The business of real estate in Pakistan
In Pakistan, real estate agents are commonly known as
property dealers and property advisers. They are the deal maker between buyers
and sellers of property for earning commission. Often, they make commission from
both sides @ 1% of the value of the transaction. However, if two property
dealers are involved in a transaction, each one gets commission from his or her
side. The dealer from selling side gets commission from the seller, and the
dealer from buying side gets commission from the buyers.
Often, a property dealer is the person who gets the
paper-work done in a deal for the sellers and buyers. For example, the dealer
gets the sale deed written and registered for the parties to the contract of
sales i.e. the seller and buyer of a property.
Regulation of the business of real estate in Pakistan
Commission based real
estate dealing has been regulated in Pakistan since 1980. It was regulated by
enacting the Punjab real estate agents and motor vehicles dealers (regulation
of business) ordinance, 1980. The ordinance is not very complex; it is a simple
regulation and has eleven sections. It prohibits business of property dealing without
registration. It means a person intending to engage in or carry on the business
of real estate is not allowed to do so unless he is registered with the
registering authority and holds a valid certificate issued by such authority.
The registering authority is the Excise and Taxation Officer of the district in
which the person is doing or planning to do the business.
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