Overseas Pakistani’s complete guide to transferring or selling property in Pakistan
This guide has been compiled to help you figure out the answers to your most frequently asked hows, whats, and whys.
Pakistan is full of opportunities when it comes to property investment. Housing projects are in high demand, and the government is majorly inclined to support the construction sector. This explains why overseas Pakistanis prefer to invest their hard-earned money in Pakistan’s real estate sector.
However, not all overseas Pakistanis are well aware of how they can transfer or sell properties in the country while sitting abroad. Don’t worry. This guide has been compiled to help you figure out the answers to your most frequently asked hows, whats, and whys.
Some preventive measures overseas Pakistanis should consider when investing in real estate:
Do not consider investing in a real estate transaction in Pakistan as just signing a couple of documents or making a deal with an agent. Consider adopting a due diligence process to safeguard the investment and avoid potential frauds in the future. The following precautionary measures must be considered.
- Vet the housing societies or potential properties properly from municipal authorities, CDA, KDA, LDA, etc.
- Please check the land approval of housing societies given by relevant authorities.
- Do not fall for glamorous advertisements that can lead to scams.
- An overseas Pakistani must examine the future outlook of the intended property investment, do not only rely on the agent’s advice.
- Always invest in authentic properties by tracking the earlier records of the same developer.
- Finally, you need to read and properly understand all the relevant documents, mainly the terms and conditions stated by the society or developer.
Why do you need a Power of Attorney?
An overseas Pakistani needs a Power of Attorney to authorize someone else to execute a property transaction on their behalf. Power of Attorney is a necessary document for an overseas Pakistani to buy or sell a property without visiting Pakistan. Overseas Pakistanis can delegate this authority to someone living in the country and enable them to act as an agent on behalf of the principal (a person who is delegating the authority).
Special Power of Attorney Vs. General Power of Attorney
A prudent overseas mostly signs special Power of Attorney and avoids giving the general Power of Attorney. This is because the holder of the general Power of Attorney has the full legal rights comprising the power to sell real estate without informing the property owner. If an overseas investor wants to make a property investment, then they should mention the purpose of the Power of Attorney and limit the rights of the holder to evade any misuse.
Should an overseas Pakistani buy a drafted Power of Attorney or hire a lawyer to draft one?
It’s okay to buy an already drafted Power of Attorney to execute your property transaction. However, if the transaction needs more sophistication, attention, and care, it is suggested to hire a lawyer to draft the Power of Attorney.
Does the Principal / Seller (Overseas) have to visit the embassy in person to sign the Power of Attorney?
The overseas Pakistani must visit in-Person the embassy of the country they live in to acquire the Power of Attorney to engage in a property transaction. The Principal must visit the embassy personally along with the required documents mentioned below and follow all the given procedures to sign the Power of Attorney.
Documents required for the attestation of the Power of Attorney
- Power of Attorney (Original)
- Power of Attorney (2 to 3 copies)
- Recent passport size photographs
- Original Passport along with copies
- CNIC or NICOP with copies
- Details and copies of CNICs of witnesses
- Signature on each page of the document of the Power of Attorney
- Deposit of processing fees (varies across the countries)
How to register the Power of Attorney in Pakistan?
After attestation from the Ministry of Foreign Affairs, the Power of Attorney can be registered with the registrar in the District Courts. Please do not forget to take the registered copies from the registrar. Also, note that the Power of Attorney is granted for a certain period. Therefore, the agent needs to complete the transaction within the specified period; otherwise, it will be considered void.
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