Guideline for Buying and Selling Property in Pakistan!

January 24, 2015 by Admin

Don't worry if you want to Buy or Sale Property in Pakistan but don't know the procedures and the documents involved. Here we would show you a complete guideline for buying and selling property in Pakistan. So the whole of procedure is detailed below:

Contact the agent:

  • Selling the property without involving the agent may look a bit attractive as the commission of the agent is saved but it may cause you a lot of worry as the agents share most of your burden in whole of the process. So it's good to find a reputed Real Estate Agent.
  • Describe all the details of the property to the agent and also quote the price as well.
  • Submit the documents of property as a proof that you fully own the property and have all the rights to sale it. Let the dealer see the property once before he looks for any buyer.
  • Now let the dealer do his job and find a suitable buyer.

After a buyer is there:

When the dealer has found a suitable buyer, meet the party and negotiate about the price. Try your best to market your house in best way. A visit at the site would be most appropriate and during the visit, inform the buyer with all the positive aspects of the property and explain just reasons for cons if any. Try to come at a price, which is suitable for both parties, reaping you a return as well and also not a burden for the one who is buying it.

After the price is set, the property agent is paid his nominal commission by both the parties for his dual-agency services, as he performed service of agent for both, seller and the buyer.

Stamp paper

Here comes another important stage to fill in the stamp paper to assert that you have sold the property to the buyer in the price agreed upon thereof. The value of stamp paper depends on the value of property and there is no relaxation in it whatsoever because it is according to the set standards of the government rules and regulations.

Payment of amount and transfer of title

The amount agreed upon is paid to the seller by the buyer and then comes the all-important stage.

The title of the property, along with all the rights like right to use, right to retain, right to sell, are transferred from the seller to the buyer. A new set of documents is prepared in favour of the buyer and property gets registered in the name of buyer.

Statement of the sale to registrar

Then both the parties are due to see the local registrar of the property, where the seller asserts, in presence of the witnesses and the buyer that he has sold the property to the buyer, in the price mutually agreed upon. The registrar then makes orders to the local land record officer to make the changes regarding the ownership of the land, and transfer the title of the property to the buyer from the seller.

Execution

This is it! That's whole of the procedure. Follow it in the order prescribed to execute a fine deal and report the local authorities if you find any trouble at any stage.