Posts tagged: real estates

The transfer tax and stamp duty are fees that are attached to your cost when you are involved in a transaction for houses for sale in Jamaica is usually at a percentage value of the land. Normally the value is in line with the sale price.

The transfer act states that transfer tax is 7.5%. There is a relief an amount of $10,000.00 relief where the value of the land is $150,000.00 or less. The type of home does not matter. It is usually a misconception that Jamaica beachfront houses for sale attract a much higher transfer. This is simply not true. However there are some exemptions to these Jamaican property taxes.

Exemptions

1. Transfers of property by Jamaican Government and Local Authorities.

2. Transfers to government or Local Authorities of Jamaican land for purposes such as roadways and other reservations in sub-divisions.

3. Transfers by way of gifts to approved institutions of property to be used exclusively for charitable purposes.

4. The Principal place of dwelling of spouses (Joint Tenancy or Tenancy in Common) In the event of death only.

Stamp Duty – Payment of Stamp Duty is governed by the Stamp Duty Act. The stamp duty payable on land is approximately 5.5% of the full value of the land/dwelling.

Certification of title:

Once a property is registered it is given identification by way of Volume and Folio numbers in the Register Book of Titles. The original Title is kept at the Office of Titles and entries are made thereon whenever something affecting any interest in the land is brought to the attention of the Registrar of Titles. For example, a transfer, a mortgage, death of a part owner, grants of easement and so on. This is standard for all houses for sale in Jamaica.

The land owner gets the duplicate Certificate of Title on Registration. Duplicate Certificate of Title has to be submitted to the Registrar for endorsement of all transactions affecting the land.

The Conveyance or Transfer of Houses In Jamaica For Sale Exercise

This normally begins either between seller (vendor) and buyer (purchaser) or between either one of the aforementioned parties and a Jamaica real estate dealer or Jamaica property agent. Purchaser or an attorney should inspect the Duplicate Certificate of Title. This is vital as some homes in Jamaica for sale come without sale agreements and hence no transfer might have taken place. A title proves exactly who the owner of the land is.

The usual form of Purchase and Sale Agreement sets out inter alia:-

(1) The legal names, registered address and gainful occupation of the contracting parties.

(2) Full description of the house in Jamaica for sale – including size or actual dimensions, registered location, and the identifying folio and volume numbers of the Certificate of Title, in the case of both registered Jamaican buildings and land. In the case of land with a Common Law Title, the size, description, boundaries and other relevant details.

(3) Purchase Price – in words and figures to avoid mistakes and misunderstandings.

(4) Completion – the effective date when the final payment for transaction is anticipated to be collected and the full sale completed, that is, transfer effected, cheque and titles exchanged.

(5) Cost of transfer – unless otherwise agreed, this usually states that each party should bear half the cost of Stamp Duty, Registration Fee and Attorneys Costs.

Payment of Jamaica real estate agents commission – paid on the Completion of the transfer of title and the closing of the transaction.

Fees on sale and purchase of land

1. Transfer tax – 7.5% of market value (Vendor only)

2. Stamp duty – approximately 5.5% of Market Value

3. Registration fee – Approximately 2% of Market Value (or $2.00 per 1,000)

4. Attorney’s costs – As per Scale – Jamaican Bar Association (effective 1st June 1991)

5. Surveyors Identification Fees:

(i) Values up to $500,000.00 = $1,500.00, thereafter, 0.1% up to 1 million, thereafter, $1,000 per million. Plus Research and Title fee/charge of $400.00.

(ii) Properties in excess of 1 acre or Irregular Boundaries a traversing fee is added. Fee depends on length of traverse.

(iii) If land is outside the corporate area $6.00 per mile.

6. Valuation Fees:

Kingston Jamaica Corporate Area

Corporate Area: Cost $3.00 per 1000 of the market value and $150.00 for travelling and incidental expenses. Minimum fee of $1,000.00 plus travelling and incidentals $1,150.00

Outside Corporate Area – (Beyond 15 miles from Kingston Jamaica) 3.50 per 1,000 of the market value plus travelling @ $3.50 per mile minimum fee of $1,500.00 plus travelling.

7. Mortgage Costs: (Building Societies)

(1) 1% application fee (Saver)

(2) 2% application fee (non Saver)

(3) Life Insurance – amount differs according to age.

NB. No longer will Compulsory Society take an assignment of Existing Policy.

(4) Mortgage Indemnity: 7% of sum being Insured applies when Mortgage in excess of the standard two thirds – 90% Mortgage.

(5) Stamp duty on Mortgage

(6) Registration Fees on the Mortgage

(7) Attorneys Costs

(8) Valuation Fee

(9) Surveyors Identification

(10) First Month Mortgage Payment

Mortgages: – $1.00 per 200 x 25% or 0.65%

These outline all the costs associated with buying houses for sale in Jamaica. It is important that both the vendor and purchaser understand the fees associated with this Jamaica real estate transaction.

It goes without saying, that making the decision to sell your home is a huge deal. Besides, there is a lot of work that goes into putting your house on the market. Furthermore, it is vital that you sell it for the best possible price. After all, the more money you get from the sale the better it is for buying a new home or using the money for some other purposes. Sometimes, selling your property now and for the maximum possible price can also put extra cash into your pocket. However, selling a home for top dollar is no cakewalk.

Nonetheless, with a little know-how, you will be able to sell your home for the best possible price. Read on to find out four tips to get top dollar when selling your home.

1. Negotiate effectively- When it comes to selling your home at the highest possible price, effectively negotiating with the buyer is vital. Furthermore, sellers can maximize their margins by going into negotiations equipped with the right information about their house as well as the local market.

2. Timing is key- Timing can make a big difference in terms of selling your home quickly and for the most cash. Furthermore, the housing market ebbs and flows throughout the year on a pretty set schedule. While it is not impossible to sell a house in November or December, you are much more likely to sell your house at the best possible price in the spring, when more buyers are out looking.

3. Invest in minor repairs- While making repairs may seem like an unnecessary expense when selling your house, these repairs, especially to rooms like the bathrooms and kitchen can really increase the asking price of your property and maximize your profits. Not to mention, having your home in move-in condition will increase the interest in your home and will help you sell your house quickly and for the best possible price.

4. Presentation is key- The way your house looks can make or break a sale! Furthermore, consider staging your house for possible buyers. Furthermore, give it a less cluttered look to make it spacious and more appealing to the home buyers.

5. Steer clear of bargain hunters-You should not waste your time with the bargain hunters or the low-budget buyers considering the fact that these people will never pay you the reasonable amount for your home.

While these were some of the tips and tricks for getting top dollar when selling your home, there are many others, such as price your house right, keep your home clean among many others.

Everyone wants to live in a place where there are peace and calmness. A person always desires to have a big house with lawns and all modern conveniences, best schools nearby and of course good markets at walking distance. Living in a dream home is a real pleasure.

Owning an accommodation is a big dream for many people, but it is not possible that all can afford it. Situations may be different for everyone. It depends on your age, how much you can invest, and where and why you want to live. Therefore, it is better to rent a home.

It’s easy and more comfortable with Housetrue.com. Whatever your requirement is, we are here to fulfill your needs related to property. 1, 2, 3, 4, 5, 6+ bhk flats on rent in Lutyens New Delhi (South) are available at Housetrue.com.

Moreover, if you have a transferable job, then you might need to move from one city to another, and then it’s wise to hire a rented apartment. There are many reasons for renting accommodation. Some of these are as follows:-

Taxes

If you have rented accommodation, there is no burden of property tax. Income tax is already a load, and after that, if you have to pay house tax, then what? So this is a plus point in the case of rented apartments.

Flexible

You know about the pros and cons of living in a particular area, only after the experience. So in case you are not happy with the neighbors or other amenities, you can change your house very quickly. It means you are not bound to stay in one place only. You can relocate independent houses and apartments on rent, Lutyens’ at Housetrue.com.

The most significant opportunity that you get is freedom of movement.

Maintenance

When you own a house, you have to take care of all the maintenance work. But there is no such headache in the case of rental properties. Ownership is a long term investment. House is a place that needs a lot of care, and unforeseen expenditures can come at any time.

House rent allowance

Moreover, many government and private companies provide a facility for house rent allowance. This HRA is given if the employee is living in a rented house.

Now it’s easy to understand that hiring places on rent is better than owning them.

What could be better than renting a home in an exclusive location, like Lutyens?

Far away from the crowded parts of Delhi, Lutyens’ covers a vast area with Lodi gardens to the South, Nehru Park in the West. It is one of the most snobbish regions in Delhi. As you spend time in the city, you will find that Lutyens is a pollution-free, safe and noise-free area.

Lutyens’ is one such area in Delhi where every facility is present. A lot of people want to live in Lutyens since it houses a wide range of luxury properties to rent . It is an expensive zone in Delhi. The prices of cottages in this area are quite high. And ordinary people can’t own a house here. So, why not opt for rented homes and apartments.

Don’t worry! We will help you with this.

Lutyens’s houses and flats on rent are a bit higher than in other areas in Delhi. It is a posh area where luxurious houses and apartments are available to let. These houses are laden with all modern amenities, best schools, full-proof security systems, and much more.

This is the place where you can get an excellent and delightful environment. Breathtaking views of the area will seduce you. The social circle is also excellent here. High ranked officials, leading business people, army officers, judges, lawyers, and doctors from different parts of the country live here.

It offers an incredible blend of the ancient side with a modern feel. A lush green lawn and wide-open terrace are available in most houses in the posh area of south Delhi. You can sit and enjoy with your family in nature’s lap. To talk about housekeeping and other services, qualified maids and drivers are available at a phone call.

Renting in urban areas is a necessity as people go to different places due to jobs or studies. Renting also allows for spreading your earnings and savings over different types of investments. Even you don’t have to worry about depreciating values of property due to various reasons.

While most investors have got involved in property investing because they understand the opportunities to make money through leverage and capital growth or high yields, I still see and hear of many who do not fully understand opportunity cost.

Remember anyone that gets into property is usually in it to generate money or income – how many deals/properties you own is insignificant.

So what does opportunity cost mean?

Well according to the encyclopedia, “Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the benefits that could be received from that opportunity), or the most valuable foregone alternative. For example, if a city decides to build a hospital on vacant land that it owns, the opportunity cost is some other thing that might have been done with the land and construction funds instead. In building the hospital, the city has forgone the opportunity to build a sporting center on that land, or a parking lot, or the ability to sell the land to reduce the city’s debt, and so on.”

So in property investing terms, if an investor decides to invest £50k in a property in for example Wales, the opportunity cost would be what he could have made by investing in Spain, Ireland or Dubai. Or similarly if an investor decides to keep equity of 50k in a property, the opportunity cost is what he/she could alternatively have invested this money in and the resultant value.

Now again this will depend on your specific strategy – and many people are not too concerned about opportunity cost, they are just keen to buy 1-2 properties that can hold onto for 15-25 years to use as a pension. That is fine if that is your strategy – but for me that is too broad a strategy, carries risks and is not maximising the opportunities available.

For me I have always had a philosophy, rightly or wrongly, that I should always be working my money hard. What does this mean? Well as soon as I feel my money has made a significant return and the returns are likely to drop off, compared to other possibilities, then I will look at realising my profits and investing elsewhere ie when I feel the opportunity elsewhere is greater than the current opportunity.

The great thing with property is this does not necessarily mean selling, as you can refinance, and invest money elsewhere.

This is no different to any other type of investing, such as buying stocks and shares – you make/lose your money depending on what price you paid, and what price you sold at – although clearly with property is good opportunity to earn a regular income as well – if hold onto for 15-25 years you should make money, but most likely will be a few scares along the way!

To be a successful investor, must know when to enter the market, and leave the market. And the people that do best buy low, and sell high!

I’ll give an example – while buying off plan has now got a bit of stick in the UK – I have done it successfully over the last few years – but the key is having a clear strategy.

For example, by doing all my due diligence I have managed to buy property at the right price in right location, but then sold on within a year of completion as I felt that was the period I would see the maximum returns in – and opportunities would be greater elsewhere over the next 3 years.

So to go through the numbers, I have just sold one that I bought off plan last year 12 months before completion. I bought at a price that was already £10k below market value based on my research in an area that had little buy to let competition. This was secured with only a £5k deposit. On completion, I put another £28k into deposit – so tied up £33k of my own money. There was no stamp duty in this area.

I then put on market on completion, now even with things slowing down in the area, I have just sold it for a £23k profit. So I tied up £5k for 1 year, and a further £28k for 6 months, to get back £56k.

Why did I sell? Did I consider refinancing?

My first choice would have been to refinance and let out, but the rental would not have stacked up. So while the rental would have stacked up at the price I paid for the property, I would have had 56k in equity sat not doing very much for me. So as I do not forecast huge capital growth in the area over the next 3-5 years, and the yield was not attractive enough for me it was best for me to release this equity and find another investment – ie I felt there were better opportunities for me to spend my £56,000 on, to generate more money.

Now clearly when are looking into the future is element of risk and speculation and are no definite answers – so you are having to forecast as well as you can with the data currently available ie how you forecast interest rates, buying/selling costs, supply and demand, employment, the overall economy and market sentiment over the next time period in the markets/regions you are investing/looking to invest in.

Although opportunity cost can be hard to quantify, its effect is universal and very real on the individual level. The principle behind the economic concept of opportunity cost applies to all decisions, not just economic ones, for example when Steven Gerrard decided to stay with Liverpool last summer, his home club and where he is captain, the opportunity cost was what he could have achieved if he had moved to Chelsea. It will be interesting to see what he decides this summer- he may now feel the opportunity cost is too great to turn down.

Hope this makes sense, and remember to consider opportunity cost when next making an investment decision.

Dubai conjures up images of tall buildings, stunningly shaped and spectacular. The first image that comes to mind is of course the Burj Khalifa. The tallest building in the world, Burj Khalifa, is the epitome of all that Dubai symbolises – the motivation for creating bigger, faster, bolder structures, icons of power, class, wealth and sophistication.

• The Burj Khalifa stands at a height of 829.8 m, and a trip to the observation deck on the 124^th floor is a must-do when you get to Dubai. You can see the spectacular skyline of the city.
• Talking about Dubai and architecture, how can one ignore the Burj Al-Arab? Standing at 321 m, it is the largest hotel in the world, and the iconic structure catches the eye because it has been designed to look like a billowing sail. When the Al-Arab is lit up at night, it is a sight that is worth travelling all the way to Dubai and capturing!
• Another property that is also symbolic of Dubai’s iconic architectural sights is the Palm Jumeirah. The project off the Jumeirah coast is designed in the shape of a palm leaf. Palm Jumeirah is one of the trio of manmade Palm Islands. The World Islands are a group of 300 man-made islands that form into a map of the world when you see I fro the air.
• Take a tour of Dubai Marina, and you will realise that all the buildings here are jostling for your mindspace and attention. For instance, the Cayan Tower, which has a 90-degree twist. The building looks like some force has twisted it along its length. Also launched is a structure called the Sparkle Towers, which has been inspired by Swarovski crystals. The building is a take on the luxury and glitz that has now come to symbolise Dubai.
• The Dubai Creek Golf and Yacht Club, is one of the city’s most beautiful buildings, designed to look like the dhow. It is symbolic of the fishing and harbour heritage of Dubai.
• If you are still looking for more examples of Dubai’s iconic structures, you should check out the Al Yaqoub Tower, also called the Big Ben of Dubai. The building looks like the Big Ben of the UK, and has 69 floors and is among the top 15 tallest buildings in Dubai.
• Have you seen the Swiss cheese building in Dubai? If not, you should. The building has been designed to look like cheese, with the outer wall resembling the Arabian mashrabiya or veil/screen to keep the building cool!
• Last but certainly not the least, make a trip to the Dubai Mall. Not just for the shopping, but to enjoy the architectural design of the biggest shopping mall in the world.

There are many architecture walks organised for tourists in Dubai, so you could opt for one of them and enjoy the architectural marvels. In terms of accommodation, there are many Dubai hotels for you to choose from. Hotels in Dubai belong to many categories, to suit various pockets. Pamper yourself at one of these hotels equipped with some of the finest amenities.

Cyprus is extremely generous when it comes to offering either a romantic memory, a historical adventure or just a sun filled stay. It has that affect on people that once you have been, you just have the urge to go back year after year. It forms part of peoples life to such a degree that they can’t resist the temptation of buying their own villa in the sun. If you are still thinking about it, well Cyprus is still a booming property investment island as growth is abundant and the bubble doesn’t look like bursting yet like it has in Spain or the UK.

I was a lucky man during the boom years in the UK as I was able to purchase several properties and I really made a killing. I have always rented them out successfully and that is why I thing Cyprus is currently offering better conditions to do the same. If we compare Cyprus to the UK, well the weather is better for a start and the cost of living is a lot lower. The cost of property is much more interesting and there are always people looking for rentals in Cyprus, so you don’t have to be a rocket scientist to see the benefits.

So are you ready to see how much you can make through property investment in Cyprus? Well you might be amazed to know that a normal 3 bedroom villa can rake in an average of 800 Euro in the peak season. Easy money and than to top that there is great long term rentals in the off season as many Brits seek to get away from the nasty UK winters, which all in all will make a tidy little sum from all year round rental income.

If you want to see an all year round average monthly income, it would be about 2000 Euro making this property venture a very profitable one as the mortgage payments would work out to less than half of that. Don’t miss the boat as the time is right now, although it is advisable to do some good research before you decide on buying your own dream villa in Cyprus.

You can count on a problem free purchase in Cyprus as everything is in your favour. Firstly English is spoken by almost everyone on the island which helps, and you will be impressed with some extremely enthusiastic banks which will put themselves out to get you the mortgage you need. A non-resident can get up to a 70% mortgage and interest rates are much lower than they are in the UK. You will be assisted by a bilingual solicitor throughout the purchase process and they will make sure that all debts are cleared before you sign under the dotted line. They charge a very moderate fee of around 600 Euro and you will certainly feel that it has been money well spent when it’s all over.

You really can’t go wrong at the moment if you buy a villa in Cyprus both as an investment and as an ideal holiday home. You could rent it out to earn high rental income during the peak season and then spend the winter in more sunnier parts. What are you waiting for? If you think this could be for you then I suggest you check out the cyprusinformer blog for further investment tips for buying Cyprus Villas.

When Middle Eastern property markets are mentioned, Dubai is always spoken about and the success of its real estate market is well documented. However, one market that is catching up fast is Bahrain. Of all the Middle Eastern real estate markets, the Bahrain real estate market has possible the greatest potential.

Bahrain is an archipelago of 33 islands. The country was once named by ancients Sumerians, considered an island paradise in which there was no disease, death or suffering, and where gods resided. Although modern Bahrain has not retained such mythical status, many still frolic in its heavenly shoreline, and many still perceive the country as blissful respite from lenient Islamic countries. Bahrain holds a strategic position between East and West, The Kingdom has always been considered a place of unity where east meets west, renowned for its warmth and hospitality. A good balance of traditional values combined with refined modernity, make Bahrain an attractive country to live and work.

Despite its size, Bahrain has a well established real estate market. In recent times changes in Bahraini law, foreign nationals are now allowed freehold ownership of property, have created a huge increase in investor interest in the country. Unlike countries such as Saudi Arabia, Bahrain has worked hard to diversity its economy away from oil by focusing on business areas such as tourism, information technology, telecommunications, education and healthcare. This strategy has attracted a number of multinational firms to establish their headquarters in Bahrain.

About one-third of Bahrain’s population is foreign expatriates who seek that ideal blend of stability and prosperity. Perhaps this influence has shaped modern Bahrain, now rapidly modernizing, full of shopping malls and restaurants. Expatriates living in Bahrain generally enjoy an extraordinary standard of living primarily because of substantial tax free income. The types of accommodation expatriates seek has established the style of real estate that is typically available for sale or rent in the Kingdom and financing properties in the Kingdom is fairly easy.

The movement of increasing numbers of expatriate to Bahrain has resulted in a huge boom in the real estate sector. Most of these expatriates are taking advantage of the changes in legislation that allow them to own freehold properties and this is increasing the need for quality accommodation. The surge in demand for accommodation is probably why rental rates have surged over the last few years. However, rental rates are still significantly lower than in Dubai. These factors have made the Bahraini real estate market ripe for investment with realization of capital appreciation fairly easy to achieve due to a market enthusiastic for completed resale property.

Keeping these factors in mind, Bahrain is quite possibly the best real estate market to invest in. For investors looking for better capital appreciation than Dubai has, Bahrain is the market they need to get into.

The Al Boom Tourist village is easily one of the pioneering places in the Dubai tourism scenario. The location of the village is noticeably at a prime landmark in Dubai, right on the banks of the Dubai Creek. An important and tourist-friendly feature of this priceless property is that it shares a seamless bonding and interaction with both local and foreign visitors. With its increasing popularity, the village has geared itself to meet the requirements of all sorts of visitors by going through a total renovation.

The property now has halls that are freshly designed and furnished. The main features include an innovative theme that is depicted in all the halls, in the manner of interior designing and decorations, but never letting go of the magnificence of its roots; the heritage of the Emirates. Typically, the Al Boom Tourist Village is very famous for its extravagant and lavish wedding decorations.

The property can accommodate a large number of visitors at a time, 10,000 people or more, also coupled with its unmatched catering services. Recently they had the chance to cater for the royal family of Qatar. The Al Boom Tourist Village has some of the latest catering technology at their disposal.

In 1991, the Al Boom Tourist Village launched their cruise services with the boat “Sameen’, and proved that they can deliver the same kind of excellence on cruises too. The seafood and barbecue served on the boats have their own remarkable taste and flavor. Their restaurant, Al Areesh, is renowned for authentic cuisine made in typical Arabic manner, while the restaurant Dahleez is famous for grilled meat and tasty seafood.

With their continued high quality services, and top quality management, the place has earned quite a reputation even in the corporate world. They now regularly host corporate functions, private parties, and manage stylish and lavish dinner dhow cruises, press conferences, both on the cruises and their halls. The Al Boom Tourist Village is rightly known for its world-class hospitality and unfaltering commitment towards client service and quality.

Dubai is a kaleidescope of things to do and places to see, so you should consider making the most out of a visit to Dubai. Staying at Dubai serviced apartments [http://www2.somerset.com/united_arab_emirates/dubai/somerset_jadaf.html] will provide travelers with the opportunity to unwind in luxurious comfort. For an excellent serviced residence, Dubai Somerset Jadaf is a great choice.

The landed property market has gone through constant development in previous years in addition to it looks like this movement is not about to finish too soon. The real estate domain is fashionable these days furthermore there are a number of aims for this constant growth.

Various of these reasons are for a greatly useful scheme; globalisation, evolution in addition to changes of international tendencies; enhanced dwelling benchmarks and the quick boost in the planet populace, enhanced tutoring together with amplified earnings and elevated payments.

Together a nation is increasing, dwelling measures are increasing as well and thus the job openings are gradually more high. This will thus make possible enhanced salary packages plus as a result people can contemplate property investment abroad. Advancing in out of the country residential houses is a better decision than keeping your currency in bank deposits. Property investment abroad is extremely common these days also the most required regions are Paris, London, Asia or Dubai.

While pondering about property investment abroad, you might consider trade plus commercial properties, for instance corridors, formal meals, hotels, trade centres, shopping malls, photograph galleries as well as several others.

While you are considering a property investment abroad, you must keep in mind that houses that are within a key location will always be available or hire and you can retain the most excellent earnings from them in the subsequent years. These nature of investments in overseas properties will develop into fertile investments because you can obtain worthy money from renting them or so far trading them later at a an improved cost.

At the moment you choose what property investment abroad will you make, you are supposed to check for the facilities like the community lobby, shopping precincts, children s park, grocery stores in addition to many further crucial things like these. If you are keen to buy a property abroad in order to let, you must always keep your estate neat moreover in decent method, with the intention to with no difficulty attract buyers and for it to be attracting to the tastes of the likely customer.

You should additionally get a reputed as well as high-quality property agent in order to help you with the property investment abroad. It is better to accomplish consequently than managing the matter yourself moreover you can ensure the agent will make your life much additionally comfortable whilst it comes to all the permissible formalities that is necessary in such circumstances.

Purchasing real estate property is one step of diverging your investment portfolio. Not only will you have a mix of investment types, but you are assured that whatever happens to one investment, the same will not happen to the other and thus enable you to protect your income. If you happen to be looking for a property, then you might want to check the real estate industry of Pakistan. The sector has been continuously growing in the past few years and with the drop in mortgage interest loans, it is an attractive place to invest.

Foreigners

Foreign buyers should not be deterred from purchasing property in the country. While the process involved is lengthy, following closely the requirements would ensure a smooth transaction.. Foreign buyers who wish to purchase or rent a property should provide a valid passport, a copy of the landlord/realtors CNIC, attested copy of ownership, valid contract and an employment contract in case the buyer is working for a company. These are just some of the requirements that the government requires whenever buying and selling property.

Buying Properties

Buyers should thoroughly check the property that they are purchasing to ensure that the property is clean and ownership of the property actually resides with the seller. Sales Deeds are the best way to determine if the property is unencumbered and these can be found from the local authorities. It is crucial that buyers check the property to avoid any penalties from the government.

Properties in Pakistan are governed by several laws as well as regulations of the province or municipality where the property is located. The most important law that buyers should take a look at is the Transfer of Property Act 1882, Stamp Act 1899, Land Revenue Act 1967 and the Registration Act 1908. These laws outline the legal requirements as well as liabilities that may arise in buying or selling properties.

For the title to be transferred to a new owner, a Sales Deed or “Bay Nama” must be registered at the government registrar office. The Sales Deed must have a stamp duty affixed on it. The stamp duty shows the percentage of the transaction value of the property and differs depending on the size and value of the property itself. In modern housing properties, a simple allotment letter is sufficient proof that the property is legally transferred to the buyer.

For buyers who are not sure on how to proceed with the transaction, they may hire an attorney or a “Mukhtar-e-Aam” to help them with the legal process. As always, it is important that buyers ensure the authenticity of the Deed as well as the authorities of the attorney they are transacting business with to ensure that all transactions are valid and legal.