MB Sattar

Blogs

Keep up to date with the latest information
What is the best time to sell your home

What is the best time to sell your home

Remember, if you want to sell your house as soon as possible, the price must be correct and in the best possible condition on the day of its introduction. If you want to market your home in 6 months, 3 months or a month, you should start working at your home. You have to compete with other real estate sellers in the market and win buyers. And let me tell you that buyers expect a flawless home that gives them the feeling of being ready to move in. Make your home as immaculate as possible, confuse it and decorate it as often as possible. Note The Condition And The Price Of The Property: This is about the condition of your home, and when it comes to pricing, a professional broker can give you a clear idea of ??it after analyzing the competitive market and based on the homes recently sold in your area to your home and that fits those who are previously sold in the market. Keep in mind that it will take longer for buyers to be overpriced for their home. After all, you have to lower the price, and the buyers see it as if it had been on the market too long. Seasonal Influence: They may not refer to it, but experts believe that the seasons affect the real estate market. For example, in the winter, when the year comes to an end, people stop investing and wait for the beginning of the New Year. Likewise, summer slows down activity as people wait not only for the end of the searing heat but also for the announcement of the annual budget. Similarly, activity in the holy month of Ramadan slows down in the same year. However, this does not mean that you should only sell in the spring. Note, however, that in the above-mentioned season, fewer buyers are looking for houses. It is also right that you will have less competition. Regardless of when you bring your house to market, you should always have backup plans with you if the property lingers on the market. Image Title: What is the best time to sell your home?

Read More
Step by step guide on selling property in Pakistan

Step by step guide on selling property in Pakistan

There is no doubt that buying and selling real estate is one of the most lucrative businesses in Pakistan. Buying and selling real estate requires some really careful and wise decisions. Every country in the world has its own rules and procedures for buying, selling and renting real estate. For this reason, every person who buys or sells a property must know all the legal requirements in order to be sure and achieve the desired result. It may be easier than buying, but it is certainly not an easy task. In this post, we cover everything you need to know about selling property in Pakistan. Finding Real Estate Consultant: It sounds very convenient and charming for most people to sell and buy privately and save the high commissions they have to pay the adviser, but wise people never do. You hire an experienced and certified real estate consultant who handles most of the process. Best online portals such as jagahonline.com provide a list of renowned real estate consultants in Pakistan. Commission of an Agent: Agents work on a commission basis, which is usually one percent. Sometimes they are closed, but that is rare. In any case, you should sit down with the agent and set the percentage of the commission and the time of payment in advance. Token Money: There are several phases of selling your home. Once you have found the right buyer, he must give you a bill. This is an amount that shows the purchase intent of the buyer. In a way, it also reserves ownership for the payer. After paying the voucher, you can send a photocopy of the original property documents to the prospective buyer for review. Initial Deposit: When selling property in Pakistan, remember that you have to pay the down payment. Once the documents have been reviewed, the buyer pays a certain amount of money as a first deposit, commonly known as a token (Bayana). The deposit is usually 25% of the sale price of the property. At this stage, the stamp paper will also be signed by mutual agreement. The stamp paper indicates the period in which the buyer pays the balance, and penalties are also set if he does not. Legal Formalities: The legal formalities are crucial and must be handled carefully. The main legal formalities in the purchase and sale of real estate include: TAXES: As a real estate salesman, you should know all about property taxes in Pakistan. Sellers are required to pay the CGT (Capital Gain Tax), which is 1% of the property value for the tax filer and 2% for the non-filer. The CGT is applied to real estate that is sold within two years from the date of purchase. This tax payment must be submitted to the Office of the Housing Corporation or the Land Development Authority. Stamp Paper: The stamp paper must be filled with all details about the property. The value of the stamp paper depends on the value of the purchased or sold items. The value of the stamp paper for each type of property is in line with government standards and cannot be changed. Transfer: The transfer process takes place in the office of the city authority for land development. For projects owned by private and registered developers, the transfer takes place in their office. The payment must be made in a safe place, preferably within the bank, to ensure no adverse activity. Upon payment of the Settlement Amount to the Seller, the rights of use, retention and sale pass to the Buyer. In fact, a new set of documents is created for the benefit of the buyer. Statement of sale to Registrar: After payment and transfer of ownership, both parties (buyers and sellers) visit the local registrar, where both parties declare in the presence of all the witnesses that the purchase and sale have taken place by mutual agreement. This is followed by the registrar's instruction to the local land registry officer to make changes to the property and transfer the ownership from one party to another.

Read More
How to Find the Best Estate Agents for Buying or Selling your Property

How to Find the Best Estate Agents for Buying or Selling your Property

Regardless of whether you buy or sell a property, a high-quality real estate agent is essential for a smooth flow. Find an agent with excellent references. Meet with agents to make sure all your questions are answered. Agents who charge very low costs or only work part-time may not be reliable. Only hire a broker if you know that he is the best buyer or seller, depending on your needs and preferences. Here are some of the features of a real estate agent that you should look for when looking for a real estate agent. Find Somebody That You Can Link With: There is a reason why you have to work to find the best real estate agent who understands your goals. Of course, it takes a lot of research, but the results are worth it. Once you've established a good relationship with an agent, it may be easier to share your needs with them without extra effort. Make The Right Questions: Asking questions is important to choose a real estate agent. Write down a list of frequently asked questions to ask your agent during the first interview. That's because asking questions is a necessary part of this process. Most people tend to forget that they are entitled to ask as many questions as they want before concluding a legal contract. It is crucial that a real estate agent can answer all your questions. How much experience do you have? Is this your full-time job or just a part-time job? How can you help buyers or sellers complete a business? How long does it take for the broker or company to buy or sell real estate in a particular area? How do you negotiate offers and counter offers? Can you provide references? Trust: Do not just rely on research to find the best real estate agent. Sometimes you just have to follow your natural instincts. Most people invest their lifelong savings into a real estate business. Therefore, it is important that you trust your own instincts before hiring an agent. Specialties: Real estate agents are valuable when you sell or buy a normal home or apartment. But you may be looking for a company/broker that specializes in a particular area if you find the best broker for a large, high-volume project. Qualities of Good Real Estate Agent: Selling or buying a property can be stressful. People are looking for real estate agents who are fast, attentive and resourceful. Good brokers and businesses do not keep their customers waiting, as they are determined to accelerate the buying or selling process without causing unnecessary delays. Commitment and commitment are among the top qualities of good real estate agents. Find Best Real Estate Agents on Jagah Online: A local representative can tell you a thing or two about the property you want to sell/buy in your desired area. But when it comes to so much money, you can make the most of your business by liaising with professionals who are up to date with the changing landscape in the industry and the emerging markets.

Read More
Documents you need to sell your House

Documents you need to sell your House

Before you put your house up for sale, you must gather all the documents related to your home, including information related to your legal documents. A copy of your sales contract from the moment you bought your property, a copy of your deed and the title report, your property tax information, including your most recent bills; survey reports, etc. Sale Deed: One of the main documents of purchase of legal goods is a registered deed of sale which serves as proof of sale/transfer of the property of the last seller to you. Mother Deed: A deed is required at the time of sale of a property because it establishes the sequence of sales or transfers leading to the seller's property by the property. If you do not have an original, you must produce a certified copy by the registration authorities. Latest Receipt of Property Tax paid: The owners have to pay taxes. Make sure the previous owner has paid the property taxes and there is no pending deadline. Property tax receipts also help to prove the legal status of the property. Power of Attorney: This document is necessary to prove that the sale or purchase of a particular property is carried out by an authorized person in the name of the owner of the property. This must be produced in original to obtain a mortgage. Copy of a Building Plan: A buyer must obtain a copy of the construction plan approved by the official body to establish that the construction of the property is legal and is done in accordance with the rules and regulations in force. Allotment Letter: A letter of the subdivision is one of the most important documents for obtaining a home loan. It is issued by a developer or housing authority, indicating the property description and details of the amount paid by the buyer to the developer. Remember that a letter of attribution is not the same thing as a sales contract. Sale Agreement: This document lists all kinds of property information - terms and conditions, date of possession, payment schedule, specifications, details of common areas and facilities, etc. The agreement also holds the developer responsible for building the property. Possession Letter: This document is provided to the buyer by the developer and fixes the date on which the letter will grant him possession of the goods. The original of this document must be produced for obtaining a mortgage. Payment Receipt: Collect the original payment receipts from the developer if you buy a new property. If you are buying a resale property, ask for a copy of the vendor's receipts to be submitted to the bank. Completion Certificate: This document is necessary to obtain a mortgage. This document establishes that the building is built according to an approved plan.

Read More
Brace Yourself for Inflated Prices with Dollar Hitting all Time High

Brace Yourself for Inflated Prices with Dollar Hitting all Time High

Brace Yourself for Inflated Prices with Dollar Hitting all Time High in Pakistan Since the beginning of the year 2019, Pakistani rupee has been heading down the slope with the dollar escalating along the upward trajectory, gaining an astonishing value of 157.1 against Pakistani rupee. In the last few days, the graph of the rupees’ power against US dollar decelerated, losing 5% of its value against US dollar, thus making it the worst performing country in 13 currencies in Asia. Since the beginning of the dark clouds of inflation on the economy, the rupee has lost 21% to its value to the dollar. This deprecation started a long time ago as, by the mid ‘70s, it lost 50% of its value to dollar and almost 90% in ‘90s. However, the nation is set to face the wrath. According to the President Forex Association of Pakistan Malik Boston, the rupee is expected to undergo further devaluation by 15-20 % by the end of this year. “Until the foreign exchange reserves situation improves, there is no chance of the dollar coming down,” he said. Experts and analysts believe that the sudden devaluation of the currency against the dollar is due to the consensual, undisclosed commitment of the government with International Monetary Fund (IMF) authorities to release $6 billion funds. However, the State Bank of Pakistan deemed this downward plunging of the PKR to market dynamics. The uphill surge of the greenback puts a burden on the economy of the country not only individually but collectively on the whole nation with external debts shooting to set a record of $106 billion. If the dollar gains 1 rupee against Pakistani currency, it increases the total debt by an astonishing amount Rs100 billion. A weak rupee, against the US dollar, means inflation which not affects every aspect of quality of life of Pakistani citizens. Inflation spiked to 9.9% in May 2019. Increased rates of petroleum products, household items, electricity, food, transportation, crashed stock exchange, and fragile cottage industries struggling to survive puts an extra burden on the weak shoulders of the general public of Pakistan where the poverty ratio is already striking high. The domestic price of imported goods will nudge up further, crashing the whole market. The government proposed that devaluation of rupee will boost exports business, getting escalated value of their items than before. However, there is an increment of only 0.12% export since 2018, thus proving the government claims false and illogical. Inflation upsurges affect the poor the deepest both directly, by increasing the prices of daily household items and indirectly, by not affording the medical and educational facilities. Pakistan’s economy faced a major setback in industrial, agricultural and services setup. NEPRA increased the electricity tariff by Rs. 1.4902 per unit to collect 189.6 billion rupees from power consumers over the next fifteen months. The prices of 24 karat gold ballooned by Rs2700 on Friday, 15th June 2019, soaring the 1 tola price to Rs 75900 as compared to the previous trading price of Rs 73200. The State Bank of Pakistan lifted the interest rates of 12.5% saying,” the inflation pressure is set to continue for some time”. Nevertheless, it also stated, “It will continue to closely monitor the situation and stands ready to take measures, as needed, to address any unwarranted volatility in the foreign exchange market.” The positive feedback of the upturned value of the dollar and rising inflation rates has put the economy of the country in a vicious cycle. Zafar Parcha, Secretary General of Exchange Companies Association of Pakistan, claimed that the depreciation led to haunting the investors and created a panic situation by heaping more pressure on the currency. $10 billion have already been added to Pakistan’s debt since September 2018. According to econometric models, if the same trend continues in the open market then the debt is expected to increase to $123000 by the year 2020. A new wave of inflation is set to engulf the country, putting more pressure on the people of Pakistan under the rising weight of prices in NAYA Pakistan and dumping its economy into a swamp. The State Bank of Pakistan must monitor the increasing trajectory to greenbacks against the Pakistan rupee and correct the imbalances ignore to stabilize the economy of the country. The government cannot do much to avoid depreciation when needed, but they can make them less dramatic by allowing a more flexible exchange rate regime.

Read More
The new finance bill have high penalties for the tax offenders

The new finance bill have high penalties for the tax offenders

The time has come for those who were not paying taxes on their enormous wealth. Now the government of Pakistan has made it clear through their new law that every citizen who is an owner of a property is liable to declare its value and pay a certain amount of tax to the income tax authority. The last date of asset declaration under the amnesty scheme is 30th June 2019. After 30th June strict actions will be taken against those who have done a legal offense of not declaring their assets. According to the new finance bills, those who haven’t declared their properties according to the Benami Transaction (Prohibition) Act, 2017 and Income tax ordinance 2001 will be facing multiple types of penalties which are approved by the parliament of Pakistan. Section 182 of income tax ordinance has been revised and the finance bill for 2019 have shown a massive increase in the penalties which range from Rs. 25000 to Rs 100,000. Especially for those who are non-filers will be subjected to the payment of minimum Rs 40,000 due to non-filling of their tax returns. If a person has calculated their returns with errors and submitted it without correction will be penalized for the amount of Rs. 30,000 or more. Next, if a person was liable to furnish a return but failed to do so will be paying a penalty of 0.1% of the taxable income every week or amount of Rs. 100,000 whichever is higher until he is done with the submission. If the error in the calculation is repeated and this mistake is done in a single year than the person is subjected to pay a penalty of 3% or Rs. 30,000 whichever is higher. This penalty is charged on the person when the taxable amount is higher and tax payment is less than what it is supposed to be paid. According to the finance bill 2019, any person who is involved in the purchase of any immovable asset and it's market value is higher than 5 million rupees. In this case, if the payment is done through cash or bearer cheque then the person has to pay 5% as a penalty upon the property price determined by the government. For the offshore investment offense, the investor will be paying a penalty of Rs. 100,000 or 200% of the amount of tax for which the person was charged an offense. The payment will be done to the appellate tribunal under the income tax ordinance 2001. Movement of a property from a specified region or territory to any unspecified region or territory is also subjected for a penalty. The amount for such penalty is equal to Rs. 100,000 or 100% of the amount for the tax payment whichever is more will be paid to the income tax authority or the appellate tribunal. Finally, If any person is involved in any sort of offense of offshore tax hedging as an advisor or guide is subjected to a penalty of Rs. 300,000 or 200% of the amount of tax which was advised to be evaded, whichever is more. The amount of penalty will be submitted to the income tax authority or the appellate tribunal. Any person who is liable of filing a tax return and intentionally failed to do so or have submitted a return in which declared the value of assets are less than the fair market value is subjected as an evader of law. Under the income tax ordinance, all offenders and evaders will be penalized after the given date of submissions which is 30th, June 2019. No files will be entertained with the amnesty scheme and after that and heavy fines will be imposed on the offenders.

Read More
An alert for asset declaration before the end to amnesty scheme

An alert for asset declaration before the end to amnesty scheme

An alert for asset declaration before the end to amnesty scheme, Declared by Federal Board of Revenue The federal board of Revenue has demanded a declaration of assets through the asset declaration scheme. The scheme is in the form of amnesty, which means that the past offences of not paying taxes on the owned but undeclared properties or asset will be ignored. The ignorance is only granted for the past offences but once the asset is declared, the owner has to pay full tax for the current and upcoming years. The amnesty is granted in a way that a very reduced percentage of tax is subjected to be paid to the government without any additional fines or surcharges or penalties such as imprisonment. It has been disclosed by the Government of Pakistan that the federal board of revenue is fully aware of every misconduct that is going on. They have updated records of the property holders and in case someone is still not ready to gain benefit from the amnesty scheme of asset declaration will face trial and charges. The time limit has been issued and now it's an alert moment for those who are ready to declare their assets by using the benefit of asset declaration. Prime Minister of Pakistan has assured that the tax obtained from this scheme will be used to pay off heavy debt. He referred this debt as Quick Sand for Pakistan and the tax collected will help Pakistan to pull itself out from the depths of poverty. The last date for asset declaration through asset declaration scheme is 30th June 2019. In case any person failed to declare their assets on the given date will be subjected to a default surcharge for which the person will be liable otherwise strict action will be taken by the Federal Board of Revenue. According to the Federal Board of Revenue whoever is facing consequences due to the non-declaration of assets have to face full penalty with the payment of taxes at a full rate without any amnesty. As well as the person will be charged to the imprisonment of seven years or more under the Benami Transaction (Prohibition) Act, 2017 and up to five years of imprisonment under the act of Income-tax ordinance 2001. Tax is subjected to the fair market value of the asset and in case of any revision, the value of the asset cannot be decreased. In case the value is decreased the owner is subjected to pay tax on the previous amount that was relatively higher than the current amount. Benefits for the person who is declaring assets before 30th June under Amnesty Scheme: Ignorance on the past offences of not declaring assets, expenditure, and sales to the government. Ignorance on the past offence for not paying taxes to the government and a minimum tax rate will be applied to the declared value of assets. The subjected person will be safe from humiliation and penalties If a person is a non-resident of the state of Pakistan, he or she can still take advantage of the amnesty scheme and declare their assets. A person can declare their foreign assets and business under this scheme as well. NADRA has shared all of the details of every citizen to the federal board of revenue and database is available to be accessed by the citizen to check where they need to declare their assets or not. This is subjected to a fee of 500 Rs and any citizen can check up on their records from NADRA. The last date for the declaration of assets, expenditure, and transactions through the amnesty scheme is June 30th, 2019. No extensions are planned to be granted until now and whoever will delay will face charges and penalties. The declaration will be done according to the act of Income-tax ordinance 2001 and Benami Transaction (Prohibition) Act, 2017. The declaration of assets can include the justification of sources of finance as well.

Read More
Is It Possible To Have Property Lawyer To Manage The Entire Property Selling Or Buying Procedure How Much Do Property Lawyers Cost

Is It Possible To Have Property Lawyer To Manage The Entire Property Selling Or Buying Procedure How Much Do Property Lawyers Cost

Is It Possible To Have Property Lawyer To Manage The Entire Property Selling Or Buying Procedure? How Much Do Property Lawyers Cost? Is it possible to work with a property lawyer for the entire property buying or selling process? Yes it is possible and we highly recommend you to hire a professional and skilled lawyer for the procedure. Many homebuyers, specially the first time buyers, consider having a real estate agent enough for a successful and stress free residential or commercial property selling and buying. However, if you know someone who has been through these matters will most likely suggest you to hire a property lawyer for the purpose. In Karachi, Lahore and Islamabad, you will find a number of good property lawyers that are professional and experienced of handling real estate matters. You can do the job yourself also, after all it needs is to advertise about your required property or contact a consultant for it and wait for the right offer. However, remember that real estate matters can be tricky to understand and handle and the process can be quite time and efforts consuming as well. Many people have tried to do it themselves and where you will find successful examples; you will also find cases where people end up buying defaulted properties and facing the consequences. Especially in Karachi, Lahore and Islamabad, where there is a huge number of such cases, hiring a professional property attorney is a must. Some benefits of hiring a property lawyer for your real estate transactions are; 1. They are Experienced and Skilled Probably the most crucial advantage of working with a property lawyer is that they are highly skilled at handling such matters. Attorneys gain the experience and skill with tough training and exposure to different kinds of cases, which give them insight into the matters that a common person is unaware of. Every man is skilled at something and a property attorney is skilled at helping you deal with your property matters and this you must accept. Instead of trying to handle the selling and buying of your property yourself and taking the risk of landing into any trouble, it is better to leave all this to a professional. 2. They know the Legal Technicalities Property documents are filled with legal jargons that are quite difficult to understand and chances are that you will end up signing the papers without properly understanding them. A property lawyer will help you understand all the terms of the contract and aware of any pitfalls that may end up you into any possible property rifts. In Karachi, Lahore and Islamabad there have been many cases in which people mistakenly bought conflicted properties and spent thousands of rupees in lawsuit. Therefore, it is important and safe to employ a legal resource to prevent any such situation. 3. They know how to inspect the Property No property transactions are complete without detailed property inspection and research. Property research includes checking for the property title claims or any other conflicts that can adversely affect your real estate matter. No matter if you are buying the house or shop from an individual seller or in a housing scheme, keeping a property attorney at the base of everything is key to success. Many buyers in Karachi, Lahore and Islamabad that are cheated by con agents and sellers bought land with multiple title claims or liabilities due to which their money is wasted and they end up in serious trouble. A skilled property lawyer will research the property in terms of title, liens and liabilities, bank loans, contactor claims or anything that could be a hurdle for you. 4. They help with Complex Contracts Property purchase involves a number of important steps and procedure like preparing and getting the sale deed, purchase agreement, signing the title claim and other documents etc. In case of buying a property in a housing society, checking documents and certificates like the buyer builder agreement and payments terms along with other documents is a part of the process and can affect you in many ways. This process of understanding the property papers can be even difficult if you are buying it from a company that has multiple partners or is a trust or corporation as the negotiations and terms and conditions would be lot more complex. A property attorney will know which papers to check and tell you the terms and conditions in simple language and do the changes if something is not right. 5. They help with Proper Closing Closing of the deal involves many steps and is equally important as the buying process itself. Many buyers are in a rush of just paying the price and getting the possession of the property and this is where con sellers and property agents take advantage. Proper closing of the deal saves you from future liabilities and miscalculations. Closing of the deal includes making new property papers, transferring of the title from the seller to the buyer, paying of the property price, appearing in front of the registrar and land records officer and a closing statement that details about the price of the property, handling and taking over by the parties. Without a professional resource like a property lawyer, you run the risk of not understanding the process properly and landing into some future trouble. 6. They make the Process Stress Free Hiring a property attorney will make the whole process easy and stress free, at least for you. Just imagine all the work and efforts that you will have to put into the process and that also without any expert knowledge. Finding the right property, finding the right and legal seller, doing the paper work, understanding the legalities and doing numerous other tasks while still being unsure if you have not missed anything. A legal attorney is fully capable of taking care of this entire in a lot better manner and you can be absolutely sure that nothing is left unattended. How much do property lawyers cost? Now this is the question that anyone who is looking for a property lawyer has in its mind, how much will it cost to hire a property attorney? It depends. Lawyers’ services charges depends and varies from city to city and from case to case also’ where a lawyer charges few thousand rupees in a small town, village or city, the fee can go higher in cities like Karachi, Lahore and Islamabad. Second, it also depends on the complexity of the matter, a simple case will charge less than a complex or conflicted land case. About Jagahonline.com Looking for a great residential or commercial property? Jagah Online lists properties from a number of real estate agents and property managers who are looking for serious buyers. We have houses, land, flats and shops at prime locations from where you can choose the best property for yourself. Browse through the available properties

Read More