Top Real Estate Glossary You Must Know
To better understand the whole procedure of buying and selling property, one has to be familiar with all the important real estate terms.
There is specialized terminology associated with every type of industry and the same goes for real estate as well. From insurance to amortization, it all seems very difficult to understand especially for those new to real estate business.
No need to worry, we are here to help you out by sharing this ultimate list of real estate glossary to explain some of the common to most widely used real estate terms in Pakistan.
1. Common Real Estate Terms In Pakistan
If you are a first-time property buyer or seller, the following list will be quite handy for you or for anyone who is curious about how the real estate industry works.
1.1. Khasra Number
It is a unique survey number or plot number to allotted to any specific piece of land. A khasra number can have 8 kanals or one acre at maximum. However, for some cases, the khasra number can exceed one acre such as if the land is hilly or barren. If the piece of land holds any building the column will mention ‘Ghair Mumkin’, ‘Chai’ if it is irrigated by wells, ‘Nehri’ or ‘Aabi’ if it is by canals.
Fard is a property document that shows the ownership of a piece of land. All the details in fard are based on the records of a patwari which includes the information of the revenue an owner pays for a land. Fard is used for various purposes such as for selling, for recording purposes, for preparing a power of attorney, etc.
An individual who is appointed to examine a land record is Gardori/Gardavar and also called Qanoon-go or Kano-go.
Gardvari is a documented proof of land renting rights issued by a gardori who obtain a piece of land on lease with the owner’s consent.
Inteqal also is known as ‘property transfer’ is used to transfer a piece of land from one person to another. The whole process is carried out on the basis of the vault given to a property.
Whenever the process is done through a patwari, the in charged authority changes the information in the record by adding the property in the purchaser’s record and afterward subtracting it from the record of the vendor. This process is known as ‘partaal’ after which the inteqal is completed.
Jamabandi is the process of updating land records. For most of the parts, it is done every four years.
It is the process of substituting irregular fields to get a rectangular field of the same size to make the water distribution easier and cost-effective. This was previously used for waste areas only, however, due to its usefulness, it was extended to fertile and cultivated lands later.
Moza is a particular piece of land that is part of the qanoon-goi.
A patwari is an individual appointed to keep the records of land ownership. Patwari typically works in patwarkhanas, a place where patwaris conduct their business.
A shajra is a detailed area on the map with numbers mentioned against each piece of land. It includes all the details of each khasra e.g. the size, exact location, and surroundings.
It is a paper document used as proof for a piece of land issued by the Revenue Department.
It is a land measurement, roughly about the size of 25 square feet. 9 sarsahi is equal to 1 marla.
Partal is the process to verify and update a property record. It is usually overseen by the patwari.
It is the measurement of land - varying in size between 25 square feet to 272 square feet. In different locations of Pakistan, the size of marla varies depending upon the land distribution under the local patwarkhana.
1.15. Khewat Number
It is a unique number given to a set of owners who owns a piece of land with multiple khasra numbers. This number changes after every new jamabandi is done.
It is a Persian word that means settlement. It covers all the operations related to the specification and assessment of the land revenue. It has a very careful procedure that involves collecting data from different offices and appointing an appropriate share.
Kanal is a land measurement unit mostly used in the subcontinent and one of the most commonly used real estate terms in Pakistan.
1.18. Sale Deed
It is another property document used to convey the title from the seller to the buyer. It identifies the property details such as the property price, payment details, and the belonging of the land - whether it belongs to a person, or any society, etc.
1.19. Haq e Shufa
It is a special right to become the buyer of immovable property. It is to prevent a stranger from buying a particular piece of land that could be more beneficial to the neighbor.
Theka also is known as a lease, it is a contractual agreement to allow the tenant to use the property owned by the landlord in exchange for a monthly or annual fee.
This comprehensive dictionary of real estate terms will definitely help you understand the concepts, terminology, and how the real estate industry works. If you are interested in buying the property and are not sure where to start, head over to Gharbaar blog for more information on top trending real estate trends in Pakistan.