How to Buy Property in Pakistan?

If you are looking for ways to purchase your next property in Pakistan, then you have come to the right place. In this article, we look at the methods and procedures of purchasing property in Pakistan. This information is beneficial for new and seasoned property investors alike as it includes tips, instructions and warnings that must be kept in mind when buying property in Pakistan.

Determine the location in which you want to purchase the property

Pakistan offers many popular residential and commercial projects in the main cities of Islamabad, Lahore and Karachi. You can also look for property projects in the suburbs of the main cities. Determine the site that is most appropriate for you. It helps to visit different locations before finalizing your decision.

Establish your budget

Find out how much you're willing to invest in the property. You should consider all the expenses involved in property transaction, such as property tax, agent commission, possession/transfer charges and more. Set a budget that you can easily set aside for the purchase.

Find out why you want to purchase the property

Are you thinking of running commercial operation in the property? Do you want to build your home on a piece of land? Are you looking for a farmhouse in the suburbs of Islamabad, such as Simly Dam? Or do you simply want to invest your savings in the hope of making profit in the long term?

Determine the type of property you want to purchase

Find out if you need arable farmland, a constructed house, apartment, commercial shop, building, or simply a vacant plot in a safe housing community. This will help you in narrowing down your search and looking through listings that only feature the property type you are interested in purchasing.

Determine the size of property

This is another important consideration that will impact your budget and buying decision. For constructed units, determine the covered area and other features, such as extra land. Such features generally raise the value of the plot, but you get even greater value for your purchase in the long term. For instance, if you have extra land next to your plot, you may have to pay additional charges to secure this area, but the extra space will offer enhance the look of your home and increase its value.

For agricultural land, you need to determine the size of land necessary for running the farm.

Consult Real Estate Agent

Reputable Pakistan real estate consultants, such as Homes n Farms Pakistan can offer you expert advice and opinion relating to your property buying decision. We can assist you in finding hot properties with excellent returns. We only deal in the most popular and safest housing and commercial projects, such as Bahria Town, Defense Housing Authority and CDA. We bring years of real estate experience to the field and seek long-term relationships with our clients based on honesty, trust and respect. You don't have to worry about fraudulent transactions as we thoroughly investigate all options before presenting them to our clients. We accept full responsibility for any transactions that are performed through us.

Meet the Seller

While most property consultants prevent buyers from directly meeting sellers, we actually encourage it. This is what differentiates us from other consultants. We strongly recommend you to discuss the property details directly with the seller. This allows you to negotiate the ask price of the seller and close the deal at a figure that both parties are comfortable with.

Verify the Authenticity of the Property

Depending on the location where you're purchasing the property, a sale deed, sale agreement, allotment letter, transfer letter or registry may be used to determine the ownership details of the property. You must also ensure that the property doesn't have any defect in its ownership history. This is usually done by physically inspecting the property, collecting information from neighbors and verifying the property documents in the concerned office where the property has been registered.

Homes n Farms assumes full responsibility for verification of any properties that are transacted through us.

Determine Payment Terms and Token Money

In most cases, property transactions are completed over a period of time, which can range anywhere from a few days to 1 or 2 months. In exceptional cases, you can even bargain longer time period for completing the payment. Buyer is usually required to pay token money as advance. A sale agreement must also be made on a stamp paper to legally bind the buyer and seller to the document. In the sale agreement, important transaction details must be listed, such as date of transaction, name/registration number of property, location of property, ownership of property, government identification number of the owner and seller, total price of property, amount of token money paid, mode of payment, date on which balance payment is to be paid, and mode of payment for balance payment.

It also helps to state on the sale agreement that the seller is responsible for any former defects in the property. You should also get the seller to state that the property hasn't been mortgaged by the seller at the time of purchase.

Tips

• The concerned office of the sub-registrar usually holds registration records of properties in that area. In housing societies, such as DHA and Bahria Town, property registration is maintained at the office of the concerned housing project.
• To transfer the ownership of property, both buyer and seller must be present. In special cases involving overseas Pakistanis, you can appoint legal attorney to complete the transaction in your absence.