Today property is dealt with in the real estate industry, which involves the sale or purchase of property. After buying the property, an individual planning to register their property under the Pakistan constitution.
Without proper guidance and information, it might cost you a lot of money or even diverse the right of property due to illegal frames. Therefore, understanding the property registration procedure is vital for your property protection. ilaan.com took the privilege to guide you to acquire an in-depth overview of the property registration step-by-step process.
Why do We Need Property Registration?
Before jumping into the registration process, let's take a look at the significance of property registration in Pakistan. An immovable property is crucial for formation ownership, preventing clashes, and record maintenance. Moreover, it covers tax facilities and enables opportunities for finance, and economic stability. It provides the legal tax framework elements and property rights safety to contribute to overall national growth and property.
Further, an unregulated real state market and inexperienced investor is a capital traps in this system. Therefore, a document that confirms the legality of the property is necessary to avoid this issue. In-depth, Pakistan critically needs an overhaul of system property registration system to dilute the patwari powers to mislead the real information.
Required Documents for Property Registration
- Application for registration of Firm/Property.
- Attested photocopies of CNIC.
- 2 photographs of Chief Executive / Proprietor of 1’x1’ size.
- Paid Bank Challan form as registration fee.
- Certificate of Registration integration with SECP (Security Exchange
Commission of Pakistan). - Estate NTN Number.
- Agreement on stamp paper cost Rs 50/-.
- A Report of Police Verification.
A Step-by-Step Process for Property Registration Procedure
Step 1: Registration Application
Fill out the compulsory details correctly, including the property details, owner details, and any other relevant information. With the application form, gather all the necessary documents required for property registration. These documents may include the sale deed, proof of ownership, address, involved parties’ identity, property tax receipts, and documents specific to jurisdiction.
Step 2: Verification of Documents
Submit the completed application form along with all the supporting documents to the respective government officer. The respective authority will validate all the submitted papers for rationality and accuracy. They may examine the details stated in the documents with the information provided in the application form.
Step 3: Stamp & Registration Fees
The stamp duty and registration fees are typically calculated based on the property value or the transaction value, whichever is higher. Contact the concerned authority to determine the exact amount.
Attach the bought stamp papers on the sale deed or any other relevant document as per the jurisdiction requirements. Make sure the stamp papers are firmly attached and certified.
Pay the applicable registration fees as resolute by the government authority. This fee may vary depending on the location and the value of the property.
Step 4: Execution of Sale Deed
Consult a property lawyer or a legal professional, ensuring all relevant details are included. Both the buyer and seller, along with two witnesses, need to be present for the execution of the sale deed. Sign the sale deed in the presence of the sub- registrar or any other authorized officer. Also, the witnesses must sign the document.
Step 5: Registration and Documentation
The sub-registrar will carefully examine the sale deed and related documents. They will verify the information, signatures, and stamp duty expense. Once the inspection is complete, the sub-registrar will register the property in the buyer's name. They will assign a unique registration number to the property.
Step 6: Issuance of Registration Certificate
After completing the registration process, the sub-registrar will issue a registration certificate. This certificate serves as proof of property ownership and includes details such as the buyer's name, property description, and registration number. Collect all the registered documents, including the sale deed and the registration certificate, from the sub-registrar office. These documents are crucial for establishing legal ownership of the property.
Final Verdict
Overall, navigate the registration process as described in the above guide. Remember to consult the registrar's office or pursue legal advice to move further in your registration process. It will assist you to cover the up-to-date information that may vary to your specific region. In the last, registering your property is vital to own security and avoid any future disputes or legal complaints. Stay safe and secure!
