.An investor must have knowledge of the real estate industry while selling or purchasing a property anywhere in Pakistan. Realtors play a crucial part in this process, but personal awareness in these matters provides the much–needed edge.
For better understanding, the Business World is sharing some of the most used and significant real estate terms. Every person working in the real estate industry must be aware of 8 mostly used real estate terms you should know about to fulfill their duties or business without any issues as follows:
This piece of document carries revenue records that are able to present the basic yet important information about ownership and custody of any property, type of land, source of irrigation (if agriculture), the kind and nature of construction on that land/property, its existent holding status, the nature and the status of the owner, the exact location of the land, its division, etc. Mostly there is a general perception that the “Jambandi form” is quite complex to elaborate on while referring to its legal term.
Following are some of more related terms, such as:
It represents a distinctive account number allotted to a group of owners who possess a part of the property with several “Khasra Number,” such as a family consisting of several members jointly possessing a piece of land.
It shows a distinctive account number allotted to a group of cultivators who cultivate a part of the property with several Khasra numbers. Any change that occurs in possession of the property is endorsed in the Khatauni Number via “mutation proceedings.” The Khatauni number usually contains important information about the tenure-holder, her/his guardian name, address, period of occupancy, a sum of revenue of rent, etc.
It is a distinctive plot number or survey number allotted to any explicit piece of property. A single Khasra Number may have 8 Kanal or Marla (1 acre) at maximum. However, if the land is barren or hilly type, the area for a single Khasra Number may exceed one acre. The specified column also contains the type of land. If it contains any building structure, the column mentions “ghair mumkin”. The type of land is “chai” if it is irrigated by wells, “Nehri” or “aabi” if it is irrigated by canals. The term “Barani” refers to irrigation by rainfall.
4.Particulars of Owners:
It needs the particulars of the owner. His/her father and grandfather to warrant and ensure the identity of the individual, as any other person in the adjoining regions may possess the same name.
5.Particulars of Possessioner of Cultivator:
If the owner and possessioner or the cultivator of the land are the same, the term “khudkasht (Kasht: cultivation)” is stated in the columns. If different, the term “Ghair Marusi” is cited.
6.Particulars of Lagan:
If a part of the land is cultivated by an entity other than the owner, then that entity is bound to pay the owner’s value of a mutually agreed share of the produce. The agreement between the parties is regarded as “Lagan”. This is the reason that if any sales deed exists in any land, the amount of the revenue will be mentioned in the column
Each entry related to the sale purchase or any other transaction in the existing Jambandi will be recognized in this column. Each entry contains a specific reference or Intikaal number. It is to be noted that any wrong entry in this specific column might alter the ownership status of the property.
As Jambandi is important documentation, it must be ensured that all the relevant entries are recognized and mentioned in a proper manner. Usually, when a piece of property is bought, and its registry is carried out in the registrar’s office, its entry is brought into the record of the Intikaal register and also in the daily diary “roznamcha” of patwari who endorses the transaction (entry) into the Jambandi form. If Jambandi is not mentioned and shown in the Jambandi Form, a consistent threat of double sale, double mortgage, double charge, and other deceitful activities shows around the property.
Among mostly used real estate terms you should know about, Fard is widely used by realtors. It is a kind of document that clearly shows the ownership of land.
The details in these documents are based on the record of a patwari that is, in fact, the proof of the amount submitted by an owner for the said land. Since Fard is ideas for several purposes, it could take several forms. The main forms of Fard are mentioned for our respected readers as follows:
This kind of Fard is acquired by an individual for the personal record to affirm and update his/her status of ownership of any piece of land.
ii.Fard e Bay:
This kind of Fard is acquired by a person when they want to sell their property through the registry. It is issued only to the owners or a person duly approved by the owner. If the registry is not carried out within the time period of 15 days of acquiring the Fard, then the new Fard may only be issued if the previous one is declared as canceled.
iii.Fard for Bail:
The Fard is collected to be presented in the court for obtaining bail.
iv.Fard for Gift:
If the owners of the property want to gift their property to anyone through a registry, they acquire this Fard.
v.Fard for Mortgage:
The Fard is applicable when the owner of any property mortgages their piece of property to any entity.
It is a contractual agreement that allows the occupant to use the property owned by the landlord in exchange for rent (as mutually agreed by the parties). In the case of an agricultural lease, the tenant may use the leased land for the purpose of production, growing, harvesting, and farming of produce.
It is a specific kind of process in which the title of ownership of any property is legally transferred to another entity. It could also be understood as a document that presents the transfer of property for registered land.
The new owners are then charged with the property taxes. It is recommended that mutation of any property should be collected from the local land administrator.
It is a specific kind of right to become the buyer of any immovable property. The spirit of the right under Muslim law is to stop a stranger from purchasing land that could be more advantageous to the neighbor. Thus neighbor has to be the first potential buyer of an adjacent piece of property.
It is a kind of procedure for measuring the irregular fields for rectangular fields of uniform size.
This useful technique was originally intended to be utilized for waste areas, but later on, it was extended to the fertile and cultivated lands as well. The division of the land into rectangular plots makes the water distribution much convenient and budget-friendly.
It is an originally Persian word that is referred to as “settlement”. It includes all the operations about specification and assessment of land revenue. It needs to be a thorough process that may involve the collection of important data from various offices and appointing an appropriate share of the state in any province.
Among mostly used real estate terms you should know about, this is also very important.
It is documentation that transfers the title of the property from the seller to the buyer. It must identify several things such as price, payment details, and belongings of the land.
8 mostly used real estate terms you should know about would give a lifelong benefit. The contemporary real estate mechanism is dependent on the old and outdated land administration process governed by Patwar and Patwari.
The old system was vulnerable to the deliberate alterations causing legal land issues for landlords by frauds. Sometimes even Patwaris were involved in these issues. Due to all this, Business World brought you this important piece of information to save you from any scam.
The government`s digitalization initiative has given hope to streamline the land sale and purchase process while minimizing the scamming vulnerabilities. In any land purchase or sale process, these mostly used real estate terms you should know about will always help you. For more informative blogs, such as Cost to Construct 5 Marla, 10 Marla, and 1 Kanal House in Pakistan, and Construction Companies in Pakistan, visit the official website of Business World.