Sunday, August 22, 2010

Buying Poperty Guide For Foreigners in Pakistan:Sale Property Guide:Commercial Property Guide:Property Tax Guide

Foreigners working and living in Pakistan can buy or rent properties; however, the Government requires them to complete certain legal formalities with the board of investment and the Trade Development Authority of Pakistan. Foreigners intending to rent to buy property also have to submit the following documents to the Home Department.
1) A letter of employment from the company in which they are working  at(e.g embassy/consulate/multinational) that mentions the nature of their residency, as well as the period of intended stay, along with the company's physical address in Pakistan.
2) A complete copy of foreigner's passport with a valid visa and six recent photographs.
Additionally, the following are also required by the Home Department.
3) The landlord/ property owner and the real estate agent are both required to submit a copy of their CNIC for record keeping.
4) The landlord/property owner is required to provide proof of ownership(e.g, certified copy of registered lease document of the property, a map, drawing and approval site plan) that has been attested by a Nottery public.
According to the current law , the property can only be occupied by the person, whose name is on the contract. If the occupant of the property changes, a new contract or deed should be drawn up, and the name of the new contract should be communicated to the respected Home Department within a day.
In case of violation of the procedures, the following actions can be taken by the Government:
1) Thorough scrutiny of the premises by the police.
2) Cancellation of visa and prosecution before the deportation of the foreigner.
3) The building's owner will not allow to rent or sell the property for next five years.
4) Investigation and prosecution of the real estate agency owner as well as the estate agent under the prevailing law.
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