Land ownership is quite common in Pakistan, with almost 70 per cent of the population owning some sort of land or property. With such a large proportion of the population owning property, thousands of owners transfer property ownership in Pakistan on a daily-basis, making it a common occurrence.
Property transfers can take place under several subtexts, and each scenario has a separate procedure. To guide you through the process, Graana.com features everything you need to know about transferring property ownership in Pakistan.
According to the transfer of property act, three scenarios allow you to transfer property ownership in Pakistan.
Inheritance – Transfer of property ownership after someone’s death.
Gift – Property transferred to someone as a gift.
Buying or selling – Transfer of ownership under the context of buying property.
Your transfers can only be legal under the context of these three types of property ownership transfers.
Once a property owner dies, their property shall be automatically devolved among their legal heirs. As Pakistan’s inheritance laws follow a mix of Islamic Law and the Transfer of Property Act, the concept of ‘will’ is uncommon in the country. Therefore, all shares of the property automatically become the right of the owner’s legal heirs. This restricts any other person from making a claim on the property.
The devolution of the property involves several factors such as the number of legal heirs, or the closeness of relatives. However, the procedure for transfer of property to legal heirs remains the same in most cases.
An inheritance certificate, also known as a ‘wirasatnama’, is issued by the country’s civil court. This registered document serves as a requirement for the transfer of property ownership from the late owner to their legal heirs.
An inheritance certificate is also required by builders and housing societies to verify ownership of the property under the legal heirs before moving on with any legal contracts.
The process for acquiring the certificate is quite straightforward. However, the help of a professional lawyer will be required. The lawyer must therefore submit a written plaint to the civil court, encompassing every detail regarding the heirs and the property left behind. A total of four court hearing sessions will be required for the issuance of the certificate. Moreover, the following documents must be submitted to the civil court for the fulfilment of the legal proceedings.
In real estate terms, a ‘gift’ refers to a transfer of property ownership from one person to another, without any monetary transaction. A person can ‘gift’ property whenever they want during their lifetime. Any immovable property owned by a person is eligible to be ‘gifted’ to someone else. However, Property gifted to someone else under coercion, deceit, or fraud is considered invalid, and the receiver cannot make a claim on the property.
For those looking for ways on how to share property ownership without any monetary transaction, a gift deed is the perfect option. It is a legally-binding document that serves as a record of the transfer of ownership from the owner to the receiver. This document also signifies that the transfer in ownership is completely consensual. Moreover, a gift deed is not limited to immovable property as it can also serve as a record for any tangible property such as jewellery, vehicles, and money.
To register a gift deed, the details of the transaction must be written on stamp paper, along with several documents. The application must be submitted to a sub-registrar for approval. The following documents will be required for the transaction.
The process for transferring property ownership in the case of a monetary transaction starts with a ‘token’. The interested buyer pays a small amount which is referred to as the token. Moreover, this serves as a sign that the buyer is serious about buying the property. Once the token is accepted by the seller, they will be legally obliged to stop any sort of advertising or deals with other buyers for the said property.
A sales deed serves as a legally-binding document that signifies the transaction between both parties. It is necessary for the completion of the transfer process. You can either write it yourself or hire a professional lawyer to write out a sales deed to submit to the sub-registrar. The following documents shall be required for the approval of the application.
Once the process is complete, you will receive a letter of transfer of ownership of property, signifying that the process has been completed. You can also check the verification of property ownership online to ensure that the process has been completed.
Pakistan’s real estate laws have clearly defined rules and regulations for transferring property ownership. The authorities tend to follow these requirements thoroughly, owing to the increasing number of malpractices in the market.
Moreover, if you’re wondering how to check property ownership in Pakistan online, you can find the information right here.
To successfully navigate through the ownership transfer process, simply follow these steps. For more information, such as the principle of property inheritance visit Graana.com – Pakistan’s first online real estate market.
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