LAHORE: For the first time in the history of Punjab, the facility of buying and selling property has been introduced for Pakistanis living abroad without legal complications.
A draft amendment to the 116-year-old law has been prepared to facilitate overseas Pakistanis. Overseas Pakistanis will be able to register sale deed statements at the embassy, saving them hundreds of millions of rupees in terms of time and travel expenses.
According to a media report, it has been decided to amend Section-31 of the Registration Act 1908, after which any overseas Pakistani, instead of coming to Pakistan to buy and sell property, should submit his statement for the Sale Deed at the Pakistani embassy there.
In the past, Pakistanis living abroad were required by Section 31 of the Registration Act 1908 to register their power of attorney and send it to Pakistan to purchase or sell real estate. The individual to whom the power of attorney was sent in Pakistan was then deemed authorized to do so in front of the registrar.
Pakistanis living abroad have to deal with a lot of legal issues while purchasing and selling real estate, as well as occasional fraud and deception, because of this outdated rule.
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