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The Property Ombudsman: About Ombudsman

Property Ombudsman is very important for both the parties buyer and seller, as they creat link between both parties

The office of the Ombudsman  came into existence by the President's Order No. 1 in 1983 and began functioning in August that year. The headquarters are located in Islamabad and there are regional offices in Dera Ismail Khan, Faisalabad, Karachi, Lahore, Multan, Peshawar, Quetta and Sukkur.
Working at both Federal and Provincial level, the function of the Ombudsman is to provide relief to citizens who have complaints against government functionaries and departments involved in malpractices. Currently, there is no "property Ombudsman" in Pakistan. to add transparency to the real estate sector, there is an urgent need that the four professional governments appoint a property ombudsman in order to provide low cost and speedy justice to people with grievances.
The Principle Duties Of A Property Ombudsman Will Be To:
1) Investigate complaints against buyers/sellers, landlords/tenants, estate agents/builders and developers, determine the facts and announce judgment after hearing the grievances of the parties in dispute.
2) Issue instructions for the payment of compensation to the complaints.
3) Help improve the functioning of the real estate sector by highlighting shortcoming related to the way documentation is handled.
4) Suggest measures to the government aimed at enhancing transparency in the way real estate transactions are conducted, as well as new laws aimed at eliminating illegal practices prevalent in the sector.

For more details visit Investment Tips

Article Tags: Real Estate

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


My name is Pooja, and i m a student of MBA Finance. I have a blog about Finance which i used to update frequently. All my knowledge regarding Finance specially corporate Finance and Investing Terms is on my blog



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