How to verify real estate papers in Pakistan
The real estate market is one of Pakistan’s largest industries, offering investment and business opportunities to millions every year. Over the past decade, the market has seen exponential growth in terms of investment and popularity. However, this has also led to malpractices and fraudulent schemes being at an all-time high, making property verification a necessity.
Verifying property papers has never been easier before as the market now offers several ways to go by this process. In this blog, Graana.com brings you a guide on how to verify real estate papers in Pakistan.
Property Verification through Legal Documents
The traditional method of verifying real estate papers consists of checking legal documents and records of the property. Records such as the mother deed, sales deed, or even a property tax receipt can be enough to prove ownership of a property.
A mother deed is a legally-binding document that consists of the complete history of a property, including information such as previous transactions, owners, or changes in ownership. A mother deed is a guaranteed method of identifying the actual owner of the property, ensuring that the real estate papers are legitimate.
Just like a mother deed, a sales deed has crucial information regarding the agreement between both parties for the transaction of the property. Since a sales deed cannot be acquired without a thorough evaluation by the authorities, this document can serve as a source of ensuring that the transaction is legitimate.
Bank Approval Certificate
If your transaction is being financed through a bank, the concerned bank shall be responsible for evaluating and verifying the property before approving the loan. Moreover, if the bank itself is providing offers for a property, it would signify that the property has already been verified legally. This method removes the hassle of going through the evaluation process yourself, putting you at ease.
Approved Property Plan
Before being allotted a plot number, each property plan must be approved by a local authority. Asking the seller to provide the approved property plan can ensure that the real estate papers are valid. Moreover, this can reassure you that the property is clear of any legal issues.
Property Tax Receipts
Going through the seller’s tax receipts can serve as a method for verifying property papers. If the tax receipts are registered under the seller’s name, it would confirm that the seller is the legal owner of the property. Moreover, this can also ensure that the property has no pending taxes left by the previous owner.
This legal document is given to a property once it has been constructed based on the concerned authority’s defined standards. The document also signifies the legitimacy of the property. If the seller is unable to produce the completion certificate during the transaction, it could indicate an issue with the real estate papers.
Online Property Verification
With the real estate market entering the age of digitisation, several methods for verifying property online are now available. The provincial governments of Punjab and Sindh have initiated online property verification systems, streamlining the process for verifying real estate papers. Moreover, a few private companies offer property verification services that can be useful for verifying newer housing societies and properties.
PropSure Property Verification
PropSure Digital Solutions is a private firm that offers several property solutions services. The company’s most prominent service is the online property verification system (OPVS), designed to verify any property in Pakistan as per the request of their clients.
The online property verification system (OPVS) was launched to help buyers make the right decision while navigating through the country’s real estate market. The verification system evaluates records and registrations of the property, such as the layout plan, plot LOP approval status, and the final approved layout plan of the property.
In light of the growing number of fraudulent practices in the real estate industry, property verification has become the utmost priority. The market offers several methods for verifying real estate papers with ease, ranging from conventional methods to online verification. These verification methods can aid you in successfully navigating through the country’s real estate market.
For more information, visit Graana.com – Pakistan’s first online real estate market.