. It will take about three days to be fully done and your property now is fully registered.
Differences Between Real Estate Agents And Brokers
Six-step procedures solve the per-conceived complex process of property registration.
Lahore, the capital of Punjab, is the most populated city fully built on modern footing. As compared to Karachi, the registration process in Lahore is a bit brief and compact yet it takes around 15 days to be done for the total charges of 343,408PKR. Property in Lahore registration is very essential and can be understood from the given steps.
The first step is to obtain the FARD, which is the ownership and non-encumbrance certificate. Obtainment of this certificate will take a single day and will cost only 150PKR.
Using the free standard online templates, create a sale or purchase agreement depending on what the requirement is. This can be done within a day.
Afterward, you will have to pay the stamp duty, capital value tax, town tax and finally the registration fee. Together it will cost you 342.758PKR and a time of single day.
Finally, you will have to appear in front of the registration authority to register and execute the deed. This will take almost 8 days in total to be done and finalized.
This sums up all about registering your property in both Karachi and Lahore. If you follow these steps carefully and closely, you can register the property within the mentioned duration and fee. There is no other way of going about it.