Whenever you are buying and transferring non-sub-lease property, such as a plot, house, or flat, in Karachi, it’s crucial to follow a systematic process to ensure a secure transaction. Here are the essential steps you must follow:
Before Step 1, Keep in mind that if the property is non-sub-lease, then it is commonly referred to or called itself a “transfer property” or “property with society/builder transfer”. So remember that you are going to transfer the property under your name which is usually called a (1) Non-sub-Lease property, (2) Transfer Property, or (3) Society/Builder transfer property.
Step 1: Initial Payment of Non-sub-lease Property
- Start by giving the seller a token amount, typically between 2 to 5 percent of the non-sub-lease property’s total cost.
- Ensure that you obtain complete photocopies of the non-sub-lease property documents and a receipt for your token payment.
Step 2: Document Verification of Non-sub-lease Property
- Within 1 or 2 working days, verify the non-sub-lease property documents at the respective society office, remember you never go to verify the non-sub-lease property documents at the DC office, it will always be verified at the society office or builder office.
- Must confirm that the name of the last owner mentioned in the non-sub-lease property documents matches the records held by the society office.
- Be prepared to pay a small verification fee to the society office.
- If the verification is unsuccessful, promptly return the documents to the seller and request a refund of your token payment.
- If the verification is successful, proceed to step 3.
Step 3: Initial Agreement of Non-sub-lease Property
- Request the first agreement, often referred to as the part payment agreement or 10 percent agreement.
- This agreement should be made with the owner whose name is confirmed as the last owner in the non-sub-lease property documents and verified by the society office.
- Ensure that this agreement is executed on a stamp paper, usually ranging from Rs 200 to Rs 500.
- Readymade agreements are easily available in the documentation shops, you can just ask for a Part Payment agreement and a Full and final Agreement.
Step 4: Agreement Execution of Non-Sub-Lease Property
- Fill out the required fields in the first agreement, and both the buyer and seller must sign it.
- The buyer will retain the original copy of the agreement, while the seller keeps a photocopy.
- This agreement involves a partial payment, often referred to as the 10 percent of the total property amount, or as agreed upon by both parties, you can also include the token money (paid previously) to make the total of 10 percent.
- It’s advisable to take thumb impressions and make a video during the agreement signing, with both parties present.
Step 5: Newspaper Advertisement of Non-sub-lease Property
- Place an advertisement in a newspaper, either in English or Urdu.
- The ad should inform the public of your intent to purchase the plot and provide your contact details.
- Wait for 7 working days (Law demands to wait for 7 working days) for any objections or concerns to be raised.
- Before going to the Full and Final payment the buyer must check that the seller has paid his all watch & ward, utilities, union office/society office dues, etc.
Step 6: Full and Final Payment of Non-sub-lease Property
- After the 7-day waiting period, if no objections are received from the society office, you can proceed with the full and final payment agreement. Alternatively, you can execute the full and final agreement on the date mutually agreed upon by both parties during the first agreement.
- This payment and property transfer must occur simultaneously, typically at the society office or builder’s office.
- Bring the full and final agreement, filled out and signed by both buyer and seller.
- After the transfer process is completed by the society office or builder’s office, obtain a transfer letter on their letterhead or you will get the transfer receipt to receive the transfer letter at a later date.
- Pay the rest of the full amount of the property and receive the complete original papers of the property simultaneously.
- Remember to fill out a “Full and Final Agreement” on stamp paper (Rs 200 to Rs 500).
- Last but not least, to make your non-sub-lease property transfer process more valid, the buyer must go to the Karachi Board of Revenue Office with the original transfer letter for stamping, here only the buyer can go, no need of the seller.
By following these steps diligently, you can ensure a secure and transparent property transaction.
Related Topics
Guide on transferring property in Pakistan
