| How to Register Property | |||
Documentation related to a transfer |
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The Sales Procedure - An advertisement of the transaction must be made in one or two local daily newspapers having a large circulation, for 8 days inviting claims to the land or objections to the transfer. 3000Rs is a rough guide for the adverts. - Payment of stamp duty and registration fees is 3% of the property price (stamp duty) + 1% of property price (registration fee). In case of residential apartments stamp duty is NIL for apartments valued up to $8,500; ¼ of 1% for apartments valued between $8501 and $16500, and ½ of 1% for apartments valued above $16500. This should be paid at a branch of the National Bank of Pakistan, they will issue you with a receipt for the money, which you must take to the Government Stamp office. The Stamp office will, upon production of receipt, issue a stamp paper of the value of the money you have deposited on the Sale Deed. This typed stamp paper will be presented later before the Registrar, who registers the change of ownership. - The conveyance deed must be executed before the Sub-Registrar of Conveyance/Assurances of the area, the official responsible under the Registration Act. Registration of Deed automatically follows the execution of Sale Deed. The name of the buyer is recorded in the new deed, showing the change in ownership. Conveyance/Sale Deed. A receipt is issued immediately, but the Deed is delivered 6 weeks later. If you are not going to build on your new acquisition right away then you might consider erecting a small boundary wall around the perimeter to identify your plot. |
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