To understand the real estate process, one should be aware of the terminology or terms used in the real estate sector. You can’t ignore these terms if you are an investor in the real estate industry.
In this article, we are going to share some basic and important terms related to administration and revenue system of Pakistan. These terms can help you to avoid any loss in the real estate industry.
1. Jamabandi Form
Jamabandi is the most important document of revenue record. It is known by a different name like fard, parcha or many other different names in different areas, but the most common name is JAMABANDI. This revenue document contains information about the ownership and possession of any land, property, the nature, and type of construction. It also contains information regarding the location and division of the land.
It is believed that reading of jamabandi is a very specialized task of revenue officials and far away from the knowledge of general masses. It is also misappropriated that reading of jamabandi or acquiring the knowledge of revenue record is only limited to revenue official especially patwari and others do not have any need for it.
In general, a Jamabandi is having 12 (twelve) columns. Each column depicts unique information. The information in some columns is very important and, in some column, it is of less importance.
We have tried to explain major columns of the form for the understanding of a general reader.
It is the number of owner/owners of the land.
It is the number of possession or cultivator of land.
Khasra number is the number of landholdings.
Details of Owner
It is mentioned by writing the name of owner his/ her father and grandfather.
The document showing ownership of land is called the “Fard Malkiyat”. It is prepared by the Patwari concerned or district office on payment of fee as prescribed in schedule of ‘copies of extract charges.
3. Intekaal (Mutation)
Intekaal or mutation is the process of transferring the title of ownership from one person to another. It is a legal document which shows the transfer of registered land. Now, the new owner of the property is reliable to pay property tax. There are various types of mutations such as sale, gift, mortgaging, lease, and subdivision, and devolution of land. It is advised that mutation of any property should be collected from the local land administrator.
4. Theka (Lease)
A lease is a contract or an agreement that allows one party to use a property owned by another party in exchange for rent. A regular payment has been decided for a specified period (monthly, annually). There are many different types of property lease arrangements and many different considerations that business owners should weigh before entering into such a contract.
TYPES OF PROPERTY LEASES
- Full-Service Lease
- Gross Lease
- Net Lease
- Percentage Lease
5. Haq e Shufa
Haq Shufa is a right in Islam, which gives priority to a neighbor for purchasing land at his neighborhood. if a property is being sold to a stranger, the neighbor of that property can claim haq shufa.
Bandobast – means Settlement. It is a comprehensive term that covers all aspects of land survey & measurement, preparation of revenue records and assessment of land revenue. It involves collecting data from various offices and appointing an appropriate share of the state in any produce.
7. Sale Deed
It is a legal document that contains details of the property title, price of the property, payment details, and the belongings of the land. It conveys the title of the property from the seller to the buyer.
Transferring interest of property (movable or immovable) from one living person to another without any consideration is called Gift. This is the general definition that is accepted by all the religions, including Muslim law. As per the Muslim Law, a gift is called as Hiba.
The Marla is a traditional unit of area that is used in India, Pakistan and Bangladesh. A measurement of land – varying in size between 225 ft2 – 272 ft2. In different parts of Pakistan, the size of a Marla is different; depending on the distribution of land under the local patwarkhana.
A specific piece of land in an area that is part of a qanoon-goi.