Property in Pakistan involves a lot of regulations and technicalities which are imposed by government as well as other authorities. Therefore, in case of joint properties, this is even more hectic and difficult because there might be a case where one owner wants to sell a property, while the other may not agree. In this case, the sale and purchase of a joint property might get complicated, so in Pakistan there are different laws which are present in one is the ownership and transfer of joint property. Multiple individuals are present in place and one should be well aware of all of them if they are rendering into buying a property with co-buyers jointly, or want to sell their own share of a joint property.
When someone wants to buy a property with mutual partnership, first of all they need to make go on the co-ownership agreement and it should be signed and agreed upon by both the parties in the presence of a person, who is an impartial referee. This particular document should cover all the issues related to the ownership, distribution and management of the property. It must also include in at the price of the property. The date of making the agreement and the responsibilities of both the co-owners should clearly be stated in that agreement so that it should have a definite legal cover to avoid any future, misunderstandings, ambiguities or conflict.
Selling and transferring joint property
When one wants to sell or transfer joint property, it has a lot more procedure involved, then selling or transferring a property that is owned by a single person. When two owners are involved, if one owner wants to sell the property, he or she cannot sell it in anyway, unless the other owner is also involved in the whole transaction process.
Read More: How to invest in low-cost housing projects? – About Pakistan
Under the Section 44 of the property act 1882 a co-owner can only sell the joint property to the extent of his or her own share. Furthermore, if one person sale a share in common dwelling the buyer of the property will not be able to use that property for his or her personal use. Therefore, this makes the property disadvantages for both the buyer and the seller. Define properties are widely being used as a shared Welling buy dry and family is. Hence, this is a common problem that is prevalent in Pakistan with the transfer of jointly owned property.
Punjab joint property act
In the bones of ponder, the problem of joining property has been brought under the legal jurisdiction through the Punjab immovable property act 2012. According to this act, before a person sells their share in a joint property they have to do proper partition of the property in writing in the presence of an impartial referee, and all the co-owners must have to be agreed upon it. If anyone wants to sell their share of property, they can sell only that part which have been given to them. This is more preferred that the property is also being physically partitioned as well. This law makes the content of all the co-owners of a joint property necessary. The referee can also be allowed as a combination of the shares of two or more co-owner content. The question of paying the impartial referee according to the co-owners shares show must be decided by the court.
Issues encountered in a joint property
The most common concern enjoying property, is the chance of one or more of the co-owners being dispossessed without their permission.
The specific relief act of 1877, is present to deal with this concern and allows all the plaintiffs to sue the people who are trying to dispossess the co-owners from their share illegally. If one wants to bring this case to the court, he must bring written proof of position by the plaintiffs. If he wins the case, then the plaintiff can be easily restored to the previous state of possession and therefore illegal disposal is ended.
Read More: The Best Ways To Enhance Property Value In a Down Market – About Pakistan
Who will own what?
From the beginning of purchase, make sure you and co-owners know how to own a property. 50/50 is usually assumed. Still, anything is acceptable as long as both sides agree. They may have a bigger cut because they pay a larger portion of the deposit and make a greater financial contribution to other expenses such as forest life insurance, mortgages, and repairs.
For example, litigation between co-owners can occur if there is no written or printed agreement as to what percentage split will take place between the co-owners. If you feel unhappy to be in this position, often the party who can prove cost sharing will be in the best position to increase your share of the property. Of course, keep a good record. If you don’t, or if you’re making lump sum payments to other co-owners, you’ll want to make sure your ownership percentage is accurately recorded.
Therefore, in a nutshell, according to the legal advisors you and your co-owners must write everything down, and have clearly defined all though conditions in agreement about the sharing and status of jointly owned property. Furthermore, the legal expert also recommends that when sure developed in such a way that it can easily be partitioned in the future if one owner wants to sell their share.
Read More: How To Know The Worth Of Your Property? – About Pakistan