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How to Transfer the Property after Making an Offer or Selling the Property

How to Transfer the Property after Making an Offer or Selling the Property

How to Transfer the Property after Making an Offer or Selling the Property?

Looking for some assistance regarding property transfer matters? Property or land transfer can be of multiple kinds; for example, property transfer may be due to inheritance in which property is transferring from father to children, it could be in the form of gift in which the property owner surrenders the possession and gives it away as a token or gift to someone and property transfer can be the result of buying it. We assist aspiring home and property buyers in finding and buying residential and commercial property in Karachi, Lahore and Islamabad.

Buying a property is no less than a success and transferring of property is the final and main part of deal, which occurs after final and full payment, in case of housing societies and shops and after immediate full payment in case of agricultural land and property. Transferring of property is a sensitive matter and a slight mistake is enough to ruin and waste the entire investment. Therefore, it is good to have an experienced property management source at hand to take care of the matters.

However, some crucial steps involved in the transferring of property are:

1. Conducting Primary Research

Before pricing and setting up your property for sale, do a primary research of the property and its market value. A property’s market value is based on a number of factors like the area, the type whether it is a residential or agricultural land, the surrounding area and its value and its government rate. Every property has a fixed government rate, which means that it is the minimum price for your property. Before putting up your property for sale, research and determine these factors to prevent pricing your property more or less than its actual worth. Same goes if you are looking to buy a certain property, look for its worth before deciding the price.

2. Find a Real Estate Agent or Consultant

You can sell or buy a property yourself on your own but getting into property matters without proper and in-depth knowledge involves several complexities and technicalities that you may not be aware of. Hiring a real estate expert will save you from the potential dangers and shortcomings that are part of the real estate business and will help you find the right seller or buyer. Agents and consultants work on commission and settling the percentage beforehand is always better than keeping it as an after the deal matter. As a seller, provide the property information like the total area, rooms and household facilities and arrange a visit for the agent. After complete information and survey, give the photocopy of property documents as a proof. As a buyer, explain your requirements, preferred area and land and price range for his guidance.

3. Token and Initial Payment

After you have found the buyer or seller, it is time to move the deal further by giving token money; token money is the symbol that both the seller and buyer are serious about the property and the amount is not fixed and it is entirely on both the parties that how much they wish to keep as a token. After token, the property is removed from the on sale list and the seller gives a photocopy of the property’s papers for verification. When being a buyer, make sure that you receive complete documents for verification, go through the list of required documents in this blog, and get it verified from the Sindh Revenue Board and Punjab Land Records Authority. After verification, the buyer pays bayana to the seller; bayana is 25% of the total price of the property and in case the seller wants to annul the agreement, he has to pay double the bayana as a penalty.

4. Filling of the Stamp Paper

At the time of bayana, official stamp paper is filled; stamp paper filling is an essential step in the property buying and selling process and cannot be ignored at any cause. The standard is been set by the government and is to be followed at any cost. The stamp paper details the statement of both the parties that they have sold or bought the property in the fixed amount. In case if the payment is to be paid after some time, then the duration is mentioned in the stamp along with the penalty in case the buyer fails to pay in the agreed up on time period. It may also include other details decided as mutual consent and understanding.

5. No Demand Certificate (NDC)

No Demand Certificate (NDC) is acquired from the local housing society, if you are buying a property in a housing society or your city’s land development authority. The certificate details that the seller does not have any standing or due payments and the taxes that are applicable on the seller and the buyer as well as the transfer fee and stamp duty. After receiving the certificate, the seller is to give a copy of it to the buyer.

6. Final Payment and Title Transfer

The buyer will pay final and full payment to the seller; as a suggestion, the payment should be done at a safe place like inside the bank or the office. Once done, all the rights of the property are transferred to the buyer’s name, however, before complete handing over of the property there are some payments on part of both the parties that are to be cleared including Capital Gain Tax applicable on the properties sold within the two years of its purchase, transfer fee, stamp duty TMA and CVT tax.

7. Statement of Sale before Registrar

After the final payment, both parties present in front of the registrar and declare mutual selling and buying of the property. At this point, the registrar asks the buyer and seller if they have received the payment or the property successfully and the agreement is done on mutual consent. Afterwards, the registrar orders the local land record officer to change the land ownership title and verifies the documents issued on the new owner’s title.

About Jagahonline.com

Jagah Online is a leading online real estate marketplace that deals in the selling and buying of commercial and residential properties. All of our dealers are registered agents and we register properties after doing thorough research and examination.

Contact Jagah Online today to find your dream property!