There are some stages to selling a property and it is not that difficult. When heard and explained in simple words, it is understood and remembered. Let’s take a look at these issues one by one and tell you how the property is sold.
They say that selling property is easier than buying property. This is because they do not have to pay various taxes to sell the property and do not have to contact many people because the buyers usually come to the property seller themselves and the property sales.
Early market study
When you have decided in principle to sell your property, it is wise to first survey the entire market.
That is, get complete information about the market value of your property, what is the market rate of the property and how, by what means it can sell at a better rate.
The process of finding an agent
Contact a good real estate agent when you know the market value of a property. Often when you do a market study you get the idea that you don’t need an agent and you can sell the property yourself but that is not the case.
You always need an agent to sell the property. Agents solve many difficult issues, which are complicated for a normal person, very easily.
Set the agent’s commission
Agents work on a commission basis. And the commission is usually one percent. You may have to adjust the commission closing time in some other way, but you should sit down with the agent and finalize the commission ratio as well as decide when and how to pay it.
Will be. In most cases the commission is paid to the agent only when you as a seller receive the full payment. Sometimes it is mutually agreed that once the buyer pays the Beyana, the agent is paid a certain portion of the commission. Just make sure all of these terms are discussed in advance to avoid complications.
Token payment
There are several steps you can take to begin the process of preparation for mediation. Once you find the right buyer, you will have to pay a token amount.
This is an amount that shows the buyer’s intention and interest in buying the property. In a way, it also protects the property for the buyer because the seller does not discuss it with anyone else. After paying the token amount, you can give the prospective buyer a photocopy of the original property documents for verification purposes.
Document validation
If the land falls under the jurisdiction of an authority or institution, you will need to submit a request for a visit to the office of that authority with the buyer to verify these documents.
As a result, Land Authority officials will ask you and the buyer to come to the office on a specific day. The buyer will be shown the records confirming the property in your presence on that day.
Initial payment
Once the documents are verified, the buyer pays a certain amount as an initial deposit called Beyana. This is usually 25% of the sale price of the property. At this stage stamp paper is also signed in which the conditions are fixed by mutual consent.
The stamp paper specifies the time in which the buyer will pay the balance and if he has failed to do so will also explain the penalty. If you change your mind about this property after receiving the Beyana, You will be required by law to repay the Beyana as a penalty.
No Demand Certificate
As the payment date approaches, you will need to apply for a No Demand Certificate. It is not possible to transfer property without this certificate, which can be obtained from the office of the private housing society or the city development authority, depending on where your house or land is located.
This document confirms this. There is no money owed to you. It also includes information on taxes applicable to both buyers and sellers, as well as transfer fees and stamp duties. There is a special charge for applying for NDC which is dissimilar for different developers. Once you receive your NDC, make sure you also give the buyer a copy.
Tax payment
As a property seller you should know everything about property tax in Pakistan. The seller will have to pay capital gains tax of 1% of the property value for the tax filer and 2% for the non-filer. CGT applies to properties sold within two years from the date of purchase.
Are gone this tax payment has to be submitted to the office of the Housing Society or Land Development Authority. On the other hand, before handing over the property, the buyer has to pay transfer fee, stamp duty, CVT, TMA tax. The procedure for transferring property in Pakistan is the same but the presence of both buyer and seller is very important.
Transfer letter
Both parties will visit the respective office on a particular day and the buyer will hand over the payment order to the seller. The officer then transfers the property to his name and issues a letter containing the details of the transaction. Sold and bought by consensus.
The registrar then asks the land development authority to make the necessary changes and the title of the property is transferred to the buyer. Pay orders are usually transferred to your account within a day or two and the property is sold.
