Every real estate market entrant wondering and worrying about the property selling challenges. No doubts, it looks simple and easy task in Pakistan. But often real estate contact with many difficulties to overcome this task. For example, Lack of transparency and rules in the real estate industry is one of the biggest issues for individuals who want to sell their properties.
Every real estate market entrant wondering and worrying about the property selling challenges. No doubts, it looks simple and easy task in Pakistan. But often real estate contact with many difficulties to overcome this task. For example, Lack of transparency and rules in the real estate industry is one of the biggest issues for individuals who want to sell their properties.
In this blog post, we will cover everything you need to know about property sales in Pakistan.
Process and Procedure Required to Sell property
Overall, in Pakistan, the property selling procedures is almost same among all housing societies but with small amendments made by the developers. All the legal and property transfer ownership conducted under the land development authority of a particular city. Moreover, the old and new registration occurs at their private office where the registers were taking place for record maintenance.
Before starting the selling procedure, you must see and meet a reliable real estate agent for a smooth process. Forget the stone ages and embraced the new technology world where people find a solution to every problem. Follow the simple rules of the property-renowned web portal like ilaan.com and sell your property without any fear of fraudulent activity.
Further, people engaged trustworthy platforms or real estate agents to get their work done to sell the property without any difficulty. Highly experienced staff will take every precaution to sell their homes and land in a safe and secure way. It is recommended to contact the real estate of the ilaam.com which is the number one marketplace if you are looking for real estate agents.
Step 1: Preliminary Research for Best Agent
Do your little research about the market value and trends to determine your ideal price for your land. Keep a few things in mind before putting a tag "flats for sale" on your property in an instant. It is suggested to find out the market value of your land on your own with little marketplace research. This research practice will profit both the buyer and seller. It is always considered the best way to conduct research and analyze the market rather than just rely on the agents. Put a significant effort of time to understand the market and getting a fair land price, but it will ultimately benefit you.
Once you determine the market value of your land, then find and select the best real estate agents for better transactions. Choosing the right and trustworthy agent will always be directly proportional to the profitable transaction. Further, most of the researchers think it is the best and most secure way to sell your land. The right agent will save you a lot of trouble and complications because he will manage the tedious procedure himself.
Notable Tips: Acquire their case studies, try to look for their authentic references (try to contact their previous customer if you want more reliability)
Step 2: Commission of Agent
A proper meeting with the agent on setting the commissions could be crucial and remunerative. Generally, agents work on a commission basis, which is only 1%. In most cases, the commission is usually paid when the whole payment is received.
Step 3:Token Money
Considering a few stages of selling your house. Once you have the buyer, then he will give you the token money. This is the amount that describes the buyer’s interest in buying your land or property. In other terms, it reserves your property for the buyers. Once the token money has been paid, you can offer the prospective buyer a photocopy of the original property documentation for verification.
This is how it works: If the land is under the jurisdiction of the land development authority, you must file an application seeking a visit to verify the buyer's documents. In turn, representatives from the land authority will request that you and the buyer come to the property on a specific date. On that day, the buyer will be shown the records that validate the property in your presence.
Notable Tip: Do not provide any government issue property document before clearance of full payment.
Step 4: Initial deposit
It is the usual procedure in Pakistan that a buyer to put in a startling down payment after agreeing on the conditions with the purchaser and obtaining a compromise. The deposit functions as the buyer's pledge to proceed with the transaction. The sum is normally determined by both sides as a proportion of the entire sale price.
Step 5: No-Demand Certificate (NDC)
Before the asset can be transferred to the consumer’s name, the required authorities must issue a No-Demand Certificate (NDC). The NDC verifies that there are no unpaid fees on the property, such as taxes on real estate or electricity or water bills. The certificate guarantees that the buyer will not be liable for any unresolved liabilities associated with the property.
Step 6: Taxes
The tax rate and allowances may differ depending on criteria such as the holding duration and the type of property. It is best to talk to a tax expert or attorney to comprehend your unique tax requirements and verify that you conform to the tax rules.
Step 7: Transfer the letter
The seller must produce a transfer letter after meeting all legal criteria and getting the NDC. To formally transfer possession of the property to the buyer, a transfer notice must be completed and certified with the local land registration office.
These extra measures are necessary to ensure an effortless and authorized real estate sale in Pakistan. It is essential that you obtain professional help from a qualified attorney or real estate specialist who can advise you with these stages and make certain all relevant standards are met.
Conclusion
After you have everything in writing, you transfer the house into the buyer's ownership. This could take a few days. So, these ought to be some considerations to bear in mind when trading properties. Make certain that everything is legally binding, transparent, and secure. If you want to live in Lahore, we have compiled a list of top-performing regions for you to put your money in.
In short, try a hassle-free property portal like ilaan.com for one shop solution to your all problems. Contact us today!
