Presentation on theme: "Properties or assets that are offered to secure a loan."— Presentation transcript:
1 mortgage Documentation Asad Ali Jafri House building finance Company ltd JULY 14, 2011
2 Properties or assets that are offered to secure a loan. CollateralProperties or assets that are offered to secure a loan.
3 Marketable TitleMarketable title means that the land is free from all encumbrances and free from litigation.
4 TitleTitle can be defined as the evidence of the right which an owner has to possess his/her property.
5 Defected TitleA title is said to be defected when there is some absence of legal requisite or deficiency, imperfection or in sufficiency in the evidence or when it is encumbered by other interest.The expression “title defects” has come to mean the existence of encumbrances, Restrictions, encroachments and other interest or claims which affects the owner’s rights over the property.
6 Types of Land Free hold Land Lease hold Land Evacuee Land Cantonment LandGovernment granted LandAllotted LandAbandoned Properties
8 Who maintains Record of Rights Development AuthoritiesLand Revenue Departments (Tehsildar/ Mukhtarkar)SocietiesMilitary Estate Office / Cantonment BoardEvacuee Properties Trust BoardEstate Office of Federal Govt. (Abandoned Properties
9 Forms of Legal Transfer Sale DeedGift Deed / Relinquishment DeedAllotment OrderExchange DeedWillGrantLease/Sub-LeaseLicense/Sub-License
10 Free hold properties Registered Sale deed Last Jama Bandi OR Certified copy of City Survey extract OR Deh Form (II)Gift Deed (If property is gifted)Exchange Deed (if Property is acquired in exchange).Mutation/Transfer1. NECBuilding Plan duly approved along with covering letter
11 Some Land Related Nomenclature Khasra : List of folds field Register.Harvest inspection Register.Khatauni: A list of holdings of tenants.Khiwat : A list of owner’s holdings.Shajra : Map, PlanShamilat: Village Common Land.
12 Other documents required for investment Karachi DivisionTitle DocumentsOther documents required for investmentLease hold propertiesLease/Sub-Lease/Sub-LiscenceSale Deed (if there is subsequent transaction)Gift Deed (If property is gifted)Exchange Deed (if Property is acquired in exchange).Mutation/TransferPermission to AssignNEC / (Search Certificate)Site PlanBuilding Plan duly approved along with approval letter
13 Hyderabad/ MirpurKhas Division Title DocumentsOther documents required for investmentFree hold properties (Rural Areas):L-20, Ownership Certificate duly issued by the Taluka Mukhtiarkar or SanadDeh Form-VIIDeh Form-II (Mutation)B. Free Hold Property (Urban Areas):P.T.O./P.T.D/Sale Deed/Gift DeedCity Survey Extract/Deh Form-II (Mutation)Statement issued by the Legal Heirs along with copy of statement from City Survey in cases of heir shipC. Lease Hold Property:Lease Deed/Sub-Lease Deed/Sale Deed/Gift DeedAllotment orderD. Cantonment Areas:Lease DeedExtract of the PropertyN.E.C. for last 12 yearsApproved Building Plan with approval letterApproved Site PlanAks-e-ShajraPermission to Assign (L-19)N.E.C. from the date of execution of lease deedClearance Certificate from MEO
14 Sukkur/ Larkana/ Jacobabad/ Dadu/ Khairpur Title DocumentsOther documents required for investmentUrban AreaSale DeedP.T..D/P.T.OF.T.O.Gift deedLease Deed/Sub-lease deedCity Survey ExtractDeh Form-IIDeh Form-VIIMutationRural AreaOwner Ship Certificates issued by Union Council AuthoritiesOwner Ship Certificate issued by Mukhtiarkar concernedN.E.C.Permission to AssignApproved Building Plan with approval letterApproved Building PlanDevelopment Certificate issued by Union Council
15 Quetta/ Bolochistan Lease hold properties Lease Deed Title DocumentsOther documents required for investmentLease hold propertiesLease DeedSale Deed (in case of subsequent transaction)MutationB Free Hold Property (Rural & Urban Area)Sale Deed (Registered)Mutation in favor of ApplicantFardJamabandi Record for last 15 yearsC Free Hold Property (with no sale deed):Mutation in Favor of applicantJamabandi RecordL-20 (Certificate of Assurance)D Lease Hold cases of Cantonment AreaLease Deed (Registered)Sale deed (In case of a subsequent Transaction)E. Lease Hold cases where land leased by Municipal/Town Committee, Local Govt, Prov.Govt.Jamabandi Record for last 15 yearFard Jamabandi RecordSale Deed (in case there is subsequent transaction (Registered)Permission to assignN.E.C. from the date of lease deedApproved Building PlanBuilding Plan with Building PermitN.E.C.Aks e ShajraSakni CertificateBuilding Plan with Building PermitAks-e-ShajraSite PlanNon Encumbrance CertificatePermission to Assign (L-19)
16 Quetta Lease deed (Patta) Registered QDA Cases where still the cost of land has not been fully paid yet)where the cost of Land has completely been paidwhere the house has been constructed and investment is required for further constructionSale/Purchase AgreementFinal Transfer Deed (Registered).Sale Deed (Registered)Fard
17 Multan/ Bahawalpur Division Title DocumentsOther documents required for investmentFree hold properties (Urban)Sale Deed/Gift Deed/Exchange Deed/Court DecreeCourt certified copy of MutationCopy of record of Right (Fard Malkiyat)(b) Urban area land where no record is available in Revenue Department:P.T.D.Confirmation of P.T.D.PT-I(c) Lease Hold Property:Lease Deed/Sub Lease DeedExtract from GLRAks-e-ShajraN.E.C. for last 12 yearsApproved Building plan + Approval letterN.E.C (for the last 12 years)Clearance certificate from Excise & Taxation DepartmentBuilding plan + Approval letterIndemnity Bond regarding finality of P.T.D.Permission to AssignBuilding Plan + Approval letterN.E.C. from the date of Lease DeedApproved Building Plan
18 Faisalabad/ Sargodha Division Other documents required for investment Title DocumentsOther documents required for investmentFree Hold property (Urban Area)Sale deed,Gift deed (Regd)MutationFard JamanbandiB. Evacuee Property (Urban Area)PTD/PTOConfirmation of PTD (Permanent Transfer deed)C. FDA/Punjab Govt. Housing Scheme (Urban)Sale Agreement (Regd)Allotment orderTransfer letter (in case of transfer of plot)D. Cantonment Board (Urban Area)Lease deedMEO letterCopy of G.L.R.E. Rural Area:Sale DeedMutation or Oral MutationJamanbandiL-20 (Assurance certificate)/Demarcation CertificateAks-e-ShijraN.E.C.Approved Building Plan with approval letterPermission to AssignPossession slipPermission to assignApproved Building Plan with Approval letter from District Council/Union Council concerned
19 Lahore/Gujranwala Division Title DocumentsOther documents required for investmentFree Hold Properties:Registered Sale DeedCertified copy of MutationJamabandiL-20 (In case of rural area)B) Government Schemes:Registered Sale Agreement/Sale DeedTransfer letter/Allotment letterC) Lease Hold & Contentment Schemes:Registered Lease deed/Sub-LeaseGeneral Land Register (Certificate)Akse-ShujraN.E.C.Building plan with approval letterPermission to assignPossession orderSite PlanBuilding Plan with approval letter
20 Islamabad (Capital Area)Other cities of Islamabad Zone Title DocumentsOther documents required for investmentAllotment Letter/Transfer orderAfter completion of house a Conveyance Deed is executed between CDA and Allotteea) Free hold properties (UrbanRegistered Sale deed/Gift DeedLast Jamabandi, or city survey recordMutation or sakni certificate from Tehsildar if plot is Shamile Abadi Areab) Free hold property (Rural)The following documents are required in addition to above documents:1. L-20 from TehsildarPermission to AssignSite Plan/ Layout PlanDemarcation CertificateUp to date NECApproved Building plan along with approval letterCertificate of soundness/value of building for house purchasePossession order/slipAkse Shajra duly demarcatedApproved Building PlanCo-sharer Affidavit (in case of co-sharer)
21 Islamabad (Capital Area)Other cities of Islamabad Zone (…….. Contd…..)c) Lease hold property of Cantonment AreaLease deed/Sub Lease duly registeredGLR (General Land Register)d) Evacuee Property:Permanent Transfer DeedPT-1Subsequent TransferPermission to AssignPossession orderSite Plan of PlotUpto date NECApproved Building PlanLetter of approval of the building plan1. Upto date NEC2. Site Plan3. Original Approved Building plan with approval letter
22 Government Colonies/Lease Hold Properties: Sale Agreement duly registered Allotment order Rural Area property: Oral Mutation (Court Certified Copy) Building Plan + Approval Letter Mutation (Court Certified Copy) Copies of Record of Right (Fard Malkiyat) for the Last 12 Years L-20 (HBFC/Certificate of Assurance) by tehsildar (Sakni Certificate) . N.E.C. (for the last 12 Years)
23 Possession Slip Site Plan Permission to Assign N.E.C. (from the date of Sale Agreement)Building Plan + Approval LetterAks-e-ShajraN.E.C.Permission to Assign (L-19)Building Plan with Building Permit
24 Peshawar Division/ NWFP Other documents required for investment Title DocumentsOther documents required for investmentLease Hold Properties:Sale DeedLease DeedGift DeedPermanent Transfer Deed in case of Evacuee Property (PTD)Mutation CertificateB. Free Hold Properties:Last Jamabandi or City Survey ExtractSale Deed (in case of purchase)MutationPermission to AssignApproved Building Plan with approval letterApproved Site PlanCertificate of Assurance by CollectorN.E.C.Aks-e-ShajraBuilding Plan
25 Abbottabad/Hazara Division/ Northern Areas Title DocumentsOther documents required for investmentA. Lease Hold Properties:Lease deed or agreement for sale/Sale deedB. Free Hold Property:MutationLast JamabandiSale deed (in case property is purchased by applicant)C. Un-Settled Area of Northern Areas:Un-settled area form (designed by HBFC Management)L-20Site plan of the plotPermission to AssignN.E.C.Approved Building Plan with approval letterAks-e-ShajraSite planAssurance Certificate (L-20 in case of Rural Area)Approved Building Plan with approval letter.