Comprehensive guide to property transfer in Islamabad

Pakistan real estate is one of the most lucrative businesses in Pakistan. As worthwhile as the investment and as diversified as the use of the property, the important thing to know is that there are some compulsory legal procedures which not only safeguard your property but makes the transaction a legal one. While owning or passing over your properties there are some important guidelines which are stated in the following article which can serve as your property red book.

Investing in land is one of the most rewarding accomplishments for any owner. Property all over the world in general and in Pakistan in specific is a very lucrative business and gives a very healthy ROI and rises at a very positive rate. Among the hottest selling properties in Pakistan, Islamabad is one market which is surpassing all the markets mainly due to the clean, pollution free, naturally well-endowed and orderly environment of the city. The current projects are proving to be real estate heaven and CDA is deploying all its resources to create a well maintained, peaceful and beautiful atmosphere.

Land is often your best insurance and investment which can also be gifted, passed over or transferred owing to multiple reasons. Most people have little or no information about the legalities involved in the matter. Zameen.com for the convenience of its esteemed users and all fellow Pakistanis have made this comprehensive report so that you are well aware of what you should possess and what the correct way to transfer property is. No matter how trustworthy your dealer is being well informed is a necessity and what’s more for your ease we have translated all the tough legal jargon into simple terms that you will find simple to comprehend.

Okay there is a simple set of Do’s that will ensure a smooth process of transfer. Firstly you will need a transfer application which has to be filled by both the parties involved, and is mandatory for transfer for all properties in Pakistan. It has to be attested by 1^st class officer or magistrate. A certain transfer fee will be needed to be paid via pay order. Then comes the documentation which is compulsory for this process, which is:

1. Original allotment letter of the transferor.
2. NIC copy of the transferor, transferee and attorney and the attesting officer.
3. Three specimen signatures and thumb prints of transferor and attorney.
4. Photographs of both parties.
5. You need an indemnity bond of Rs 30/- with a judicial stamp and is registered by a notary public and countersigned by the 1st class magistrate.
6. NOC from board of revenue about the vacant plot being exempt of objection.
7. The attorney should be present himself with CDA acceptance of the transaction letter and an affidavit regarding the aliveness of transferor and operative for the said attorney
8. NOC from loan giving agencies.
9. Special power of attorney attested by High commission
10.  Representative (consulate) in case of transferor is abroad. Along with that copies of passports, NIC and proof of residence.
11. NIC copies of witness is also needed.
12. In case of duplicate NIC you need and affidavit by transferor and attorney
13. If there are changes in signature then, the signatures should be duly attested by the notary public and oath commissioner and also signed by 1^st class magistrate.
14. Is the transferee is a female than she should be accompanied by a blood relation with the documented proof her identity.
15. In case of plots allotted by CDA to a person not a resident of Islamabad, there should be an affidavit prescribed by the CDA, attested by a notary public and countersigned by 1^st magistrate.
16. In case the person is a government officer he should have an NOC from his department.

Loaded with this information you can now walk in and do the transfer.