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Laws Relate to Real Estate Business in Pakistan

luxury_gates_real_estateLike any other country of the world there are many laws designed for the real estate in Pakistan. These laws are called realty laws. Realty laws are designed to monitor the transactions that occur in the real estate business and to avoid the frauds that can happen during the money transaction.  These laws cover the aspects such as purchase, selling, property ownership, leasing etc. In order to run smooth transactions one should study and follow all the municipal and provincial laws and abide by them strictly.

Under are few laws relating to real estate state in Pakistan.

Registration Act 1908:

Registration Act of 1908 explains all the important aspects of registrations in real estate. It contains about 15 sections under this act. Each section explains all the important information that is necessary for the registration in real estate business. This act is very much self-explanatory so a normal can easily understand the right information that he needs to know before involving in any real estate registration.

 

Stamp Act 1899:

The stamp Act 1899 requires the buyer and seller of the seller of the real estate to pay a certain amount in order to make their agreement legally validate. This procedure is done through stamp paper where both parties mention their terms and then agree upon it by putting their signature. This agreement then becomes a legal proof of the agreement and both parties have to abide by the stamp paper agreement. This stamp paper does not really cost too much but its price fluctuates depending upon the economic condition of the country.

 

Land Revenue Act 1967:

Land Revenue Act 1967 explains the whole structure and pattern of land and revenue involved in real estate of Pakistan. This act provides a very information guideline about the collection of revenue in real estate. This act also explains useful instruction about land partition, marking of boundaries etc.

 

Transfer of Property Act 1882:

Purchase of properties in Pakistan has never been risk free and so easy to carry out. One has to see all the dimensions involved. This happens because real estate of Pakistan follows the primitive land record system and this leads to trick innocent buyers.  The Transfer of Property Act 1882 explains all the guidelines about the transfer of property and ownership in Pakistan. It also entails that people should carefully and alertly check the title of property before agreement of any contract. This act also explains the methods of transfer, persons qualified for transfer and properties that are transferable.

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