SELL & PURCHASE OF PROPERTY
COMPLETE GUIDE AND PROCEDURES OF TRANSFER OF PROPERTY IN PAKISTAN
Sell of property and complete procedure of transfer of property:
SELL AND PURCHASE OF PROPERTY IN PAKISTAN details as under, Sell of property and complete procedure of transfer of property on the name of purchaser or buyer in details; Selling of property is always easier than purchasing or so its look like. In fact, Sellers do not have to pay different taxes as well. Particularly they also don’t have to visit clients like buyer or purchaser parties. Moreover, the seller is not doing hard work as well as compare to the purchaser indeed. However, it’s not mean or conclusion that the process is very simple and smooth as well. It is more straightforward than purchasing, but certainly no mean feat. In this article, we will be covering every point as well. In short, there is knowledge or awareness about how to sell property in Pakistan including Karachi as well.
HOW TO SELL PROPERTY IN PAKISTAN AND PROCEDURE OF TRANSFER:
SELL AND PURCHASE OF PROPERTY IN PAKISTAN is the same across all housing societies, with minor changing according to private developers and builders as well. The most important peoples point out that is how to transfer property ownership in Pakistan including Karachi also? The transfer procedures take place in the office of the city’s land development authority or D.C. Office as well. For private projects that related to developers, the transfer process takes place in their office as well.
Steps of Selling:
- Find an agent or party or buyer
- Property Dealer commission
- Token Confirmation money
- Part-payment i.e., 10% or more Agreement of Sale
- No-demand Certificate (NDC) from Cantonment Board or other related Authority as well
- Taxes i.e., Gain Tax (if applied), Property tax etc.,
- Transfer i.e., Sale Deed, Conveyance Deed, Transfer letter etc.,
FIND A RIGHT PROPERTY DEALER OR PARTY:
FIND AN AGENT OR PARTY: When you decide to put your property on the market, it is advisable to know first the market rate own itself and instead of depending on the agent. When you Knowing the price of your property in the market will help you a lot more as well. This procedure is very helpful for both the buyer and seller. When you set the price in your mind about selling your property. After you are well aware of the market price and valuation of your property, you should find a good agent. Moreover, you are trying to sell your property.
THE ADVANTAGE OF GOOD PROPERTY DEALER:
More importantly, finding the right agent is the key to striking a profitable deal. The property dealer saved from the trouble of going through all the processes on your own as the property dealer you hire will handle painstaking processes himself. You can ask your friends, relatives as well as family and of course, you can always check about the property dealer in Karachi i.e., Karachipropertys.
TOKEN MONEY or BIYANA:
There are a some steps of selling your property. When you find the right buyer, he has to give you token money which is also called BIYANA. This is the only amount that shows the buyer’s as well. Once the token money is received, you can give the photocopy of property papers to buyer or purchaser. The purpose of giving photocopy is only for verification and you must cross the papers as well.
HOW TO VERIFICATION OF PAPERS CONCLUSION:
How to Verify the Property Papers: For verification, the purchaser should go to the Land Authority which jurisdiction falls. Put the photocopy of papers to the relevant authority for verification.
If you are not sure about the terms of Token money or Biyana as well, you can check out our article that explains all the details about both of these terms and condition.
PART PAYMENT AGREEMENT:
When you SELL AND PURCHASE OF PROPERTY IN PAKISTAN, remember you have to pay the initial PART PAYMENT as well. After, when the documents are verified from concerned authorities. The purchaser or buyer pays a specific amount of money as a part payment as well. Mostly, the part payment is 25% or 10% of the property’s selling price as well. Furthermore, the part payment agreement of sale on the stamp paper also. This agreement of sale must signed by both the parties as well i.e., Seller and purchaser. The part payment agreement of sale specifies the time period in which the purchaser will make the remaining payment and also the penalties mentioned if he fails to do so.
TAXES OF PROPERTY:
As a property seller, you should know the property taxes in Pakistan. Sellers or vendor are required to pay the Capital Gain Tax, which is amounting of 1% of the property value for the tax filer register and 2% for the non-filer register. Furthermore, its change time to time as enforcing by Govt. and depend on the duration of purchasing of property.
PURCHASER OR BUYER EXPENSES:
On the other hand, the purchaser or Vendee has to pay the following expenses or taxes at the time of the property can be handed over.
Preparation of Documents
Sale Deed or Transfer fee
Capital Value Tax or CVT
Any other tax which apply
FINAL PROCEDURE OF TRANSFER OF PROPERTY:
The property transfer procedure in Pakistan is considering very important, therefore the presence of both the purchaser or buyers and sellers or vendors is very important.
The two parties visit the respective office on a decided day and the purchaser or buyer hands over the remaining payment in the form of pay order.
Both parties then visit the local registrar of the property, where the seller or vendor acknowledges witnesses, The registrar then orders to the land development authority to make changes and transfers the title of the property which is more important.
RULE OF DC OFFICE REGISTRAR OR TRANSFER AUTHORITIES:
After the officer transfers the property to purchaser or buyer name and issues a letter or receipts of transfer of property. After some procedure, the original transfer letter issued at that time.
If sale deed is registered, its take some time official for the complete procedure and Registrar issue a receipt. On receipt, the return of the document date is mentioned as well. On that particular day, the receipt deposit in registrar office and original sale deed is handed over to purchaser or buyer as well.
As a result, Seller’s or vendors property is no longer in their name as well. The Seller or Vendor make sure to keep a check on your bank while the payment is pending. After the clear of pay orders from Bank the purchaser is free. Remember, Real estate scams are, unfortunately, very common nowadays. We can help you out in property matters as well.
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