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Gatwala Commercial Hub , Faisalabad is Punjab’s biggest and Pakistan’s second largest mixed use, real estate project. It has a covered area of over 3.1 million sq. ft.

This mega project, designed and developed by Shah Nawaz Associates, is located, at the junction of Canal Expressway and Lahore Sheikhupura Road. The road in front of the GCH project, has an average traffic count of 30 vehicles per minute. become, the city’s next mega center for trade, commerce, industries as well as residential projects.

 

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How to transfer property ownership in Pakistan | What you need to know

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 ownership transfers take place 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.

 

Scenarios for Property Ownership Transfer in Pakistan

 

Based on Pakistan’s real estate laws, property ownership can be transferred under the subtext of three scenarios; inheritance, gift, and buying or selling.

Source: Pinterest

 

Based on Pakistan’s real estate laws, property ownership can be transferred under the subtext of three scenarios.

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.

 

Transfer of property ownership as Inheritance

 

Once a property owner dies, their property shall be automatically devolved among their legal heirs.

Source: Pinterest

 

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. All shares of the property automatically become the right of the owner’s legal heirs, restricting 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 process for inheritance remains the same in most cases.

 

Inheritance Certificate

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.

 

How to acquire an Inheritance Certificate?

The process for acquiring the certificate is quite straightforward. However, the help of a professional lawyer will be required. The lawyer must 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.

  • The late owner’s death certificate
  • CNIC copies of the legal heirs and the late owner.
  • Mutation certificate for the property
  • Statement of the legal heirs.
  • Statement of an independent witness.

 

Transfer of Property as a Gift

 

In real estate terms, a ‘gift’ refers to a transfer of property ownership from one person to another, without any monetary transaction.

Source: Pinterest

 

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.

 

Gift Deed

A gift deed 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.

 

How to acquire a Gift Deed for transferring ownership?

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.

  • CNIC copies of both parties.
  • Property tax clearance certificate.
  • Allotment letter.
  • No-objection certificate.
  • Statement record.
  • Official seal of the deputy director.

 

Transfer of property through buying or selling

 

The process for transferring property ownership in the case of a monetary transaction starts with a ‘token’.

Source: Pinterest

 

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. 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.

 

Sales Deed

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. This document must be submitted to the concerned sub-registrar for transferring ownership. The following documents shall be required for the approval of the application.

  • CNIC copies of both parties
  • The seller’s original deed proving ownership.
  • The ‘Fard Malkiat’ of the property
  • No-Demand Certificate, indicating that all previous dues and taxes have been cleared on the property.
  • Statement from the society office in case the property comes under the jurisdiction of a housing scheme.

 

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. To successfully navigate through the ownership transfer process, simply follow these steps. For more information, visit Graana.com – Pakistan’s first online real estate market.

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