How Overseas Pakistani Can Buy Property in Pakistan Guide 2021
If you are staying abroad, this question must have tickled your mind about how overseas Pakistani can buy property in Pakistan. So, you can find your answer here, and you can fulfil your desire of having dealt in property in Pakistan.
Investing in Pakistan real estate results in handsome profits. That is why it is the foremost desire of every Pakistani to deal in property. Investors from outside of Pakistan is keenly ready to bid their assets in Pakistan real estate.
If you are going to buy property in Pakistan and don’t know the exact way or procedure, this article will lead you to your destination. Keep in your mind that don’t make haste in dealing because it may lead you to lose your capital. So be stick to the text and let not yourself fall into any embarrassment.
Search For The Land
First, you should search for land which you want to buy. Searching for land does not mean just finding a piece of land. You should take a careful examination of the land and should keep confirmation of the following:
- Is it being administrated under municipal authorities like Capital Development Authority, Karachi Development Authority, Lahore Development Authority?
- Is it being regulated under the administrated body like Défense Housing Authority or the Pakistan Armed Forces?
- Did government officials approve the residential scheme?
- Did government approve all its projects?
If there is a “yes” to the above questions, then you should make hurry in buying that property.
Check For the Property Worth in Future
If you desire to buy property in Pakistan for constructing a house, or you want to do business with that property. You should keep deep consideration on the future value of that land. If the property has less value in the future more than its original, then don’t buy that land.
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Consult a real estate agent
You should consult a real estate agent if you want to buy property in Pakistan. Hiring the best real estate agent will provide you with the land of your choice. The real estate agents are well aware of the areas and societies.
If you don’t have enough budget to hire an agent
If you have no enough budget to pay the real estate agent, you can directly contact the owner. Beware of the frauds as there have been a lot of cases of mischievous. You should verify the documents from the local authorities.
What is required to buy property in Pakistan?
The following documents are required for the legal documentation of buying property in Pakistan.
- Copy of your recent Passport
- Copy of National Identity Card for Overseas Pakistani Citizen
- Copy of exact stamp on Passport
- A copy of the entry stamp of the foreign country where the Pakistani resides
- List of names of family members along with their passport size picture
- Your pictures: six passport size
This documentation is necessary. It will be easy and free of a hurdle for you to buy the property without any hurdle. So, make on-time your property registered after you bought it. Furthermore, for registration, follow these steps.
Property Purchase Agreement
To have the agreement, you and the seller have to submit an affidavit.
Affidavit for buyer
Your statement will be recorded in this form that you agree to make any payment on the demand of the society.
Affidavit for seller
In this document, he states about the land ownership and shows his agreement for a buyer to sell.
A judicial stamp paper is required for this agreement. This document contains a pattern. It includes detail of the buyer and seller, date of the contract. It also consists of the fixed price of the property. It also contains the confirmation of the seller that the buyer has paid the amount.
Can foreigners buy Property in Pakistan?
The residents who are living in Pakistan and don’t have the citizenship of Pakistan always have a desire to buy property in Pakistan. If you are not a Pakistani and you want to buy property here, you should stick to this topic, can foreigners buy property in Pakistan.
Foreigners Investment in Pakistan Real Estate
Foreign investment in Pakistan is so easy and beneficial. It just required a set of laws and regulations to be followed, and particular documents are required.
Documents Required For Foreigners To Buy Property In Pakistan
- letter from the company where you are an employee
- nature of the job
- Duration of employment
- Contact detail of the company
- A copy of your Passport
- A copy of your valid visa
- Six passport size pictures
- You are also required to submit the landlord CNIC’s copy
- If need, you should also ask the owner to submit ownership documents
The rest of the procedure is equal to as directed above.
Overseas Pakistani Property Problems
It is very easy for overseas Pakistani to buy property in Pakistan, but there may be some problems for overseas Pakistani to buy property in Pakistan.
Get into the wrong hands
Sometimes, an overseas Pakistani buys property in Pakistan but leads them to destruction without following any particular procedures. So it is a problem for overseas Pakistani to buy property.
Wrong selection of land
If an overseas Pakistani bought land in Pakistan and did not pay any heed to the selection of property, it would result out in a heavy loss.
Complaints Management For Overseas Pakistani
Recently, many problems from overseas Pakistani have been recorded. They always face hurdles to communicate with their native country. They always failed to sort out their problems. They did complain, but there was not properly accepted. There was no proper platform for their problems. The PITB formed the online portal system with the collaboration of the Overseas Pakistani Commission(OTP).
The aim of this system is to decrease the problems of overseas Pakistanis. This system allowed them to record their problems. In a very short time, their problems had been sorted out.
If you are reading this context, you can now own property in Pakistan while staying abroad. I have discussed in detail how to be the owner of your own property in Pakistan. Buying property in Pakistan is now very easy; just follow the above particular steps. I led you here, and now you have developed your concept to buy property.
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