There is a misconception that buying property is harder than selling. People think selling is easier as they don’t have to pay any kind of sale tax, they don’t have to switch to many clients to invest in something worth it. They don’t have to visit research a lot and find a reliable and trustworthy party. But this is not true. The steps to sell a property may be easier than buying but the process is not so easy. It takes time and patience. In this post, we are going to give you a complete guide on how you can sell a property quickly in Pakistan. If you want to know, then read it till the end.
Guide on how to sell the property quickly
One thing that is important to know that the property selling procedure and steps are the same which are being followed by every dealer or seller in Pakistan to sell a property. And the transfer of property ownership is done in the city’s land development office. and the transfer is Private projects are done in their own offices.
There are a few steps you need to follow to sell the property quickly in Pakistan:
- Making your mind
The very first step is making your mind. When you are planning to sell your property, you need to set a price for your property which you are going to demand your property. This process takes lots of research and hard work. You need to set a reasonable price according to the market so that you can get a very profitable deal.
- Finding an agent
The very next step is finding an agent. After when you are done the planning and setting a price, now you need to find an agent. Without an agent, you can sell a property but you can’t get a desirable price. You need to find an agent and handover your case to him so get maximum benefits. A right agent can get you a profitable and beneficial deal. To find the right agent, you need to work hard and research a lot.
- Commission of agent
The agent takes a commission for selling your property and getting you the right deal. The commission usually is one percent of the amount for which you have sold your property. But in rare cases, they take more commission when they get you a very exceptional deal. So it is very important to take to your agent about commission and fixing is before they get you a deal to avoid any inconvenience and complications later.
- Token Money
When you find a buyer for your house, you take token money from the buyer which indicates that the buyer is interested in buying the property and he is reserving it for the time being so that he could fulfill all other formalities. When a buyer pays the token money, the seller now needs to give him a photocopy of the house’s documents to give assurity and confirmation to the buyer that the property is now reserved for him and the seller is reading to do deal with the buyer.
- Initial Deposit
The initial deposit is the amount that a buyer needs to pay when he signs the stamp paper. The stamp paper states that the buyer needs to pay the other remaining amount within a certain time limit, which is mentioned on stamp paper and decided by both buyer and seller. The initial deposit is usually 25% of the total amount. And if buyer doesn’t pay the remaining amount within that time limit, he needs to pay the penalty as well which is also usually mentioned on stamp paper. Moreover, if your mind has been changed after you have signed the stamp paper about property, you need to pay the double amount which you paid for the first time as penality. This amount is also always mentioned on stamp paper.
Now when you are done getting all the payment, the next step is you have to apply for NDC now. NDC stands for No-Demand Certificate. Your property can’t be transferred to the buyer without NDC. The city’s Land office is usually responsible for giving NDC. NDC claims that the buyer doesn’t have any dues remaining now to pay. He/she has paid all the dues in time, and now there is no demand left to fulfill by buyer. NDC also mentions the taxes which are applicable to both seller and buyer, the amount paid as token and for stamp paper signing. The buyer needs to give a photocopy of NDC to buyer after getting it.
When a seller sells its property and it has been two years or more than the seller has purchased the property, now he/she has to pay the tax which is called capital gain tax or CGT. CGT is usually 1% if the seller is tax filer and it is of 2% of the property’s selling amount if seller is non-filer. This tax is obtained by the city’s land authority office. Moreover, the seller needs to pay a few more charges before transferring the property to buyer which are, CVT, transfer fee, TMA Tax, and stamp duty.
- Transfer Letter
This is the last step of property selling which is done in the presence of both buyer and seller. Both buyer and seller need to visit the city’s land authority office, where the buyer pays the pay order. Then the officer fills a letter in which he transfers the property in the name to the name of the buyer. Then the officer issues a letter that tells the details of transactions. Then both buyer and seller go to the registrar office. The buyers witness all the details. Registrar then transfers the property to name of buyer with help of Land authority. And this is how the property is sold.
This is the step by step procedure to sell the property quickly all over Pakistan. The same procedure is followed everywhere in Pakistan. Property selling is easier than buying but it is not simple as you have got an idea about it above. So if you are planning to sell your property, you need to keep in mind all the step and you need to make sure to not skip any step to sell your property quickly.
How Can Izloo Classified Help?
As you all know Izloo Classified provides you the opportunity to post free ads on this site. Izloo classified provides free ads for property as well. If you are looking for a property to buy and want to promote your property business online, you can promote your business by posting an ad here. It is up to you what kind of ad you want to put for your product. We also provide reviews of different products. You can also know about the product quality from those reviews.
Izloo Classified also helps you to find the customer/buyer for your products. Izloo also gives you the opportunity to deal with the buyer or seller of your products face to face. From Izloo Classified paid membership you can also boost up your classified ad and set your ad as featured. This feature will help you to show your ads to maximum people and it will be easy for you to find the right customer/buyer for the products. It is the best platform to promote your business.
If you are looking to buy products online, you also can find reviews of different products here. You can also post an ad here for your product & service. We help you to make the right decision.
Here is the link from where you can Post free ads on our website:
Above we shared a complete guideline on how to sell the property quickly in Pakistan. If you know other facts except these, feel free to share us via the comments section or if you have any queries related to article or website feel free to ask us in the comments section below. Good luck