The Real Estate sector is one of the strongest markets in Pakistan. People invest in this sector to get good returns on investments in the shortest possible span. In this path, people sell, buy, and rent property depending upon their needs. As most people are unaware of the current market trends, they get confused in these processes and end up at loss. In this blog, we are providing a step-by-step guide on selling property in Pakistan.
Best Step-by-step Guide on Selling Property in Pakistan
Research the Market
Researching the market before selling your property is the most important step. You need to know the latest market trends and the ongoing price range from the relevant properties. Knowing the value of your property on the market will help you set the right price. This practice is beneficial to sellers as well as buyers. If you are up to selling your property, cross-check from other sources to get an accurate market value. It does take a lot of effort, but it will surely pay off in the long run. You can set the right price for your property by consulting a real estate agent or getting an appraisal from a professional.
Look for a Trusted Real Estate Marketing Company
After carefully researching the market trends and the value of your property, look for a trusted real estate marketing company. We don't recommend individuals working as agents on their own without the supervision of companies as most of the real estate frauds are done by such individuals. Thus, we would recommend you seek professional guidance by contacting trusted companies like Regal Marketing to ensure that you achieve maximum benefit for your property.
Prepare Your Property for Sale
Before showing your property to potential buyers, make sure it is prepared for an appealing look. For example, if there are some leakages in your house or the paint is tarnished, make sure you fix it before showing the property to the customers. As a whole, preparing your property for sale includes cleaning, making repairs, and staging the property to make it more attractive to potential buyers.
Advertise your property
Once you have prepared your property to be shown to potential customers, it is a fruitful practice to advertise your property on different platforms to catch the attention of a large audience. This will also give you a number of choices when you are in the last stages of the selling process and therefore you can demand the price of your choice. Advertising can be done by listing it on real estate websites, posting it on social media, or placing an ad in a newspaper.
Screen potential buyers
After doing advertisements, you will likely be contacted by a good number of potential buyers. Here, you will have to screen those buyers based on the different criteria set by you for a particular sale. For example, if you want the money in a few days' time, you will have to screen potential buyers based on the time in which they can pay you, on the other hand, if there is no haste in terms of time, you can wait for a little longer in order to get a desired offer in terms of money. Also, you will have to verify that the interested buyers have the financial means to purchase the property and whether they are serious about buying.
Negotiate the Price and Terms of the Sale
Negotiating the price and terms of the sale is one of the most important steps in selling a property. You have to be extra vigilant and aware of the market while performing this step. It includes the sale price, closing costs, and any contingencies or contingencies that need to be met before the sale can be completed. The negotiation process demands patience and good communication skills, hence you must be mentally ready for these before the execution of this step.
Prepare and Sign the Sale Documents
To avoid legal complications after the deal, this step requires full attention. It includes the sales contract and any other legal documents that are required. While selling a property, you should know all about property tax in Pakistan. In the process, the seller is required to pay a CGT (Capital Gains Tax) of 1% of the property value for tax issuers and 2% for non-issuers. CGT applies to properties sold within two years from the date of purchase. This tax payment must be submitted to the Housing Association or Building Development Authority office. On the other hand, the buyer must pay the following fees before handing over the property.
- Transfer Cost
- stamp duty
- TMA tax
Close the sale
The last step is to close the sale. It means transferring the title to the buyer and receiving payment for the property. We highly recommend using proper banking channels for receiving payments as other channels can have multiple repercussions afterwards. After closing the deal, you need to register the property transfer with the relevant authorities in the country.
You can contact Regal Marketing for any kind of property consultancy!
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