When Buy Property, How Do We Transfer it?
If we want to buy Property (plot or house) then first of all we will ensure the verification of that property. In order to get it verified, we will need the registry / Fard-e-Milkiat of that property. The registry / Fard-e-Milkiat will be attested by land record center. When we will be satisfied regarding the ownership of the property after the completion of this verification process, advance for the property will be issued.
Fard From Punjab Land Records Authority
In order to get the advance, the seller will have to provided us the “Fard” issued by Punjab Land Records Authority. After that, stamp paper will be prepared for the advance. The stamp paper will contain the “Khata” number, “Khusra” number, transfer number, total value of the property, amount paid in advance, remaining balance and the time period for balance payment.
NOTE: The stamp paper for advance (Biyana) will be acquired from the bank. The value of the stamp paper will be determined according to amount fixed by the Govt. For example if we buy a property of 2 million, then will have to deposit 3200 PKR into bank. The breakup of this amount contain 2000 (1% of property value) plus 1200 fixed Govt. charges.
In order to get the stamp paper from the bank, we need to fill the E-challan form at E-Stamp website. The challan will require us to provide the following details:
- Name & NIC number of both parties (Seller & Buyer)
- Value of the property
After providing the above mentioned challan, we can have the stamp paper from the bank.
Documents Required While Buying Property
Following documents are required for the registry of plot or house:
- All documents regarding transfer
- Sale deed
- Seller details
If we buy property/a plot, in order to get it transferred we need to acquire the “Fard-e-Malkiyat Beh” and NIC copy.
Second thing is to get an E-Challan from E-Stamp website. This step requires the complete detail of seller and buyer along with other details such as details about the property and its worth. After getting the challan and depositing it into bank with required fee, we get the stamp paper from the bank.
NOTE: The value of the stamp paper will be equal to 5% of the property worth. For example, if the value of the plot is 1 million, then the value of stamp paper will be PKR 50000. Moreover Rs. 1000 for registration fee and Rs. 500 for transfer fee will also be charged. Beside the cost of stamp paper, town fee will also be deposited (Town fee varies between 2 to 3%).
After depositing all fee, both seller and partner will be required to present in the office of sub registrar. Sub registrar will check all the documents and will ensure that seller has received the amount of the property and will confirm the sale deed (Beh Naama).
Following documents are required to prepare the “Beh Nama”:
- Fard-e-Malkiyat for Beh
- NIC copy and two photographs of the seller
- NIC copy of buyer
- Two photographs and NIC copy of Identifier
- Two witnesses and copies of their NIC
How can we confirm the transfer.?
If we want to check the completion of transfer process, we can acquire the attested copy of transfer letter from the office of Sub registrar. If the attested copy is issued then we are the owner of that property. For further assurance, the transfer copy can be acquired from Land record center. The ownership can be checked at land record verification website as well.
Frequently Asked Questions When Buying Property
- Is the above information correct if there is no change in it?
- How do we get Fard.
- Where to get the documents collected for property transfer verified.
- What is the percentage of gain tax?
- Has the government imposed any new tax on property Sale Purchase?
To answer all these questions and solve all other problems you may face during the transfer of property, you should find a reliable deed writer.