We can say selling is always easier than buying Plot for Sale in Lahore. If you are planning to sell your property than the burden of taxes may be less for you on transactions and you also don’t have to visit multiple clients because interested parties simply come to you or to your real estate agent which you hired. However, it is not easy for you to sell your land without knowing the procedure. The property selling procedure in Pakistan is somehow the same across all housing societies and cities, with minor pre-requisites set by individual developers. The transfer process of a plot for sale in Lahore takes place in the office of the particular city land development authority. For projects that belong to private and registered developers, the transfer takes place in their assigned office.
Once you decide to sell your plot for sale in Lahore, it is always good to check out the market rate of the property on your own with the help of patwari rather through an agent immediately. When agents are hired for this task, their primary objective becomes finding a buyer as quickly as possible so that the deal can be finalized. In this way, your property might be undervaluing. So, when you make up your mind about selling your property, do see different avenues to know its accurate market rate first. Then after that, if you can, wait for the right deal to be offered. After you are well aware of the market value of your property, you should find an agent. If you don’t know the one you can trust, ask your friends, family or acquaintances. Of course, you can consult anytime with our Konstruct Marketing agents.
Real estate agents work on commission basis, which is usually one percent in most parts of Pakistan. But sometimes they can adjust their commission percentage according to the rate at which a deal is closed, but this is very rare. Either any one of these in your case, you should sit down with the agent and finalize the commission percentage, as well as the date when it will be paid. In most cases, the commission is paid when you receive the full payment of property. Sometimes, it is decided mutually that a certain percentage of commission will be given to the agent once the buyer pays the initial deposit (bayana). Just make sure all these terms are understood well in advance to avoid complications.
Once you find the right party, they have to give you a token money against your plot for sale in Lahore. This is a symbol that the buyer seriously wants to buy and reserves that property for him. Once this is paid, give this prospective buyer a photocopy of the property original documents for further verification procedure. Here how this works: If the land falls under the jurisdiction of the land development authority, you have to submit an application requesting a visit to get these documents verified by the buyer. In turn, officials of the land authority will ask you and the buyer to visit on a certain day. On that day, in your presence, the buyer will be shown the records that authenticate that property.
Once the documents are verified, the buyer pays a certain amount of money as an initial deposit, widely known as bayana in Pakistan. Usually, this deposit is 25% of the property selling price. At this stage, the stamp paper is also signed, with conditions set through mutual consent. The time period of the remaining amount is mentioned on the stamp paper. If the buyer fails to pay the remaining amount at the given time then he will make the remaining payment with penalties. If the seller changes his mind about selling a property after receiving bayana, than he is bound by law to return double the bayana amount as penalty. This is also mentioned on the stamp paper.
The presence of both the buyer and the seller is compulsory when the transfer is taking place. The two parties visit the respective office on a particular date and the buyer hands over the payment in the form of a pay order or cash, after which the officer transfers the property to his or her name and issues a letter detailing this transaction.
And finally, you’re done! Your property is no longer yours and you have been compensated. If the payment is done with pay order it may take few days to transfer to your account.
Now, you may have some rest. Because of these guidelines, you have avoided unnecessary complications and achieved the outcome you deserve!
Sahara City is another project of Konstruct Marketing near Pakpattan City and offers multiple plots to cater your constructional needs. Please don’t be hesitant to contact us for any further inquiries.
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