Real estate is all whirled around documents. The importance of property documents is far beyond than it is contemplated. You must have heard about people falling for fraudulent properties in Pakistan. Without following proper protocols, you might be the next victim. Documents are important to ensure if the property is fraudulent or not. To minimize the risk involved in property matters, property documentation services are being offered by the real estate consultancies and firms. The property documentation services primarily involve scrutiny of the properties and ensure that the respective properties meet the desired standards.
Remarkable services are being offered by the respective property documentation services providers in Pakistan. They free your shoulders from the destitutions of property bargains and get things done in a professional way. The agent or the company providing the services execute every process involved in the purchasing and selling of property in the best interest of their clients. The protocols being followed in this regard are elaborated as follows:
Ever regretted purchasing a property for its not so good condition? Well, property documentation services will help you not regret your decision in this regard. They offer a focused inspection of the property making certain if the property is meeting the standards. Also, they observe the degree of damage that’s been done to the property. The inspection of the property is done according to the client. If the client is a buyer the agent offering will inspect if the property is coinciding with the requirements of the buyer.
The inspection would be summed up in an Inspection report comprising of:
- General information- Inspection of locality, exterior, interior, material used, site area and type of construction. i.e., Class A, B
- Site Features- inspection of drainage system, power supplies, boundary wall, garage, car porch and plumbing system
- Other details- inspection of minor defects, problems that needs to be fixed and scope of inspection
The perks of inspection report are that if the condition of property isn’t up to the report presented in the property documentation, you can claim for your fair share via legal advisory.
The valuation of property is the main wheel in driving the real estate activities. If you come up with an evaluation that undervalues your property, you are already in loss. Here the property documentation services play a vital role by evaluating your property in the form of valuation report. The accredited valuer evaluates the property and enlighten you with its worth. Also, the mortgage lenders use this report as a surety that the property has the defined equity to be taken up for security.
The verification of the documents is important as you might be set up for a property having fake credential. To eliminate the odds of happening such unfortunate event, you should consider availing the documentation services. The agent offering such services would put you up on a safe side by verifying all the documents. The agent scrutinizes documents like:
- Title deed– it’s the main focused document, ensuring that the seller owns the property and has all the rights of selling it.
- Mother Deed– another important document stretching back the ownership of property to its origin and that how it came in the owner’s hand
- Sales Deed– this document acts as proof of transferring of property from the seller to the buyer
This process will help you determine if the documents are legitimate so as you can proceed with the talks.
Power of Attorney:
Power of attorney is a document that empowers a person to take charge on behalf of the buyer/seller. This document is prepared by the agent offering the documentation services. If a person isn’t available or is not well to engage in property matters, he can simply appoint a person on his behalf to execute the dealings.
Power of attorney usually revolves around two types;
- General Power of Attorney- this allows the appointed person to have control over multiple matters, being directed by the principal
- Special Power of Attorney- this restricts the appointed person to look over the single matter
Any adult who is competent enough to take charge on behalf of the principal is eligible for the job.
Tax Net Arbitration:
Arbitration would be when two principal parties cannot agree on terms and they allow a third party (aka arbitrator) to negotiate for them on common grounds. Tax net arbitration is usually done over property matters to resolve tax disputes on the property. Documentation services prove to be a helping hand in such resolving issues by providing a befitting and competent arbitrator. Tax net arbitration is quite helpful in sealing the deals where principals cannot afford to lose a deal.
The registration is the last nail in the coffin of property documentation services. Several documents are required to be presented before the sub registrar. These documents include:
- Encumbrance certificate
- The original document having signatures of both parties
- Property card
- Identities of both the parties with their witnesses
- PAN Card
Along with these documents, several steps are to be taken to complete the registration process. If you are registering in Karachi, it would be done at hands (almost 14 days), costing you 342,058PKR. These steps include:
- NOC provision
- Title search
- Agreement preps
- Registration fee
- Submission of regd. Fee slip in stamp office
- Deed registration/execution (before sub registrar)
The Bottom Line:
In nutshell, the offered documentation services release you from the dilemma of property dealings. Being in an under-developed country, the masses often choose to ease the ties of property matters and keep avoiding the authentic protocol of the process. In such scenarios documentation services providers act as a breath of fresh air as they prevent all the possible bitter turnout of events and make sure to seal the deal with the right party. Property matters involve great sums of cash which is hard to carry for a greater part of the population, real estate agents are here to take control and make this a hectic task a piece of cake for you.
We strongly suggest consulting property documentation services as they never put one’s fortune at stake.