Laws of property Business in Pakistan
Buying and selling of real estate in Pakistan is also controlled by laws of property. Property sale, purchase, transfer, leasing and other transactions concerning to real estate are administered by diverse laws. Some key laws are Transfer of Property Act 1882, Stamp Act 1899, Land Revenue Act 1967 and Registration Act 1908. While making real estate transactions, it is essential for the people to obey these real estate laws.
Mandatory and basic laws for purchasing and selling of real estate in Pakistan:
Registration Act 1908
Registration Act 1908 is a law of property which was framed to authorize the registration of the real estate. This Act has fifteen sections in total. In Registration Act 1908 explains that how and where the properties can be registered. It is quite a widespread law which directs common people on all issues and problems associated to real estate registration in Pakistan and it eliminates ambiguities.
Stamp Act 1899
The Stamp Act 1899 requires the purchasers and sellers to pay a specific sum to government to compensate for the stamp papers that are used to make the lawful contracts and agreements concerning real estate of Pakistan. Stamp Act 1899 can be used by the buyers and sellers of real estate validate the sale and purchase of property. The price of stamp papers may vary subject to the financial condition of the state.
Land Revenue Act 1967
Land Revenue Act 1967 explains the complete organizational structure and order of the land and revenue division of Pakistan. Land Revenue Act delivers clear procedures for the collection of land revenue. Surveys conduction, formation of boundaries, partition of land, and arbitration are also regulated by Land Revenue Act 1967.
Transfer of Property Act 1882
Transfer of Property Act 1882 delivers procedures to buyers and sellers regarding the method of property transfer and particulars about eligibility of people permitted to make transaction. This law of property straightly influences the buying and selling of real estate in Pakistan. Transfer of Property Act 1882 gives details about individuals eligible to transfer the property, ways of transfer, and the kinds of properties that can be transferred. One should carefully check the title of property of the owner before making any transaction or signing a contract.
Therefore, it is fundamental for real estate agents, landlords, and other people involved in property transactions to have a basic knowledge of laws of property to prevent frauds and mix-ups in sale and purchase of real estate in Pakistan.