Land is an immovable asset known among the investors and the general public for its high liquidity rate, healthy returns and security. Real estate is one of the most lucrative business ideas in Pakistan. Every month, hundreds of people deal in homes, apartments, land and commercial properties.
In this blog, we are going to take you through the process of land transfer in Pakistan.
What is the Transfer of Property?
‘Transfer of Property’ means an act or a method by which a living person conveys property, in present or in future, to one or more other living persons.
The transfer usually occurs when you are selling your property to someone else. Transfer of land also occurs when you give your property to other members of your family such as transfer of land from father to son.
Which Assets can be Transferred?
Every kind of real estate property can be transferred including plot, agricultural land, houses, apartments and commercial buildings.
Things You Need to While Transferring Land in Pakistan
To successfully transfer your property in Pakistan, you need to follow the following steps:
- The transferor or the owner of the house who wants to transfer the allotment of his/her property or his/her share and interest in the Authority shall have to personally appear in the Head Office of the specific housing authority of the region.
- He or she will then appear before the Director (Land & Estate) or any officer authorized on behalf and shall present the documents detailed below:
- A letter/application addressed to the Director (Land & Estate) requesting for transfer of allotment of his/her housing unit/plot/apartment or his/her share and interest in the Authority.
- Affidavit on a Rs. 100/- non-judicial stamp paper duly attested by the Oath Commissioner/Notary Public/First Class Magistrate affixed with a latest passport size photograph of the transferer attested by the same.
- Original allotment i.e. Provisional Allotment letters/transfer letter for relinquishment and cancellation so that new letter be issued in the name of the transferee. The owner of the house or the transferer will also give the original possession certificate.
- Photostat copy of National Identity Cards of transferrer, transferee and witnesses duly attested by the Oath Commissioner/First Class Magistrate/Notary Public.
- ‘No Demand Certificate’ issued by the Authority.
- Undertaking regarding Loan/mortgage of apartment duly attested by Notary Public/First Class Magistrate/ Oath Commissioner.
- Photostat copy of sale agreement executed between the transferrer and the transferee duly attested by the Oath Commissioner/First Class Magistrate/Notary Public.
- In case of transfer of housing unit/plot/apartment in the name of more than one owner, a consent letter from all the co-sharers is required to be attached, indicating/mentioning the contact details of the co-sharer.
- Undertaking by the transferee on Rs. 100/-. non-judicial stamp paper duly attested by the Oath Commissioner/First Class Magistrate/Notary Public for the timely remittance of the remaining payments (if any) affixed with a latest passport size photograph of the transferee attested by the same.
- Transferees will pay Transfer Charges as per CVT or any other government taxes will be paid by the transferor (allottee).
How to Get a No Demand Certificate (NDC)
To get the No demand certificate for all the due payments, the owner of the property has to apply with his personal representative. NDC shall be prepared by the Allottee Services Cell after having endorsed by Finance Section and handed over to the owner at the time of execution of transfer documents.
Time for Submission of Documents
The transfer documents, with the exception of the documents attested abroad by the Embassy/High Commission, has to be submitted to the office of the Authority within 30 days of the execution/signing of the documents.
Members Living Abroad
- People who are living outside Pakistan and want to transfer their”” property to someone else may appear before the Officer authorized to attest documents in the Embassy/ High Commission. The officer attesting the documents will indicate the serial number of the documents at which the same are entered in the register maintained in this context.
- The original copies of the required documents will be sealed in an envelope by the officer who arrested the documents. Then, the sealed envelope shall be handed over to the person who executed the documents.
- Copies of these documents will be forwarded by the Embassy / High Commission directly to the Authority. Then, the appointed officer will open the sealed envelope and record on the minute sheet of the file.
- The received documents will then be compared with the documents received directly from the Embassy / High Commission. After the authentication of documents, the transfer letter will be issued.
These are some of the things you need to keep in mind while transferring land in Pakistan. Make sure you follow all the required steps to make the whole process smooth and free of fuss.
If you want to know more about the process of transferring land in Pakistan, send us a comment in the comment section below and we will get back to you as soon as possible.
- Top Visa Free Countries for Pakistan in 2021
- Top 5 Real Estate Podcasts to Follow in 2021
- Real Estate vs Stocks – Where you should Invest?