Corporate Escrow Services Karachi Pakistan

Corporate Escrow Services Karachi Pakistan

When you need a neutral third party to act as a temporary agent in financial transactions, look to Irfan Mir Halepota & Associates Law Firm in Karachi Pakistan to provide you with the professional expertise and resources required to deliver complete escrow services.

Why use Escrow Services?
In a market filled with uncertainties, escrow agreements are an easily acceptable and versatile tool for assuring the safe, fair and efficient completion of a variety of transactions. An escrow agent will hold assets and oversee distribution of funds so conditions of an escrow agreement can be met.

A Wide Range of Transactions
Our full range of integrated escrow services includes: document review, payment and disbursement services, wire transfer and deposit services, and detailed activity and asset reporting for all parties.

We handle the following types of escrows:

  • Indemnification
  • Contractor Retention/Construction
  • Merger and Acquisition
  • Business Agreement Escrows
  • Impoundment
  • Real Estate Purchase and Sale / Exchanges
  • Franchise
  • Acquisitions
  • For transfer of part or whole ownership
  • As a guarantee for entering into any form of agreement
  • As a performance guarantee
  • For exercise of share option agreements
  • Any other case upon request

Expertise and Personalized Service
You will receive the full attention of our specialists in the Escrow Services Department. They have the experience, combined with the speed and efficiency required, to manage your escrow transaction to your complete satisfaction.

Property Valuation FBR State Bank of Pakistan

FBR Pakistan Tax Property ValuationThe Finance Bill 2016 an amendment to Section 68 of Income Tax Ordinance, 2001 had been proposed under which commissioner Inland Revenue had been empowered to reject the collector value of provincial government and appoint valuation committee to ascertain fair market value to determine the income tax.

The amendment seeks to determine fair market value of property without regard to value fixed or notified by any provincial authority for the purpose of stamp or for any other purpose.
Property of posh areas in big cities like Karachi, Lahore, Islamabad which disclosed that the declared value was much lower than the open market value thus causing huge monetary losses to national exchequer.
It is generally observed by the Government Authorities that Property business in big cities had become source of parking undeclared or black money.
The amendment is proposed to be effective from July 01, 2016 but the commissioner IR could able to determine the valuation of past six years as envisaged in the tax laws.
The existing Section 68 explains fair market value as:
(1) For the purposes of this Ordinance, the fair market value of any property or rent, asset, service, benefit or perquisite at a particular time shall be the price which the property or rent, asset, service, benefit or perquisite would ordinarily fetch on sale or supply in the open market at that time.
(2) The fair market value of any property 3[or rent], asset, service, benefit or perquisite shall be determined without regard to any restriction on transfer or to the fact that it is not otherwise convertible to cash.
(3) Where the price referred to in sub-section (1) is not ordinarily ascertainable, such price may be determined by the Commissioner.
Further Section 222 of the Ordinance authorized the commissioner to appoint expert. It said: “The commission may appoint any expert as the commission considers necessary for the purpose of the Ordinance for the purpose of audit of valuation.”

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Property Lawyer in Karachi

Our Law Firm offers a fast and efficient service in the following areas of Property Law in all courts of law, including Honourable High Court of Sindh at Karachi and Supreme Court of Pakistan :

  • Property Litigation
  • Acquisition and Sale of Property, both commercial and residential
  • Construction and Planning
  • Landlord & Tenant
  • Legal Action against illegal occupation and encroachment
  • Property Conveyance

Our Clients include property developers, surveyors, banks, pension funds, private clients, retailers, landlords and tenants.

You can Contact Us for detailed discussion of your case.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Telephone: 0321-2057582

Regular Website:  http://www.irfanlaw.com

 

Submit Your Query For a Legal Advice

 
Law Firm in Pakistan dealing with Commercial, Intellectual Property, Real Estate, Property Law, and Litigation Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582


Rights of Tenant under Sindh Rented Premises Ordinance

There are also rights of Tenant under the Sindh Rented Premises Ordinance.

Tenant must ensure that he makes payment of the rent either through a crossed cheque, or where payment is made through some other mode, then a receipt must be obtained from the landlord. In case the landlord unlawfully or unjustifiably attempts to evict the tenant, the tenant may file a case in the competent court of law in Karachi in addition to availing other legal remedies as advised by his counsel.

Generally Landlord pressurize the Tenant to execute tenancy agreement for 11 months only, by saying and making estate agent as witness that this is law to execute agreement for 11 months only. There is nothing mentioned in any law book that the tenancy agreement must be executed for eleven months only.

There is no any provision of the Law that rent of the premises is to be increased 10 per cent after every eleven months. It is also an other practice is available in Karachi which is in violation of Sindh rented premises ordinance, that the landlord pressurizes the tenant to enhance rent at 10 per cent after every eleven months.

As per Law rent is to be increased 30 percent after completion of three years. If  landlord increases rent as per his choice after eleven months, which is totally illegal and unjustified, the tenant can take the matter in the court for fixation of rent as per law and tenant can further claim for adjustment or recovery of amount, which is received by landlord in violation of law.

The tenant can also apply for fixation of fair rent if the landlord is receiving rent more then market value prevailing in locality.

There are many other rights available to the tenant, which can be discussed in detailed.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Submit Your Query For a Legal Advice

 
Law Firm in Pakistan dealing with Landlord and Tenant Laws in Karachi, Sindh, Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582

Property Disputes Settlement in Karachi

Irfan Mir Halepota & Associates is a leading Law Firm in Karachi, Pakistan, which is well known to resolve all types of the disputes of Real Estates sale or purchase of Distress Properties in Karachi, Pakistan. We can clear and solve any kind of disputes related to your property, because the word “impossible” is not available for lawful owner of the property and person who has actual right, we believe when there is a will, there is a way.

Today in Real Estates and Properties, there are so many types of disputes like there may be disputes between family members, fake-forged and fabricated documents, rights of partition, Forceful occupation, Forceful Trespassing, Landlord and Tenant disputes, back steps from sale agreements, shortage of finance, Collaboration Dispute, Multiple sale of the same property, pending litigation, bank mortgage, private loan, private mortgage etc. creating a bad name of your valuable property in the market.

All the Real Estates with any of aforesaid dispute can be resolved by adopting proper procedure of law by taking care of in all respects for clearing all the disputes. All the disputes are taken care of by Well Experienced, Expert and Able Professionals Lawyers to resolve as per property Laws of Pakistan.

Honesty, Transparency and Secrecy of Every transaction and dealing is the basis of our success in the society.

We are skilled and professionally qualified team lawyers undertakes personal pain for their respective clients, with full attention, understanding all aspects and sensitiveness of the client’s Requirements in order to provide complete satisfaction to their Clients. We charge as per the seriousness and nature of dispute and our efforts made for resolving the same.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Submit Your Query For a Legal Advice

 
Law Firm in Pakistan dealing with Commercial, Intellectual Property and Litigation Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582


Legal Notice

Irfan Mir Halepota & Associates believe that disputes can be resolved by negotiations, conferences by dedicated efforts in a cost effect way.  Hence we always endeavor to resolve disputes by initiating negotiations or by cautioning other party to settle out of court by way of Legal Notices.
We are commonly engaged by our clients to issue legal notices for recovery matters, default in installment of a financial facility, default in payment schedule, breach of terms and conditions of contracts and guarantees, violations of constitutional provisions of Pakistan and matters of libel and slander under the Law of Tort and Defamation.
Hence upon excessive demand and  wide range of our clients we are also now facilitating our clients to furnish instruction for issuance of legal notices online. This service is introduced in Pakistan for the first time by our Law Firm and we are proud to lead our Nation in the field of Law.
What we can do online for you?

  1. Draft Legal Notices.
  2. Draft Reply to Legal Notices.
  3. Draft Public Notices.

How to Engage us?
This document can be drafted and be made available for Rs. 7500 (Pak Rupees). Including all delivery charges in Pakistan. Please note that if more than Carbon Copies to more than two recipients will be charged at Rs. 1000/- per five recipients.
You can choose to have your documents emailed to you, or sent to the recipient by first class post. We aim to prepare your documents by the end of the three working days, although in practice we normally start preparing your document within hours of receiving payment.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

 

Submit Your Query For a Legal Advice

 
Law Firm in Pakistan dealing with Civil Litigation, Commercial, Intellectual Property and Family Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582


The Illegal dispossession Act, 2005

The Illegal dispossession Act, 2005 is an Act to cure the activities of the property grabbers
WHEREAS it is obedient to protect the lawful owners and occupiers of immovable properties from their illegal or forcible dispossession therefrom by the property grabbers;

The Illegal dispossession Act, 2005 extends to the whole of Pakistan and It shall come into force at once.

Section 3 of the act describes the Prevention of illegal possession of property, which says that no one shall enter into or upon any property to dispossess, grab, control of occupy it without having any lawful authority to do so with the intention to dispossess, grab, control or occupy the property from owner or occupier of such property.

Sub Section 2 of the acts says that whoever contravenes the provisions of the sub-section (1) shall, without prejudice to any punishment to which he may be liable under any other law for the time being in force, be punishable with imprisonment which may extend to ten years and with fine and the victim of the offence shall also be compensated in accordance with the provisions of section 544 of the Code.

The procedure of Investigation is that upon a complaint the Court may direct the officer-in-charge of a police station to investigate and complete the investigation and forward the same within fifteen days to the Court. If Court may extend the time within which such report is to be forwarded in case where good reasons are shown for not doing so within the time specified in this sub-section.

If the Court is satisfied that none of the persons are in possession immediately before the commission of the offence; the Court may attach the property until final decision of the case. In case of attachment, the methods of its management safeguard against natural decay or derioration shall be determined by the Court.

If during trail the Court is satisfied that a person is found prima facie to be not in lawful possession, the Court shall as an interim relief direct him to put the power or occupier as the case may be, in possession.

On conclusion of trail, if the Court finds that an owner or occupier of the property was illegally dispossessed or property was grabbed in contravention of section 3, the Court may, at any time of passing order under sub-section (2) of that section direct the accused or any person claiming through him for restoration of the possession of the property to the owner or , as the case may be, the occupier, if not already restored to him under section 7.

The Court may, where it is required, direct the officer-in-charge of the police station for such assistance as may be required for restoration of the possession of the property to the owner or as the case may be, the occupier.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

For more information please visit our website

Website Home page:  http://www.irfanlaw.com

Contact:          +92 (0)321 205 7582

Law Firm based in Karachi and Islamabad having well experienced Advocates and Lawyers in the fields of Civil Litigation and Property Disputes Settlement Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: 03212057582

The ‘Agreement of Sale’ or ‘Sale Agreement’

Top Law Firms in Karachi PakistanWhether you are purchasing a plot for construction of a home or an apartment from a builder, the sale agreement is a document that you will need to scrutinise minutely before signing. Once signed, you will not be able to counter anything that is on it.

Sale AgreementThe sale agreement being a technical document will have a series of terms that you need to understand thoroughly. Sale, for example, is a transaction where money is exchanged, in part or in whole, for the transferring of ownership of a particular piece of property in whole.

There is nothing explicitly mentioned in the law about the sale agreement being a written one. However, it is now common practice and even a practical thing to do so, especially if the document is to hold water in a court of law. An important thing to do is to get the agreement registered, as a non-registered document does not have any legal bearing and any deal made on the basis of it is considered void.

Clauses

There are several inclusions or what are called clauses in the sale agreement. It will describe the property, include contact details of the seller and the buyer, the negotiated price will be mentioned and also how this payment is being disbursed. The time frame for the payment will be included. There will also be a provision for the payment of stamp duty and for the account of the property title.

The clauses in a sale agreement are important because they outline everything that will go into making this a successful transaction, which is completely legally sound. The contract will tell you if the payment is to be made in cash, in part or an agreement for it to be paid partially in the future has been agreed on.

Some of the clauses will cover municipal taxes that are due by the person buying, as well as maintenance charges and in the case of an apartment being purchased payment towards the building society.

Payment terms: The onus is on both the buyer and seller to come to a mutual agreement on the price of the property and all other expenses that go towards the transfer of property. This has to be included and has to be agreed on by both the buyer and seller.

The time for the disbursement of the payment should also be included right up to the last instalment. The document will need to be scrutinised by lawyers from both sides and then signed by both parties.

Transferring property titleTransferring of property title: For a loan to be sanctioned, the property title is important.

This should be transferred to the buyer when the seller has got in hand the amount agreed on. The transfer is the last step in the whole process of buying the property. The property will have to be registered in the buyer’s name by the seller at the local registrar office.

Stamp duty: These rates are fixed by the relevant authorities and can vary with each State. The onus is on the buyer to ensure that the property has been registered in his name at the rate that the government has sanctioned for the transferring of the property.

Sale deedSale deed: This follows the agreement of sale and is an understanding between the seller and the buyer. Its contents need to be scrutinised by experts multiple times before you actually sign on it.

With the right kind of legal help to support you, there is no reason to fear the complexities of the agreement of sale. It is something that you can easily surmount.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

CANTONMENTS RENT RESTRICTION ACT, 1963

Cantonments Rent Restriction Act, 1963 is an Act to make provisions for the control of rent class of buildings within the limits of the cantonment areas and for the eviction of tenants there from. It is expedient to make provision for the control of rents of certain class of buildings within the limits of the cantonment areas, for the eviction of tenants therefrom.

As per definations in the Cantoment Rent Restriction Act, 1963 ‘building’ means any building or part of a building, whether residential or not, together with all fittings and fixtures therein, if any, and includes any gardens, grounds, garages and outhouses attached or appurtenant to such building or part, and vacant land, but does not include any place of religious worship;to.

 

The provisions the of the Cantonments Rent Restriction Act and any rule or order made thereunder shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force, or in any instrument or document.

Every application under the Cantonments Rent Restriction Ac shall be filed with the Controller who shall either hear it himself or assign it to an Additional Controller for hearing and disposal.

 

The Controller shall, on an application by the tenant or landlord of building, fix fair rent for such building after holding such enquiry as he may think fit. The fair rent shall be fixed after taking into consideration the factors i.e.  the rent of the same building or similar accommodation in similar circumstances prevailing in the locality at the time of, and during the period of twelve months prior to the date of, the making of the application. In some cases the rise, if any, in the cost of construction and of the repair and maintenance charges as well as changes in the existing taxes after the commencement of the tenancy; and the rental value of the building as entered in the latest assessment list of the Cantonment Board as proposed under Section 72 of the Cantonments Act, 1924 (II of 1924).
The fair rent fixed shall be payable by the tenant from the date to be fixed by the Controller which shall not be earlier than the date of filing of the application.

Every dispute between a landlord and his tenant relating to the increase of rent shall be decided by the Controller. Provided that the Controller shall in no case allow any increase beyond seven and a half per centum of the cost of the addition, improvement or alteration made in the building or, beyond the amount of the additional tax payable by the landlord, as the case may be.

No landlord shall, without just or sufficient cause cut off or withhold any of the amenities enjoyed by the tenant. A tenant in occupation of a building may, if the landlord has contravened the provisions of this section, make an application to the Controller complaining of such contravention. If the Controller, on inquiry finds that the tenant has been in enjoyment of the amenities and that they were cut off or withheld by the landlord without just or sufficient cause, he shall make an order directing the landlord to restore such amenities, or authorising the tenant to provide the same and to incur such expense thereon as the Controller may specify, and any sum so spent by the tenant shall be adjustable against the rent payable by the tenant in respect of that building.

After the commencement of the Cantonments Rent Restriction Act, no tenant, whether before or after termination of his tenancy, shall be evicted from the building in his possession or occupation in execution of a decree passed after such commencement, except in accordance with the provisions of this section. A landlord who seeks to evict his tenant shall apply to the Controller for an order in that behalf, and the Controller may, after giving the tenant a reasonable opportunity of showing cause against the application, make on order directing the tenant to put the landlord in possession, if he is satisfied that the tenant has not paid or tendered the rent to the landlord within fifteen days of the expiry of the time fixed in the agreement of tenancy for payment of rent, or in the absence of such agreement, within sixty days following the period for which the rent is due; or any other order as he deems fit as per law.

 

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

 

Submit Your Query For a Legal Advice

For rapid response you can also submit your Query at WhatsApp on +92 321 205 7582 For a Legal Advice
 
Law Firm in Pakistan dealing with Civil Litigation, Commercial, Intellectual Property, Real Estate and Family Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582


Legal Management of Properties in Pakistan

Overseas Pakistanis having any legal issue of management of their properties in Pakistan can contact our law firm. We will provide full legal service for  management of their properties in Pakistan.

Our legal services will include but not limited to:

Sale, Purchase and Transfer of Properties

Recovery of Possession of Properties

Renting out properties and collection of rent

Pursuing property  litigation in Pakistan

Overseas Pakistanis all over the world face lot of legal issues regarding the management of their properties in Pakistan. They contact our law firm for management of their legal issues. Our law firm provides them full legal services for resolving their legal issues. Contact for further information.

We are conducting these cases which are likely to be decided in near future.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.