Undoubtedly, property selling is of the most lucrative businesses in Pakistan. How to sell or buy Property in Pakistan requires taking some really careful and sagacious decisions. There is a certain set of rules and procedures exercised by every country around the world that is involved to buy real estate property in Pakistan. This is why any person who intends to sell or buy property needs to have complete knowledge of all the legal requirements to stay safe and get the desired outcome. If you are one of the investors or sellers associated with the real estate industry, you need to go through some guidelines to make sure that you do not encounter any kind of inconvenience. Below are the guidelines to help you make an easy and smooth purchase or sale of property in Pakistan:
Sell and Buy Property in Pakistan By Taking Help Consultant:
It is one of the practices, though it sounds really convenient and charming, for most the people to sell and purchase privately without external help or consultation and save the hefty commission they are required to pay to the consultant however wise people never do so. They seek the services of an experienced and certified real estate consultant who shoulders most of the burden involved in the procedure. You can find a list of renowned real estate consultants in Pakistan via online portals. Additionally, you can also find real estate buyers and sellers online and later seek the expert advice of a consultant for all legal documentation by paying him the consultation charges.
If you are a seller:
- You ought to explain all the details of a property to the consultant including the total land area and covered area, number of rooms, washrooms, and all other amenities. In case you are a seller then you need to explain the exact size of land you own and its complete whereabouts. It is always good to make the consultant visit your property before proceeding further.
- Having been done with explaining property details to the consultant, you need to submit the property documents that would be proof to your ownership of the property as well as your rights to sell it any time you feel like.
- You need to inform the consultant of the quoted price of your property.
Once you are done with the above-mentioned tasks, it’s time to let the dealer do his job in finding a suitable buyer.
Once your property consultant has found a suitable buyer for your property, it is time to meet them and negotiate the price. The property owner and the buyer should always make sure that they negotiate well as far as they can. The seller should make the buyer visit the property thoroughly and inform him about all its positive aspects also negative aspects if any. The price which is suitable for both parties should be mutually agreed upon.
The Legal Formalities:
These are of vital importance so, the legal formalities are crucial and need to be taken great care of. The guide for property registration in Pakistan and the key legal formalities involved in real estate purchase are mentioned below:
- Filling out the stamp paper
The stamp paper needs to be filled with great care and patience with all the details about the property. The value of stamp paper solely depends on the value of bought or sold property. The stamp paper value for every kind of property must be harmonious with standards set by the government and cannot be changed.
- Payment and transfer of title
The payment needs to be made carefully at a safe place, preferably inside the bank in order to avoid any unfavorable activity. When the settled amount is paid to the seller, the rights of use, retention, and selling are legally transferred to the buyer. In fact, a new set of documents are prepared in favor of the buyer for his use.
- Statement of the sale to the registrar
Once the payment and transfer of title are done, both parties (buyer and seller) visit the local registrar of the property where in presence of all the witnesses, both parties declare that the buying and selling have been done on mutual agreement. This is followed by the registrar’s order to the local land record officer to make the necessary changes regarding the ownership of the land and to transfer the title of property from one party to another.
These are the few essential steps to follow with sagacity and care. By keeping in mind the above-mentioned guidelines, you will never have to face any inconvenience while selling or buying property in Pakistan.
