Pakistan is a country just like any other. It has its own fair share of blessings and imperfections, strengths and weaknesses, etc. And as such, just like any civilized country, Pakistan has its own rules and regulation set forth by the government. The laws are set to dictate what is considered legal in whatever aspect of life, which includes the procedure of buying and selling real estate.
There are four laws responsible for governing how real estate should be bought and sold in Pakistan, listed chronologically according to the year they were introduced;
1. Transfer Of Property Act, 1882
The Transfer Of Property Act relates to how any given real estate should undergo change in ownership. This law is concerned with entitlements i.e. which people are allowed to purchase or sell regarding their legal standing, as well as operations of transfer, methods of agreement and the types of property allowed to be exchanged.
2. Stamp Act, 1899
The Stamp Act concerns the minimum amount needed to pay to the government in lieu of stamped papers when dealing with real estate. Stamped papers are a form government-approved stationary which are widely used for revenue collection and recording. Stamped papers, like currency, fluctuate in value due to inflation and other factors, but this particular law is still observed in order to legally validate the monetary exchange of real estate properties in Pakistan.
3. Registration Act, 1908
The Registration Act states that each property should have their details recorded when registering them. It also presents itself as a set of instructions when it comes to the time, place and procedure to register a property, as well as any required documentation needed to presented. The Registration Act is designed to work as a comprehensive guide to assist anyone in either buying or selling a property or plot of land.
4. Land Revenue Act, 1967
The Land Revenue Act details the distribution of power and the jurisdiction of the appropriate offices. This extends to the proper protocols the revenue department offices should follow in collecting revenue. Additionally, the Land Revenue Act instructs about the marking of perimeters, conducting of surveys and other critical issues.
These are just some of the important laws that help regulate the proper procedures in buying and selling properties in Pakistan. As such, they are specifically written to lessen an ambiguity or discrepancy when dealing in real estate.