The thriving industry of real estate comes with several issues in Pakistan. It would be best if you remain vigilant to prevent yourself from scams and frauds. Also, you must be aware of property laws for effective handling. Let’s move in-depth of the topic:
People might face several issues while buying, selling, or registration of properties. Here is some discussion in this regard.
The property registration of real estate refers to the type of properties needing to be registered. It falls under the Registration Act 1908, comprising of 15 sections. The law explains the time, area, and a guide to registering the property.
Agreements are usually made while buying and selling property and the user is required to pay a certain amount to the government. The amount is charged in stamp papers for legal validation and falls under the Stamp Act 1899.
For transferring any property, people need to follow a specific set of rules falling under the Transfer Of Property Act 1882. It ensures that the property is entitled to a person efficiently.
That was about some issues people might face while property management. Make sure to be aware of all the rules to overcome these hassles.
With the excel of the field, frauds are becoming more common. Here is a glimpse of some scams people might face.
The scammers may hand over the false documents to people taking away their money. Therefore, the documents should be adequately verified when buying or selling from the property lawyers or any other expert.
It’s not appreciated to make a deal on a property you haven’t seen. Make sure to give a visit to the area, analyze the localities and then finalize the deal. The other cas