ISLAMABAD: The government has made registration of real estate agents with the Federal Board of Revenue (FBR) mandatory.
Statement about registration of real estate agents with FBR
According to a statement issued by the FBR, registration of real estate agents with FBR has been made mandatory, after which no public or private development authority will be able to do business with an unregistered agent.
According to the declaration, transfer or registration of any kind of immovable property will not be possible without registration.
According to the notification, this condition will be applicable to all housing authorities and corporate housing societies while it will also be applicable to development schemes for residential or commercial purposes.
The FBR said that in case of violation, action would be taken against all such individuals and businesses under money laundering and terror financing laws.