Sale of real estate in Pakistan normally takes place through a title document known as a Sale Deed, except in certain cases e.g. purchase of real estate in Defence Housing Authority (DHA) or in a housing society where sale deed is not executed for transfer of title in real estate and an allotment letter/transfer letter from the authority or the society, as the case may be, is deemed to be the title document. Some people, before execution of the sale deed, may opt to execute an agreement to sell. However, such agreement to sell does not transfer title to a property in favour of the vendee. It, nevertheless, does create a right in favour of the vendee, in case the vendor refuses to honour the terms and conditions of the agreement, to seek specific enforcement of the agreement to sell. Title in an immovable property is only deemed to transfer once such Sale Deed or title document has been executed. A sale deed must be affixed with requisite stamp duty and it must be registered with the relevant sub-registrar. After registration of the Sale Deed with the sub-registrar it must be ensured that a mutation of such sale is entered in the register of mutations kept and maintained by the patwari.
The Government of Pakistan has so far signed agreements to avoid double taxation with 47 countries including almost all the developed countries of the world and such agreements are being signed with other countries as well. These agreements lay down the ceilings on tax rates applicable to different types of income arising in Pakistan. They also […]
Financial crimes affect private individuals, companies, organizations and even states, and have a negative impact on the entire economic and social system through the considerable loss of money incurred. Different types of fraud include confidence tricks like lottery fraud, insurance fraud, tax avoidance, offshore investment scams, marriage fraud, pyramid schemes, cheque fraud, counterfeit money, mal […]
Bad faith or mala fides in Latin is a legal concept in which a malicious motive on the part of a party in a lawsuit undermines their case. Intent to deceive. A person who intentionally tries to deceive or mislead another in order to gain some advantage. In order to prove your case (criminal or […]