What are the possible fears that make you think twice before investing? The long procedure? Document’s attestation? Dealing and negotiating? Fear of missing out on the best opportunity?
What if you are served with the solutions to all of these problems under one roof?
Easy procedures have made it easier than ever for people to invest in properties. You can search for any kind of property from the palm of your hands using the ilaan.com website or mobile application and find infinite results matching your needs and requirements. Your tension of making the best decision under pressure is no more.
Here, we are explaining the detailed procedure of registering your house in Pakistan along with the list of documents you are going to need for the registration purpose.
The list of the documents you are going to need for the registration of your house is as follow:
- Sale Deed
- Mother Deed
- Approved plan of the property
- Bank approval Certificate
- Encumbrance Certificate
- Power of attorney
- Property tax Receipts
- Completion Certificate
Sale Deed
Considered one of the most important documents in the process of registering your house. It is very important especially at the time of purchasing a house. It contains the details of both parties (Seller and buyer). This document is necessary to prove the ownership of the property and can be used for legal needs at the time of need.
Mother Deed
In Real Estate Industry, having a complete history of the property is very important for undisputed property matters. This document is one of the most needed documents at the time of purchasing or selling the property. This is the legal document that shows the complete details of property transactions, how many times have the property sold or purchased, how many people were involved, and their details. It also includes the complete information of former owners of the property and the people who were engaged in the dealing of the property.
Approved plan of the Property
Anti-encroachment drive that is carried out in the major cities has made it compulsory to fetch the document showing the map of property approved plans by the local authorities. This document is like an approval that says that the property design and map are approved by the local governing body and you can construct according to the approved property plan.
Encumbrance Certificate
This document contains proof of legally registered transactions against property such as mortgages and title transfers. An encumbrance certificate is a document that makes sure that your property does not contain any kind of mortgage history and pending loans associated with it.
Power of Attorney
It is the document that gives one all rights of selling/renting property on the behalf of the owner or the partner in the property. If you have signed the power of attorney you have all rights to do anything with the property and no legal action can be done against you. This document is necessary to collect and present at the time of registering your house in Pakistan or else the former owner or the company helps you in finding the house is not responsible for any mishap in the future.
Property Tax Receipts
It is highly recommended that you should have a detailed look at all of the tax receipts of the property and take every necessary step to make sure that the house you are going to purchase is not liable and all taxes are paid. If your property sellers assure you that all the amount as an account of property taxes is paid but refuse to show you the receipt, it is time to do a detailed investigation about the receipts.
Capital Gains Tax (CGT), Capital Value Tax (CVT), Stamp Duty, and Withholding Tax or Advance Tax are the types of property taxes. You can learn more about them by reading one of our previous blogs in which we have thoroughly discussed different aspects of property taxes in Pakistan.
Completion Certificate
The Completion Certificate is the key certificate that you would be needing at the of registering your house in Pakistan. This certificate is awarded to the owner after the completion of the house and also works as the approval that the house is now ready for residents to live in. This document explains that the house is built according to the approved plan and also contains the information of all legal owners of the property.
The people residing in Karachi would be needing a Completion Certificate from Sindh Building Control Authority (SBCA), for Residents of Lahore, Islamabad, Rawalpindi, and Faisalabad, LDA, CDA, RDA, and FDA will be issuing completion certificates respectively.
