There is no doubt about the fact that buying and selling properties is one of the most lucrative businesses in Pakistan. Property buying and selling requires taking some really careful and wise decisions. Every country around the world has its own set of rules and procedures that are involved in real estate buying, selling and renting. This is why any person who steps into sale or purchase of property needs to have complete knowledge of all the legal requirements to stay safe and get desired outcome. If you are one of the investors or sellers associated with real estate industry in Pakistan, you need going through some guidelines to make sure that you never face any kind of inconvenience. Below are the guidelines to help you making smooth purchase or sale of property in Pakistan:
Taking Help of a Real Estate Consultant:
Although it sounds really convenient and charming for most of the people to sell and purchase privately and save the hefty commission they are required to pay to the consultant however wise people never do so. They hire the services of an experienced and certified real estate consultant who takes over most of the burden involved in the procedure. You can find a list of renowned real estate consultants in Pakistan via online portals like homespakistan.com. Besides, you can also find real estate buyers and sellers online and later hire the services of consultant for all legal documentation by paying him the consultation charges.
If you are a seller:
- You need to explain all the details of property to the consultant including the total land area and covered area, number of rooms, washrooms and all other amenities. In case you are selling your land, you need to explain about the exact size of land you own and regarding its whereabouts. It’s best to make the consultant visit your property before proceeding further.
- After being done with explaining property details to the consultant, you need submitting the property documents that would be a proof to your ownership of the property as well as your rights to sell it.
- You need to tell the quoted price to the consultant.
After being done with the above mentioned tasks, it’s time to let the dealer do his job in finding a suitable buyer.
After finding the buyer:
Once your property consultant has found a suitable buyer for your property, it is time to meet them and negotiate with them regarding the price. The property owner as well as buyer should always make sure that they negotiate as much as they can. The seller should make the buyer visit the property thoroughly and inform him about all its positive aspects. The price which is suitable for both parties should be mutually agreed upon.
The Legal Formalities:
The legal formalities are crucial and need to be taken great care of. The key legal formalities involved in real estate sale and purchase include:
- Filling the stamp paper
The stamp paper needs to be filled with all the details about the property. The value of stamp paper depends on the value of bought or sold property. The stamp paper value for every kind of property is according to standards set by government and cannot be changed.
- Payment and transfer of title
The payment needs to be done at a safe place, preferably inside the bank to ensure no unfavorable activity. When the settled amount is paid to the seller, the rights of use, retention and selling are transferred to the buyer. In fact, a new set of documents is prepared in favor of the buyer.
- Statement of the sale to the registrar
After the payment and transfer of title, both parties (buyer and seller) visit the local registrar of property where in presence of all the witnesses, both parties declare that the buying and selling has been done on mutual agreement. This is followed by registrar’s order to local land record officer to make the changes regarding the ownership of the land and to transfer the title of property from one party to another.
By keeping in mind the above mentioned guidelines in mind, you will never have to face any inconvenience while selling or buying property in Pakistan.
Khadija Aslam is a marketing analyst at homespakistan.com and she writes on a variety of subjects including business, real estate, travel etc. Check her blog and find her on twitter, facebook, google+.