Top 30 How To Sell Property In Pakistan The 191 Correct Answer

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Steps involved in the Sale of a Property

Make a plan for listing, showing and selling your property. Determining the selling price and property inclusions come next. Property’s location, size, age, and features will be assessed, According to the current market and area trends. Agreement with your agent.The most common way to sell a home, used in 90% of sales, is to use a local real estate agent. 1 The agent will list the home, market it, and coordinate showings with other agents and potential buyers. They will also help you evaluate offers, negotiate terms with the buyer, and ensure the deal goes through.3% Stamp Duty. 2% Capital Value Tax. 1% District Council Fee. Fixed registration: usually PKR 500.

How to sell property in Pakistan and it’s transfer procedure

Preliminary research and finding an agent.
Agent’s commission.
Token money.
Initial deposit.
No-demand Certificate (NDC)
Taxes.
Transfer letter.

Tips to Quickly Sell Property in Pakistan

Finding a suitable Real Estate Portal: Marketing through Advanced Tools. …
Keep your E-Marketing Game Strong! …
Use the Peer-Loop. …
Pamphlet and leaflets. …
Price Tags carry the most weight. …
Woo the buyers through improved aesthetics.

Contents

How can I sell my house quickly in Pakistan?

Tips to Quickly Sell Property in Pakistan

Finding a suitable Real Estate Portal: Marketing through Advanced Tools. …
Keep your E-Marketing Game Strong! …
Use the Peer-Loop. …
Pamphlet and leaflets. …
Price Tags carry the most weight. …
Woo the buyers through improved aesthetics.

What is the process of selling property?

Steps involved in the Sale of a Property

What is the best way to sell a property?

The most common way to sell a home, used in 90% of sales, is to use a local real estate agent. 1 The agent will list the home, market it, and coordinate showings with other agents and potential buyers. They will also help you evaluate offers, negotiate terms with the buyer, and ensure the deal goes through.

How much does it cost to transfer property in Pakistan?

3% Stamp Duty. 2% Capital Value Tax. 1% District Council Fee. Fixed registration: usually PKR 500.

How can I transfer property in Pakistan?

Here are some key documents required to transfer your own property to your friend, acquaintance or family member as a gift:

Original Allotment Letter.
Property Tax Clearance Certificate.
Photocopies of CNIC (attested ones)
Statement recorded before the concerned Deputy Director along with his official seal.

How can I sell my land?

Tips and tricks for selling plots of land

Talk to neighbors personally. …
Contact builders who are already working nearby. …
Plant wildflowers across the property to make it more beautiful. …
List the property everywhere including Zillow, Craigslist, Facebook and eBay.

What is the first step to selling your home?

Here are 12 steps to take to sell your home in 2022:

Hire an agent who knows the market.
Set a timeline for selling your home.
Get a pre-sale home inspection.
Don’t waste money on needless upgrades.
Get professional photos.
Put your house on the market.
Set a realistic price.
Review and negotiate offers.

What do I need to sell my house?

What Documents Do You Need to Sell Your House?

Proof of your identity. …
Property title deeds. …
Shared freehold documentation. …
Energy Performance Certificate. …
Management information pack. …
Fittings and contents form. …
Property information form. …
Mortgage details.

Which site is best for selling property?

Best Real Estate Agent Websites

Zillow.
Realtor.com.
Redfin.
Trulia.
MLS.
CENTURY 21 Real Estate.
RE/MAX.
Coldwell Banker Realtors.

How can I sell fast?

Here are 15 tips to sell your home faster:

Pick a selling strategy.
Hire an experienced real estate agent.
Clean everything.
Depersonalize your home.
Let the light in.
Remove excess furniture and clutter.
Consider staging your home.
Invest in a professional photographer.

How can I sell my land online for free?

Selling your land online would be easy and quick. Websites like 99acres, magicbricks, olx, indiaproperty, etc. give you an opportunity to post free ad for property sale. Give details of your land properly.

What are the steps to transfer a property?

The Property Transfer Process

Receive Offer to Purchase. This is a document signifying the buyer’s intention to purchase the seller’s property. …
Securing the Purchase Price. …
Obtain Relevant Documents. …
Sign Transfer Documents. …
Obtain Clearance Certificates. …
Lodge in Deeds Office. …
Registration and Finances.

Can daughter claim father’s property in Pakistan?

The Superior Courts in Pakistan have consensus on it that, in case of daughters/daughter left by deceased, such female get all the property without passing any share to any other relative except their mother, the mother share will eventually be transferred to the same females at last, the Court have said ‘Only Daughter …

Who pays the transfer fees when selling a house?

Transfer costs are paid by the buyer of the property, to a conveyancing attorney who is appointed by the seller of the property. This is one of the additional costs incurred by the buyer, which also includes bond registration costs, rates and levies, and insurance.

What is the best investment in Pakistan?

Top Investment Opportunities in Pakistan

Real Estate. As low as Rs. 10 lac. Variable.
Peer-to-Peer Lending. As low as Rs. 10,000. Variable.
Stocks. As low as Rs. 100. …
Banks and Investment Companies. As low as Rs. 10,000. …
Gold. Rs. 143,600 per tola. …
Forex. As low as Rs. 1000. …
Bonds. As low as Rs. 100. …
3D Printing. As low as Rs. 150,000.

How do I list my property on Zameen com?

How to Post a Property Ad on Zameen.com

On Zameen.com’s home page, select the “Add Property” option to continue with the process.
Specify the type and location of your property with selecting the relevant options and inputting data.
Make sure the images you upload for your property ad are taken from the best angles.

What is real estate business in Pakistan?

Pakistan real estate sector is worth anywhere between $300 to $400 billion. According to the Pakistan Bureau of Statistics, construction output accounts for 2% of GDP, with housing representing less than half that total.

How To Sell Real Estate in Pakistan in 2020

Step-by-Step Guide on How to Sell Property in Pakistan | Zameen Blog

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Most searched keywords: Whether you are looking for Step-by-Step Guide on How to Sell Property in Pakistan | Zameen Blog Updating In this blog post, you can read all about how to sell property in Pakistan, what is the transfer procedure, what are the transfer laws of real estate, etc.
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How to sell property in Pakistan and it’s transfer procedure

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Most searched keywords: Whether you are looking for How to Sell Property in India (Steps Involved and Documents Required) Updating sell property in india, how to sell property in india, sale rental property, sell property, sell property online, sell my property india, sell your property in indiaHow to sell property in India? Read to know the steps involved and documents required to sell a property. What are the modes of sale transfer and rights & duties of the seller under the Transfer of Property Act?
Table of Contents:

Sale defined under Indian Law

Elements of Sale Transfer

Modes of Sale Transfer

Rights and Duties of Seller

Duties of seller after sale

Seller’s Rights before Sale

Seller’s right after sale

Rights and Duties of Buyer

Duties of buyer after Sale

Types of Ownership and the Allied Transfer

Steps involved in the Sale of a Property

Documents involved in a Property Sale

Other Relevant Information

How to Sell Property in India (Steps Involved and Documents Required)

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These days sellers have plenty of options

Option 1 A Traditional Real Estate Agent

Option 2 A Flat-Fee or Discount Agent

Option 3 An iBuyer

Option 4 Sell the Home Yourself

Option 5 Trade It In

Making the Choice

The Best Ways To Sell a House in Today's Market — The Best Ways To Sell a House in Today’s Market

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The Procedure For Transferring And Selling Property In Pakistan

Some helpful Tips

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Table of Contents:

Step-by-Step Guide on How to Sell Property in Pakistan

Selling property is always easier than buying – or so it seems. Property sellers usually do not have to pay different kinds of taxes and they also don’t have to visit multiple clients because interested parties, more often than not, come to them. However, this does not mean the process is simple. It may be more straightforward than purchasing, but it is certainly no mean feat. In this piece, we will be covering everything there is to know about how to sell property in Pakistan.

How to sell property in Pakistan and it’s transfer procedure

The property selling process in Pakistan is somewhat the same across all housing societies, with minor prerequisites set by individual developers. The question most people ask is how to transfer property ownership in Pakistan? The transfer process takes place in the office of the city’s land development authority. For projects that belong to private and registered developers, the transfer takes place in their office.

There are a few things to keep in mind when you are selling property in Pakistan. These are as follows:

Preliminary research and finding an agent Agent’s commission Token money Initial deposit No-demand Certificate (NDC) Taxes Transfer letter

Let us explore all of them one by one in greater detail.

Preliminary research and finding an agent

When you decide to put your house on the market, it is advisable to explore the market rate of the property on your own instead of depending on the agent. Knowing the worth of your property in the market will help you set the right price. This practice is beneficial for both the buyer and seller. When you make up your mind about selling your property, do a counter-check from other sources to get accurate market rates. This part requires a lot of effort on your part, but it pays off in the long run.

After you are well aware of the market value of your property, you should find an agent. As much as you are tempted to sell your property without involving the agent, finding the right agent is the key in striking a profitable deal. You are also saved from the trouble of going through all the processes on your own as the agent you hire will handle painstaking processes himself. You can ask your friends, family or acquaintances and of course, you can always check about the agents online at Zameen.com.

Agent’s commission

Agents work on a commission basis, which is usually one percent. At times, they are willing to adjust the commission percentage according to the rate at which a deal is closed, but this is rare. Either way, you should sit down with the agent and finalise the commission percentage, as well as when it will be paid, beforehand.

In most cases, the commission is paid when you receive the full payment. 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 discussed well in advance to avoid complications.

Token money

You need to pay token money when selling your property

There are a few stages of selling your house. Once you find the right buyer, he has to give you token money. This is an amount that shows the buyer’s intent in purchasing the property. In a way, it also reserves that property for the payer. Once the token money is paid, you can give the prospective buyer a photocopy of the property’s original documents for verification purposes.

Here’s how this works: If the land falls in the jurisdiction of the land development authority, you have to submit an application requesting a visit to get these documents verified for 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 the property.

If you are not sure about the terms Token and Bayana, you can check out our blog that covers all the details about both of these terms.

Initial deposit

When you sell property in Pakistan, remember you have to pay the initial deposit. Once the documents are verified, the buyer pays a certain amount of money as an initial deposit, widely known as the bayana. Usually, the deposit is 25% of the property’s selling price. At this stage, the stamp paper is also signed, with conditions set through mutual consent. The stamp paper clarifies the time period in which the buyer will make the remaining payment and also the penalties will be defined if he fails to do so.

If you change your mind about letting go of this property after receiving bayana, you are bound by law to return double the bayana amount as penalty. This, too, is mentioned on the stamp paper.

No-Demand Certificate (NDC)

As the date of final payment approaches, you need to apply for the No-Demand Certificate (aka NDC). The transfer of property is simply not possible without this certificate, which is obtained from the private housing society’s office or from the city’s land development authority, depending on where your house or land is located.

This document certifies that you don’t owe any dues. It also includes information about taxes applicable on both the buyer and the seller, as well as the transfer fee and stamp duty. There is a certain charge associated with applying for an NDC, which is different for different developers. Once you receive your NDC, make sure you give a copy to the buyer.

Taxes

You can calculate your taxes using a tax calculator

Being a property seller you should know everything about the property taxes in Pakistan. Sellers are required to pay the CGT (Capital Gain Tax), which is 1% of the property value for the tax filer and 2% for the non-filer. The CGT is applied on properties that are sold within two years from their purchase date. This tax payment has to be submitted to the office of the housing society or the land development authority. On the other hand, the buyer has to pay the following charges before the property can be handed over.

Transfer fee

Stamp duty

CVT

TMA Tax

Transfer letter

The property transfer procedure in Pakistan is considered very important, therefore the presence of both the buyers and sellers is very crucial.

The two parties visit the respective office on a particular day and the buyer hands over the payment in the form of a pay order, after which the officer transfers the property to his or her name and issues a letter detailing this transaction.

Both parties then see the local registrar of the property, where the seller acknowledges amidst witnesses, and the buyer, that he has sold the property on mutually agreed terms. The registrar then asks the land development authority to make necessary changes and transfers the title of the property to the seller.

And then your property is no longer yours. The pay order is often transferred into your account within a couple of days. Make sure to keep a check on your bank while the payment is pending. Remember, constant vigilance is of vital importance while dealing with property. Real estate scams are, unfortunately, common, but we can help you out with that as well.

If you are looking to buy land, then take a look at some of the popular areas in the major cities of Pakistan – Karachi, Lahore, Islamabad and Gwadar.

For similar information and updates, stay connected to Zameen Blog — the best property blog in Pakistan.

Tips to Quickly Sell Property in Pakistan

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Buying and Selling a property in Pakistan is quite a task. You can either end up in a pool of profits or in the stress of losses, depending upon the homework you have done prior to stamping your final decisions.

Usually, it is less complicated to sell property in Pakistan than buying them. This is perhaps because in most cases, the sellers don’t have to pay the unsteady kinda taxes and developmental costs, etc when dealing with property transactions. Not to forget here, that in order to sell property in Pakistan you don’t always walk the smooth road to success. You have to beat the competition in the real estate market. The reason being the saturation of sellers in the property market. But by following the following strategies you can equip yourself with the tips of how to sell property in Pakistan smartly, quickly, and at profitable rates. If you have a property to sell and are reading this is your time to fill up your bucket with positive cash-flows.

Finding a suitable Real Estate Portal: Marketing through Advanced Tools

Before initiating the process of selling a property you would usually seek a reliable and trustworthy real estate agent. This is how your listing will be presented to the buyers and you will eventually secure a premium deal. Forget the stone age and embrace technology. Follow the simple and profitable path of listing the property on a renowned web portal like Sirmaya.com, that is a one-stop marketplace for buyers, sellers, and tenants.

It is not a hard nut to grind to attach your property to the listing page of a property portal like Sirmaya.com. The process has been made simple and eloquent as your listings to be sold, will appear on the front pages. These are advertised in a fine way on real estate portals and are visible to a maximum number of aspirants that are longing for a property, that you have uploaded for sale.

Keep your E-Marketing Game Strong!

Marketing is crucial to selling your property in Pakistan, at the best rates. It is essential to keep an eye on how your property is being listed on the online real estate portals. The aim of these property portals is to facilitate the visibility of the sellable property to potential buyers and vice-versa. Under the roof of digital marketing of a sellable property, reaching the customers through email marketing campaigns and social mediums (Facebook, Instagram, etc) are the major breakthroughs when it comes to converting the leads into buyers.

Did you know that at least 99% of consumers check their email on a daily basis? You need to be wise enough to catch your fish through the right channel.

Use the Peer-Loop

It is a wise move to spread the news of your sellable property in your social circle. News spread the fastest when your office colleague or a batch-mate are the carriers. You can ask your closed ones to spread the message to their peers and then their friends-of-friends. The greater the peer-loop, the greater is the chance of catching the potential client in the loop. You can ask people around you if they have a prospective buyer in their view, and then you two can meet to stamp the deal.

Pamphlet and leaflets

In streets and neighborhoods, you can attract people’s attention towards your sellable property by displaying printed pamphlets or banners. Spreading the word around the block will make people around you aware of the fact that you have something to sell. Putting up the ‘For Sale’ banner outside the property, a plot or home will notify the passers-by about the fact that there is a property available in the said area.

Price Tags carry the most weight

When you plan to sell your property in Pakistan, it is recommended to work out the entailed hidden costs before finalizing the lump-sum cost. This may include factors like the initial cost (plus the erection cost), the depreciation rate, the price variances of the neighborhood properties. When you sell your house in Pakistan, price is the main agenda of negotiation. You may find multiple challenges in this scenario as the real estate agents are well-equipped with the technicalities of the domain. At Sirmaya.com there is an expert available 24/7 to help you avoid the gimmicks on the way, that may drain your profits.

Woo the buyers through improved aesthetics

If the buyers get an image of your property as over-priced, you may have a smaller client-list. And, if it is having a lower price-tag, you can attract unimaginable loss. Therefore, it is necessary to woo the buyers at the very-right price. If you aim at selling plots for sale in Lahore, the visual aspects and facilities in the surroundings, carry weight. If the plot you need to sell is located in a posh locality, you may reap a good capital on that. And if you are selling a constructed house, you can play with its selling price by choosing to flip it or add curb appeal to the facade. A good and fine exterior look is an addition to the aesthetics and will buy you a greater profit. In addition to this, you may use Google Earth to facilitate the buyers to have a detailed idea of where your plots on sale are located. This will add trust and reliability to your client’s mind as they’ll be more concerned about the price and further processes than to question the existence of the property on sale.

The above strategies are designed after carefully analyzing the algorithms on which the sale and purchase function smoothly. You can always mix and match some of the above or can ignore some of them to devise the best strategy for your case. You can browse through Sirmaya.com to equip yourself with the art of selling plots in Pakistan at profitable rates or buying them at the most reasonable prices!

How to Sell Property in India (Steps Involved and Documents Required)

Sale defined under Indian Law

According to section 54 of the Transfer of Property Act, 1882, sale of transfer refers to “the ownership in exchange for a price paid or promised or part-paid and part-promised. Basically, in a sale there exists an absolute transfer of all rights in the property sold”.

Sale can be made in Two Ways

Where the value of Tangible Immovable Property is Rs.100 or more than that or in the case of a reversion or other intangible thing, sale can only be made through Registered Instrument.

Where the value of Tangible Immovable Property is less than Rs.100, sales can be made through the Delivery of Possession

Delivery of Tangible Immovable Property is said to be completed when the Seller handovers the possession of a property to the buyer or such person as he directs.

A contract for the sale of immovable property is a contract that a sale of such property shall take place on terms settled between the parties. It does not, of itself, create any interest in or charge on such property.

To resolve the property related issues and understand the complexity of the matter, it’s always better to consult a lawyer who can guide you on the process elaborately. With MyAdvo you can find lawyers online and ask for legal advice anytime anywhere.

Elements of Sale Transfer

The Parties: There are two parties to sale

the Transferor and the Transferee

The transferor is known as the seller who sells his property and the transferee is known as the buyer, to whom the property is being sold. A contract of sale must be based on a mutual agreement between the seller and the buyer.

The transferor or the seller must be a person who is competent to enter into a contract i.e., he must be a major and of sound mind and should not be legally disqualified to transfer the property. A minor or a person of unsound mind is incompetent to transfer his own property despite being its owner.

The Subject Matter: The subject matter of sale must only be IMMOVABLE PROPERTY as governed by Sec.54 of the act. Immovable property can be tangible or intangible. Tangible property is one that can be touched while intangible property refers to property that cannot be touched, such as a right of fishery, a right of way, etc.

The Price or Consideration: The consideration must only be in MONEY to constitute a Sale. If it is for an exchange of some other item it is not a sale.

Modes of Sale Transfer

There are two modes of sale transfer namely:

By registered instrument; and

Delivery of possession.

Rights and Duties of Seller

The rights and duties of a seller are subject to the contract. In the absence of any contract to the contrary, the rights and duties of seller and buyer are governed by section 55, Transfer of Property Act. The rights and duties of seller and buyer under the provisions of section 55 of the Transfer of Property Act are as under:

Duties of Seller Before Sale

The seller is bound to disclose all the material defects to the buyer of the property which the buyer is not aware of and cannot find in the ordinary course of action.

The seller is bound to produce all documents relating to the property to the buyer if he asks for those documents which are in the possession or power of seller.

The seller is bound to give an answer to all the questions to the best of his knowledge which is put before him by the buyer with respect to the property.

The seller is bound between the date of the contract of sale and the delivery of the property, to take as much care of the property and all documents of title relating thereto, which are in his possession as an owner of ordinary prudence would take of such property and documents.

The seller is bound to pay all the charges and rent, dues or government fees up to the date of sale.

Duties of seller after sale

After completion of the sale, it is the seller’s duty to give possession to the buyer. The seller is bound to give, on being so required, the buyer or such person as he directs, such possession of the property

The seller shall be deemed to contract with the buyer that the interest which the seller professes to transfer to the buyer subsists and that he has the power to transfer the same.

Where the whole of the purchase money has been paid by the buyer, Seller is bound to deliver to the buyer all documents of title relating to the property which are in the seller’s possession or power.

Seller’s Rights before Sale

Section 55 (4) (a) – Seller has the right to receive all the rents and profits out of the property.

Seller’s right after sale

Seller has the right to Lien or charges on the property if any amount is unpaid by the seller. According to Section 55(4) (b) if the price remains unpaid, the seller cannot refuse delivery of possession for or can claim back the possession if already given to the buyer, but he (seller) is given a right to recover unpaid purchase money from and out of the property.

Rights and Duties of Buyer

The rights and duties of a buyer are subject to the contract. In the absence of any contract to the contrary, the rights and duties of seller and buyer are governed by section 55, Transfer of Property Act. The rights and duties of the buyer under the provisions of section 55 of the Transfer of Property Act are as under:

Duties of Buyer before Sale

The buyer is bound to disclose facts which materially increases the value of property, Section 55(5)(a) of the Act provides that, “the buyer is bound to disclose to the seller any fact as to the nature or extent of the seller’s interest in the property of which the buyer is aware, but of which he has reason to believe that the seller is not aware, and which materially increases the value of such interest”

Section 55(5) (b).- Buyer is bound to pay the price of a property to Seller

Duties of buyer after Sale

Section 55 (5) (c) – The buyer is bound to bear any loss arising from the destruction, injury or decrease in value of the property not caused by the seller where the ownership of the property has passed to the buyer.

Section 55(5) (d) – The buyer is liable to pay the outgoings, e.g., Government dues, rents, revenue or taxes

Buyer’s right before sale

Section 55(6) (a) – Buyer is entitled to (unless he has improperly declined to accept delivery of property):

A charge on the property for the purchase money properly paid by him in anticipation, not the delivery.

Interest on such purchase money.

The earnest, and cost awarded to him in a suit to compel specific performance of the contract or to obtain a decree for its recession in case he properly declines to accept delivery.

Buyer’s right after Sale

Section 55 (6) (a) – Buyer is entitled to receive any benefit of any appreciation of the property or increase in its value and to the rents and profits thereof.

Types of Ownership and the Allied Transfer

Under ‘Freehold ‘ ownership, the property and possession are with the owner of the property.

In the case of leasehold property, the owner of the property transfers the right over the property and its possession for a specified period of time and the Owner is called the Lessor and the other party, the Lessee. The ownership and possession are automatically transferred to the Lessor on expiry of the lease period.

Under Power of Attorney, the owner of the property appoints another party to deal with the property, normally for sale of the property, while the ownership and possession is retained by the owner.

Steps involved in the Sale of a Property

Deciding to sell and choosing an agent. Agent will be in charge of advertising, showing and completing the legal requirements of selling the property. Make a plan for listing, showing and selling your property.

Determining the selling price and property inclusions come next. Property’s location, size, age, and features will be assessed, According to the current market and area trends.

Agreement with your agent. This legally binding contract will detail any commissions, the estimated sale price, duration of the agreement, advertising costs, process.

Prepare the Vendor’s Statement for your property and the Contract of Sale through your solicitor or conveyancer. These will include all of the details prospective purchasers need.

Advertising and showing your property. This generally involves photographing your property, drawing up floor plans and writing your online ads.

Sale and negotiation. Agent will auction your property or mediate between seller and buyers to reach a mutually acceptable price. The buyer will then pay a deposit.

Under contract. Both seller and buyer’s lawyers and banks will work out the details of the sale to ensure both parties meet all legal and financial requirements followed by the settlement day.

Documents involved in a Property Sale

Letter of allotment

The letter that confers allotment of the property to seller from the relevant society or authority is a primary document seller you need to have in order.

An attornment occurs when the title to immovable property is transferred from the hands of one lessor to another. In such cases, the existing lessor will usually send a letter of attornment to the lessee notifying him of such sale and request him to make all further lease payments directly to the new lessor. In some cases, a deed of attornment is entered into between the lessee, the new lessor, and the existing lessor.

Sale deed

The original conveyance or sale deed from the previous owners of the property is required when the seller is selling a property. In case seller have lodged the original deed for registration with the Registrar, seller needs to provide a copy of the conveyance deed or sale deed along with a photocopy of the receipt from the Sub-registrar where the documents have been lodged for registration.

Sale deed is important as it traces the ownership of the property. It is necessary to prove the chain of previous agreements with past owners.

Sanctioned plan

Seller also needs to have a copy of the approved building plan and occupation certificate issued by the competent authority. The sanctioned plan highlights the area covered, build-up area and the open area of the property. It is a detailed outline plan of the property sanctioned by the appropriate authority.

Society documents

When seller is selling property like a house, the seller must obtain the permission to transfer the property from a competent authority – development authority or society. The buyer is entitled to ask for the original stamped receipts of payments made to the builder or developer by the previous and present sellers.

The relevance and importance of society documents cannot be ignored. Suppose seller wants to sell a flat that seller own, then seller should possess the copy of the share certificate issued by the apartment society in seller’s favour. The share certificate shows seller membership in society. Seller also needs to produce a certificate from the society certifying that seller has no outstanding payments to the society. The society’s membership transfer form for transfer of ownership needs to be filled and signed so that there will be no hurdles in transferring the property to the subsequent buyer.

Encumbrance certificate

The encumbrance certificate is used in property transactions to indicate free title. When buying an apartment, land or house, the buyer wants to make sure that the land or property does not have any legal dues.

Encumbrance refers to a charge created on a property. In case a property is purchased with borrowed money or if it is offered security for a loan, then a charge is created in the form of an encumbrance. The property is mortgaged as a security for any debt or obligation.

In any transaction of sale or purchase of property, a “no encumbrance certificate” is a very important document. This certificate is also issued for the purpose of mortgaging a property while seeking a plan. The Certificate certifies that the property in question is not already mortgaged. If it is already mortgaged, the liability for the outstanding loan may devolve on a new owner.

It is applied in Form 22 to the Tehsildar along with a copy of residence proof duly attested.

Sale agreement

Once the documentation is cleared, both parties can then enter into an agreement to sell and confirm the terms and conditions. Subsequently, they can execute the sale deed based on the agreement to sell. Sale agreement is signed and executed by the seller and buyer on a non-judicial stamp paper.

Sale agreement is one of the most powerful documents in the transaction as it has legal value and can be produced as evidence. The agreement between the buyer and seller is the document in which the sale deed is drafted. Every document acting as evidence of transfer of property by sale is preceded by an agreement to sell. It spells out in clear-cut terms the conditions under which the seller intends to sell the property and the buyer intends to purchase it.

Title of the Property and Encumbrances

Title of Property means, “A title is a legal document that espouses an individual’s right to ownership and possession of an item that can be recognised as being owned or belonging to a person or a thing. At a basic level, a title is a document that indicates recognition of ownership. In a government system that acknowledges individual property rights, an individual is capable of having ownership over an expansive amount of tangible and intangible property. Titles can be obtained by purchase, descent or grant”.

Encumbrance is a “Mortgage or other charges on a property, or the fact of a property having a mortgage, etc.”.

Other Relevant Information

Additional Duties of Seller:

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