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Property Law

SALE, PURCHASE AND TRANSFER OF PROPERTY REAL ESTATE IN PAKISTAN

SALE, PURCHASE AND TRANSFER OF PROPERTY/REAL ESTATE IN PAKISTAN

OUR LAW FIRM advises and assists clients in sale, purchase and leasing of commercial, agricultural and residential properties in Karachi, Paksitan. We successfully complete the whole process of verification and registration of title documents, procurement of revenue documents “Farad” and get mutation of names in the revenue record.

In developed countries people sell, purchase and transfer property through Law Firms and get avoid from fraud and legal complications. But unfortunately in Pakistan, people directly go for this business, without verification of the title deeds and legal status of the property and get trapped in frauds and legal complications.

After visiting the properties shown by Estate Agent or Property Consultants. The best and safe way to sell, purchase and transfer of property is firstly to consult with lawyer for verification and checking the legal status of the property and then to enter into full written agreement by setting out all the terms and conditions in it. This would save you from property frauds, legal complications and loss of your money.

We initiate speedy legal proceedings against the offenders of Land Grabbing, Illegal Possession of property and Transfer of property by fraudulent manner.

OUR Law Firm provides clients with the best legal services to handle business transactions and deals of all sizes, including contracts and/or agreements pertaining to buying and selling property, leasing for the lessee or lessor, sales and maintenance of real estate and farms and vacant land.

OUR Law Firm has a wide range of practice areas in relation to registration. We guide clients in accordance with the Registration Laws of the Real Estate applicable in Pakistan. In collaboration with our partners, we empower clients to obtain the rights on their ownerships.

OUR Law Firm has experienced litigators, who appear for clients before all levels of the Pakistani courts in order to fight on behalf of them, for both the plaintiff and the defendant, before all stages of arbitration panels and the various forms of the ADR as well as representing them in all attempts to attain an amicable settlement with their opponents.

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


Categories
Property Law

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.

You can Contact Us for detailed consultation.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Telephone: 0321-2057582

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

Supreme Court of Pakistan, Islamabad.

Categories
Property Law

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 consultation.

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Telephone: 0321-2057582

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

Law Firm based in Karachi and Islamabad having well experienced Advocates and Lawyers in the fields of Civil Litigation and Property Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: +923212057582

Supreme Court of Pakistan, Islamabad. The Registry of the Supreme Court is also at Karachi.

Categories
Property Law Real Estate Deals Tax

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.