Real estate is one of the most lucrative business ideas in Pakistan. It is not only a secure option but, it is also a highly-rewarding investment. In Pakistan, a large number of people regularly buy, sell and rent out their properties.
In this blog, we will walk you through the whole process of selling your property in Pakistan.
So, let’s get started.
Ways to Sell Your Property in Pakistan
In Pakistan, people adopt different ways to sell their properties. Some of these ways include:
Selling a Property through Agents
It is one of the most common ways of selling property in Pakistan. People hire professional real estate agents, show them their properties, quote a price for the property, and decide the agent’s commission.
In return, the real estate agents show the property to different buyers and sell the house/plot/apartment to the best-suited buyer. It is essential that any seller or buyer avoids costly mistakes and make informed decisions throughout the entire selling process.
If you are looking for highly professional real estate agents in Pakistan, we suggest you get in touch with the real estate gurus of Graana.com, Pakistan’s 1st Online Real Estate Marketplace.
The highly qualified and experienced team will leave no stone unturned to sell your property safely and securely.
Selling a Property through Auctions
An auction is a private sale held at a specific place, time, and date where different buyers come and bid accordingly. If you want to sell your property on an urgent basis, you can go for an auction. Also, one of the major features of the auction is that auctions do not come with a ceiling price. This means that you can make whatever offer you want to make.
However, keep in mind that in an auction you have to follow strict rules and regulations related to the process. Also, make sure that the people involved in the auction are not shady.
Selling Property Online
Apart from the traditional ways mentioned above, some online methods are also available in Pakistan by which you can easily sell off your property.
One of the most advanced and convenient ways to sell your property is through online portals.
For instance, graana.com offers an online portal and mobile application. Through these media, you can post your property online, upload pictures, quote its price, add a description and location of the property and people will contact you through our seasoned team.
The whole process is very secure, transparent, and easy to follow. For more information, login to Graana.com.
Steps to Sell Your Property in Pakistan
One needs to be fully prepared and well informed while selling their property in Pakistan.
For the whole process to work smoothly, follow the steps below.
- Determine your finances
- Hire a good real estate agent
- Prepare your home
- Legal framework
- Make an offer
- Token money
First things first. Do your research and make yourself updated with the latest real estate trends in your area. Make sure you know all the laws and pricing about the property you are about to sell.
Determine your finances
Ask around and find the property prices in your area. Contact real estate agents and get their valuable insights before making any decision.
Hire a good real estate agent
The most common way to sell your real estate property in Pakistan is through the help of real estate agents.
Make sure you hire legit real estate agents who have success stories and people are aware of their presence. There are a lot of scams prevailing in society who are all set to rip you off your money. Beware of them and hire the people who have a legit presence.
Graana.com offers professional services to all its valued customers. They also focus on transparent and secure transactions, ensuring all legal frameworks.
Prepare your home
Before inviting buyers into your home, make sure it is presentable and there are no loopholes or apparent flaws in your house.
For instance, if you have any leakages or if some wall needs repair, go for it and make sure you fix your home before the visit.
These repairs might require some money but it is highly rewarding as well. A repaired and polished house can get you better rates.
Real estate investment is an excellent way to secure your money for the long run. However, it can be highly challenging and sensitive to legal issues as well.
Therefore, make sure you follow all the legal factors to ensure security and transparency.
Some of the documents needed include:
- Photos of the two parties (buyer and seller).
- Copies of National Identity Cards (NIC) of the concerned parties.
- The original title deed of the seller. The title deed is the document that proves the ownership of the seller.
- A sale deed is a legal contract signed between the buyer and the seller to ensure transparency.
- Record of rights, which is also known as fard, can be obtained from the property registration office in your specific area. This document ensures that the property belongs to the seller.
- Non-demand Certificate (NDC) is a document showing that you don’t owe any dues for the property. You can either get it from the development authority of your area or if you are living in a housing society, you can get it from there.
Make an offer
Once you get offers from the buyers, set meetings with them. Talk to them, ask them about their budget and tell them about your offer. Also, ask them how they will pay you. Will they make payments in installment or will they opt for a lump sum amount. Discuss everything with them and do not forget to show them around the property. Apart from describing the pros of the property, tell them about the pros of the vicinity and its amenities as well.
For instance, you can tell them about the utilities such as availability of gas, water, and electricity. You can also tell them about the infrastructure and security conditions of the property.
This is the trickiest part of the whole process. Exchange information with the buyers and tell them the advantages of the property. Also, tell them your asking price, the mode of payment you would prefer, and all the legality related to the property. Get to know the best areas to invest in property in Rawalpindi.
Decide the token money. It is a small amount that you give to the seller to seal the deal.
Usually, in Pakistan, the token money is mix-matched with Bayana. It is more formal than token money because Bayana is combined with written agreements as well.
After setting everything on paper, you transfer the property in the name of the buyer. This may take some days.
So, these are some of the things that you should keep in your mind while trading real estate. Make sure everything is legally bound, transparent and secure. If you’re looking to live in Karachi, we bring you a list of top-performing areas in Karachi for you to invest in.
If you have any questions regarding selling your property, leave a message in the comment section below. We will be more than glad to help you out.
- Best Hostels in Islamabad
- Investment in Gold vs Bank vs Real Estate – What’s the best option?
- Top Visa Free Countries for Pakistan in 2021